Marking the completion of its spin-off from GE, GE Vernova began trading on the New York Stock Exchange on April 2 as an independent company “singularly focused” on accelerating the energy transition.
The measure, approved by GE’s Board on Feb. 29, effectively establishes GE Vernova as a giant purpose-built firm that will leverage its technology and solutions to empower electrification and decarbonization. The company embarks on its corporate path housed at its new headquarters in Cambridge, Massachusetts, with more than 80,000 employees across more than 100 countries—and a vast customer base that includes many of the world’s leading utilities, developers, governments, and large industrial users.
The new firm is comprised of three key segments: Power (composed of its Gas, Steam, Hydro, and Nuclear divisions); Wind (which includes Onshore Wind, Offshore Wind, and LM Wind Power); and Electrification (comprising Grid Solutions, Power Conversion, Solar & Storage Solutions, and Electrification Software).
As company executives underscored during GE Vernova’s inaugural Investor Day on March 6, the company’s mission will be shaped by three core values: sustainability, innovation, and lean. However, the company will continue its concerted focus on its customers, including “to accelerate the path to more reliable, affordable, and sustainable energy while helping its customers’ power economies and deliver the electricity that is vital to health, safety, security, and improved quality of life.”