Duke Energy and GE Vernova Partner on Major Gas Turbine Agreement

Duke Energy and GE Vernova have announced a major agreement for the potential procurement of up to 11 GE Vernova 7HA natural gas turbines. This partnership supports Duke Energy's plans to meet growing energy demands, especially from data centers and advanced manufacturing driven by economic development and AI growth.

The deal builds on Duke’s existing order of eight 7HA turbines and is aligned with the company’s long-term energy modernization strategy.

GE Vernova’s $600 million investment in expanding its U.S. manufacturing capabilities, particularly at its Greenville, SC facility, underpins this agreement. This expansion includes lean manufacturing upgrades and over 1,500 new jobs.

The collaboration allows Duke to use existing infrastructure to reduce costs and speed up project timelines.

Key Points:
- Up to 11 new gas turbines planned for future Duke Energy projects
- Turbines to be manufactured in Greenville, SC
- Supports Duke’s integrated resource plans and customer growth
- Reflects GE Vernova’s investment in U.S.-based energy manufacturing

The agreement reflects the companies’ shared focus on reliable, efficient, and scalable energy solutions to power future growth.

GE Vernova Reports Strong Q1 2025 Financial Results

GE Vernova delivered a solid performance in the first quarter of 2025, showing notable growth across orders, revenues, margins, and cash generation.

- Orders reached $10.2 billion, up 8% organically, with strong contributions from services (+16%) and Power equipment (+43%).
- Backlog increased by $4.4 billion sequentially, bringing Gas Power equipment backlog to 29 GW, along with 21 GW in slot reservation agreements.
- Revenue was $8.0 billion, up 11% reported and 15% organically, driven by growth in both equipment and services.
- Net income rose to $0.3 billion, a $0.4 billion improvement year-over-year, with a 3.3% net income margin (+480 basis points).
- Adjusted EBITDA came in at $0.5 billion with a 5.7% margin.
- Cash from operating activities totaled $1.2 billion, up $1.6 billion from the prior year; free cash flow was $1.0 billion, also up $1.6 billion.
- The company reported a strong cash position of $8.1 billion and returned $1.3 billion to shareholders.
- 2025 full-year guidance was reaffirmed, incorporating the estimated effects of current tariffs and related inflation.

GE Vernova continues to demonstrate resilience and strong operational performance as it supports the energy transition through its power and electrification technologies.

ge vernova boosts circuit breaker output using lean principles at charleroi factory

ge vernova’s grid solutions plant in charleroi, pa, which produces high-voltage circuit breakers and instrument transformers, has significantly increased productivity through a lean management initiative. responding to a surge in demand driven by ai, data centers, renewable energy, and electric vehicle adoption, the plant hosted a kaizen event in february to optimize production processes.

key outcomes:

- cut assembly time for its largest circuit breaker (dt2-550) by approximately 67%
- reduced worker walking distance by 37%
- implemented 15 safety improvements
- introduced new fixtures to reduce reliance on shared cranes
- improved material flow and organization, reducing wasted time
- addressed ergonomic risks using computer vision tools

plant manager altay keresteci emphasized lean as a critical strategy, stating, “you can’t just expand the facility that fast, but you can utilize what you have by continuous improvement.” with the u.s. power demand forecast to grow 16% in five years, the charleroi plant aims to quintuple production of its dt2-550 breakers.

ge vernova ceo scott strazik praised the team’s efforts, highlighting that the success came “without a lot of capital expenditures” and was a direct result of building “lean muscle.”

ge vernova plans to invest $600 million across its u.s. factories, including charleroi and clearwater, florida, to add capacity and create around 260 new jobs. charleroi is expected to hold 60 kaizen events this year as part of its ongoing lean transformation.

GE Vernova Foundation Announces $250,000 Grant to Expand Green Spaces in Boston

GE Vernova Foundation marked Earth Day by unveiling a new grant aimed at revitalizing green spaces in underserved neighborhoods of Boston. As part of a broader $500,000 commitment to the Trust for Public Land’s Parks for People program, $250,000 will go toward developing four new parks in Dorchester, Roslindale, and Mattapan.

The announcement was made during a celebration at the New York Stock Exchange, where GE Vernova leaders rang the Opening Bell to commemorate Earth Day and highlight the initiative. The new parks are expected to provide nearly 40,000 residents with access to green spaces within a 10-minute walk from their homes.

Kristin Carvell, president of GE Vernova Foundation, emphasized the project's alignment with the company's mission of sustainability and community resilience. “These new parks and schoolyards will help foster stronger, healthier communities and provide local students and residents with much-needed green spaces,” she said.

The initiative includes shovel-ready projects that will be completed over the next 12 to 24 months. They will incorporate environmental features such as stormwater systems, rain gardens, and native tree canopies. Each park will be designed through a participatory process involving local residents and students.

