Description
GE Vernova Inc. is an energy equipment manufacturing and services company headquartered in Cambridge, Massachusetts.
The company is a result of General Electric merging and spinning off its energy businesses: GE Power, GE Renewable Energy, GE Digital, and GE Energy Financial Services.
History
GE Power
GE Power was founded as GE Energy, and was a division of General Electric. GE Energy was headquartered in Atlanta, Georgia. GE Energy was founded in 2008, as part of a company-wide reorganization prompted by financial losses lead to the formation from GE Infrastructure division.
GE Renewable Energy
GE Renewable Energy was a manufacturing and services division of the American company General Electric. It was headquartered in Boulogne-Billancourt, France and focused on the production of energy systems that use renewable sources. Its products included wind (onshore and offshore), hydroelectric and solar (concentrated and photovoltaic) power generating facilities.
GE Digital
GE Digital was a subsidiary of the American multinational conglomerate General Electric, headquartered in San Ramon, California. The company provided software and industrial internet of things (IIoT) services to industrial companies.
GE Energy Financial Services
GE Energy Financial Services was a division of GE Capital. The division was responsible for providing financial investments in energy infrastructure around the world. It was the only remaining division of GE Capital, a division of General Electric that was responsible for financial services.
Spin-off
On November 9, 2021, General Electric announced that it would split into three publicly traded companies. The following year, they announced the names would be GE HealthCare, GE Aerospace, and GE Vernova. GE Healthcare was the first to be spun off, on January 4, 2023. GE Vernova was the second to be spun off. In preparation for the spin-off, GE Vernova, LLC was founded on February 28, 2023. The LLC was incorporated on April 2, 20241 as GE Vernova Inc. and was listed on the New York Stock Exchange under ticker symbol GEV. After the completion of the two spin-offs, General Electric rebranded itself GE Aerospace.
