GE Vernova Completes Spin-Off and Begins Trading on the New York Stock Exchange

by Phuong Ngan03 April 2024 Last updated at 17:48 PM

GE Vernova announced today that its spin-off from GE is complete and it will begin trading as an independent company on the New York Stock Exchange (NYSE) under the ticker symbol “GEV,” effective at the market opening today.

In a first for the NYSE, GE Vernova and GE Aerospace, which also launches as an independent company today, will ring the opening bell together at 9:30 AM 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 that is 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 has more than 80,000 employees across more than 100 countries. Many of the world’s leading utilities, developers, governments, and large industrial electricity users rely on its installed base to generate, transfer, orchestrate, convert, and store electricity reliably and efficiently. With an installed base of over 7,000 gas turbines, the world’s largest, approximately 55,000 wind turbines, and leading-edge electrification technology, GE Vernova helps generate approximately 30% of the world’s electricity.

Today, GE Vernova provides up to 30% of Vietnam’s electricity needs, with an installed power generation capacity of about 40GW. GE’s fleet in Vietnam includes over 20 gas turbines, and services over 10 power plants and projects. The Phu My Reconditioning Workshop and Dung Quat HRSG manufacturing plant are world-class facilities serving customers from around the world as parts of GE’s global network of repair and manufacturing capabilities, while GE Renewable Energy’s Hai Phong factory is one of five GE factories in the world that manufactures generators and components for wind turbines in response to the growing global demand for wind power generation and in support of cleaner energy production.

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