GE Vernova to Become Standalone Company, GE Files Form 10

GE announced the filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) for the spin-off of GE Vernova in early April 2024. The Form 10 filing highlights the scope and scale of solutions offered by GE Vernova, including products and services that generate, transfer, orchestrate, convert, and store electricity across a 2,200 GW globally installed base.

“Today’s filing underscores GE Vernova’s progress toward its spin-off as an independent, global leader driving electrification and decarbonization,” said H. Lawrence Culp, Jr., Chairman and CEO of GE and GE Aerospace. “Our financial position is strong to support forming GE Vernova and GE Aerospace as well-capitalized, investment-grade companies, and we’re excited to launch them to the world in early April."

GE Vernova will be organized into the following three operating segments upon its official spin-off: Power, Wind, and Electrification. The power segment includes the design, manufacture, and servicing of gas, nuclear, hydro, and steam technologies. It will provide a foundation of dispatchable, flexible, stable, and reliable power. Wind includes onshore and offshore wind turbines and blades that serve utilities, renewable developers, power producers, and commercial customers to provide carbon-free power generation.

Highlights from the Form 10 filing; Image Credits: GE Vernova

Lastly, the electrification division includes grid solutions, power conversion, solar, and storage solutions referred to as the Electrification Systems. This segment also includes digital technologies (Electrification Software) required for the transmission, distribution, conversion, storage, and orchestration of electricity from generation to consumption. GE Vernova will also be supported by accelerator businesses, such as Advanced Research, Consulting Services, and Financial Services.

“GE Vernova is a purpose-built company serving the electric power industry with a unique scope and scale of solutions to create a more sustainable world,” said Scott Strazik, CEO, GE Vernova. “Today's milestone demonstrates the significant progress our teams have made in preparing GE Vernova to launch as a standalone company and how we are poised to benefit from growing demand for energy transition products and services. Our momentum continues to build with this latest milestone as we approach our spin-off.”

GE Vernova is planned to spin-off from GE in early April of this year, pending final approval from the GE Board of Directors and additional customary conditions. The company will be listed on the New York Stock Exchange under the ticker “GEV”.