Energy transition company GE Vernova has spun-off from GE and began trading as an independent company on the New York Stock Exchange under the ticker symbol “GEV” this week.
“Today, GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future,” Scott Strazik, CEO of GE Vernova, said in an April 2 press release. “Our power, wind, and electrification segments provide essential products and services to the electric power industry as we work to meet the growing power demands of economies and deliver electricity that is vital to health, safety, security and improved quality of life.”
The company said utility companies, developers, governments and large industrial electricity users rely on its installed base to generate, transfer, orchestrate, convert and store electricity reliably and efficiently.
GE Vernova has an installed base of more than 7,000 gas turbines, approximately 55,000 wind turbines and “leading-edge” electrification technology that helps generate approximately 30% of the world’s electricity, the company said.
By 2028, the company plans to achieve mid-single digit organic revenue growth, a 10% adjusted EBITDA margin and 90% to 110% free cash flow conversion, GE Vernova said.
The spin-off of GE Vernova was achieved by GE’s distribution of all shares of the common stock of GE Vernova Inc. Each holder of record of GE common stock received one share of GE Vernova Inc. common stock for every four shares of GE common stock held on March 19, 2024.
Recommended Reading
Clean Energy Begins Operations at South Dakota RNG Facility
2024-04-23 - Clean Energy Fuels’ $26 million South Dakota RNG facility will supply fuel to commercial users such as UPS and Amazon.
BCCK, Vision RNG Enter Clean Energy Partnership
2024-04-23 - BCCK will deliver two of its NiTech Single Tower Nitrogen Rejection Units (NRU) and amine systems to Vision RNG’s landfill gas processing sites in Seneca and Perry counties, Ohio.
Bunge, Chevron Announce FID on Oilseed Processing Plant
2024-03-05 - Bunge Chevron Ag Renewables' facility will be used to manufacture low carbon renewable fuels from oilseed.
Shell Taps Bloom Energy’s SOEC Technology for Clean Hydrogen Projects
2024-03-07 - Shell and Bloom Energy’s partnership will investigate decarbonization solutions with the goal of developing large-scale, solid oxide electrolyzer systems for use at Shell’s assets.
Stonepeak Joins Shizen to Form Asian Onshore Wind Platform
2024-03-26 - Stonepeak will have an 80% interest in the onshore wind energy platform, with Japan-based Shizen retaining the remaining 20% interest.