GE Vernova Concludes Spin-Off, Trades on New York Stock Exchange

On the morning of April 2, 2024, GE Vernova announced that it completed its spin-off from GE and will start trading as a standalone company on the NYSE under the “GEV” ticker symbol at market opening. In addition to GE Vernova launching as an independent company, GE Aerospace also spun off and the duo rang the opening bell today at 9:30 A.M. ET.

“Today, GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future,” said Scott Strazik, CEO of GE Vernova. “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 vital to health, safety, security, and improved quality of life. GE Vernova is purpose-built to electrify and decarbonize the world, and I’m incredibly proud of what our team has accomplished with this milestone and excited to continue this journey alongside our customers and shareholders.”

GE Vernova serves an industry segment valued at $265 billion, which is estimated to grow to $435 billion by 2030. Generation capacity is expected to more than double by 2040, with increased electrification and decarbonization needs driving this growth. The standalone is focused on executing projects with sustainability and innovation in mind and is investing approximately $1 billion per year in research and development for energy transition technologies.

With more than 80,000 employees across 100 nations worldwide, GE Vernova is relied upon by utilities, developers, governments, and large industrial electricity users to generate, transfer, orchestrate, convert, and store electricity in a reliable and efficient manner. The spin-off has an installed base of more than 7,000 gas turbines, approximately 55,000 wind turbines, and electrification technology that generates about 30% of the world’s electricity.

To complete the spin-off, GE distributed all shares of common stock in GE Vernova. Each owner of GE common stock received one share of GE Vernova for every four shares of their original holdings on March 19, 2024.

In preparation for its standalone status, GE Vernova officially updated two positions on its leadership team in January of this year. Jessica Uhl took over as president of the spin-off, while Pablo Koziner assumes the role of chief commercial officer, both of which took effect on Jan. 22, 2024.

Uhl will report to CEO Scott Strazik and guide the company’s strategic roadmap on technology, innovation, and growth, as well as leading the R&D and business development teams. Koziner will focus on strengthening the customer experience and maximizing GE Vernova’s scale across power, wind, and electrification businesses to support the energy transition.

Earlier this year, GE announced the filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission for GE Vernova’s spin-off. The Form 10 filing highlighted the scope and scale of solutions offered by GE Vernova across a 2,200 GW globally installed base. The company is organized into three operating segments: Power, Wind, and Electrification.

The power segment includes the design, manufacture, and servicing of gas, nuclear, hydro, and steam technologies, while the wind segment includes onshore and offshore wind turbines and blades that serve utilities, renewable developers, power producers, and commercial customers. Lastly, the electrification division includes grid solutions, power conversion, solar, storage solutions, and digital technologies for orchestrating electricity from generation to consumption.