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

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.

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.

Scott Strazik, CEO of GE Vernova said: "Today, GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future. 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 provides cutting-edge electrification technology and has an installed base of over 7,000 gas turbines and approximately 55,000 wind turbines which plays a major role in generating around 30% of the world's electricity. The company's services are trusted by many leading utilities, developers, governments, and large industrial electricity users who rely on its installed base for reliable and efficient generation, transfer, orchestration, conversion, and storage of electricity.

Drawing upon its extensive global experience across industries, GE Vernova has contributed to the evolution of Taiwan's energy ecosystem since 1961. With over 80,000 employees in more than 100 countries worldwide, GE Vernova integrates cutting-edge power generation technologies with power plants across Taiwan. Its inaugural "Tunghsiao Power Plant," powered by GE technology, began operations in 1965.

At the company's Investor Day in March, GE Vernova reaffirmed its 2024 financial guidance, and presented its 2025 financial guidance. Additionally, GE Vernova provided its outlook by 2028 including achieving mid-single digit organic revenue growth[1], 10% adjusted EBITDA margin[1], and 90-110% free cash flow[1] conversion.

GE Vernova serves a vital $265 billion industry segment that is estimated to grow to $435 billion by 2030. Increased electrification and decarbonization needs offer major opportunities, with generation capacity projected to more than double by 2040.

Note:
[1] Non-GAAP Financial Measure)。