Jodi Valenta of the Trust for Public Land highlighted the community impact, stating that projects like the Edgewater Trail and Archdale Community Greenspace will create vital spaces for health, activity, and nature connection.

GE Vernova, which opened its headquarters in Cambridge in 2023, plans to extend the program globally to support resilient communities where its 75,000 employees live and work.

GE Vernova Builds a Global Library of Power Grid Intelligence to Support Energy Transition

GE Vernova’s Consulting Services team has developed a robust repository of power system intelligence, covering 55 countries from Japan to the UAE. This resource is helping nations and energy developers craft cost-effective and reliable master energy plans amid surging global electricity demand and the shift toward renewables.

Led by Gene Hinkle, executive of Power Economics and Software, the team includes 25 experts with deep regional and global experience. These analysts combine technical, economic, and policy data to simulate and compare thousands of energy system configurations using integrated systems planning (ISP) software.

The ISP software evaluates outcomes across key dimensions such as cost, reliability, emissions, and system constraints. For example, in the UAE, the team modeled multiple generation and storage scenarios to identify the optimal mix to meet growth and decarbonization targets at favorable costs.

This growing database, initially built for internal purposes, now underpins GE Vernova's software offerings and client advisory work. It provides decision-makers with validated, high-fidelity models to address growing electricity needs—especially vital as global power demand rose 4.3% last year, double the decade average.

Looking forward, GE Vernova plans to expand the database to include more countries, reinforcing its commitment to support a modern, resilient global power infrastructure.

**GE Vernova Submits Final Proposal for UK’s Small Modular Reactor Program With BWRX-300**

GE Vernova’s nuclear division, GE Hitachi Nuclear Energy, has submitted its final tender for the UK’s small modular reactor (SMR) selection process, led by Great British Nuclear. The proposal features the BWRX-300, a 10th-generation boiling water reactor currently under development in Canada with Ontario Power Generation. Backed by a £33.6 million UK government grant and multiple UK-based supply chain partnerships, GEH aims to help the UK advance nuclear energy, support grid reliability, and spur local job creation. GE Vernova already powers over 30% of the UK’s electricity with its technologies.

GE HealthCare names Jeannette Bankes president and CEO, Patient Care Solutions

GE Vernova and BBWind sign 20th deal to supply onshore wind turbines for German community wind farms

GE Vernova’s Wind segment has signed its 20th agreement with BBWind, a German wind farm developer focused on community-led projects. Under this latest deal, GE Vernova will supply three of its 6.0 MW-164m onshore wind turbines to support wind energy developments in Heiden and Dorsten, both located in the North Rhine-Westphalia region.

The projects will contribute a total of 18 MW of new capacity, with Heiden receiving two turbines (12 MW) and Dorsten one (6 MW). All turbines will be manufactured at GE Vernova’s facility in Salzbergen, Germany, which plays a key role in supporting local and regional renewable energy infrastructure.

Germany installed about 3.2 GW of onshore wind capacity in 2024 and aims to source 80% of its electricity from renewables by 2030. The country continues to expand its onshore wind sector as part of that goal.

GE Vernova’s Chief Commercial Officer for onshore wind, Gilan Sabatier, emphasized the importance of community projects and proximity to the Salzbergen plant. BBWind CEO Michael Schluess praised the long-term collaboration, highlighting successful local implementation and a shared vision for future projects.

With an installed base of 57,000 turbines and more than 120 GW of capacity worldwide, GE Vernova’s Wind segment continues to play a central role in global wind energy development.

For more information, visit [gevernova.com](https://www.gevernova.com).

GE Vernova to Power 49 MW Onshore Wind Project in Spain with 6.1 MW Turbines

GE Vernova’s Wind segment has signed an agreement to supply eight of its 6.1 MW-158m onshore wind turbines to Forestalia for a 49 megawatt (MW) project in Aragón, Spain. This marks the continuation of a 693 MW framework agreement between the two companies, originally announced in December 2023.

The project aligns with Spain’s national energy goals, which aim to install 62 GW of wind energy capacity by 2030 as part of a broader push to source over 80% of the country's electricity from renewables by the end of the decade. GE Vernova already accounts for 5.9 GW of installed wind capacity in Spain, including 1.5 GW in the Aragón region.

GE Vernova’s Chief Commercial Officer for Onshore Wind, Gilan Sabatier, highlighted that the company’s turbines are well-suited to Spain’s wind conditions and support energy demand, security, and decarbonization. Forestalia CEO Carlos Reyero noted the growing scale of the company’s operations, which include partnerships delivering over 4 GW of capacity, much of it already operational.

GE Vernova’s Wind segment currently has over 120 GW of installed capacity worldwide, reflecting its commitment to delivering reliable and sustainable wind energy solutions across the globe.

GE Vernova Teams Drive Power Restoration in Iraq, Strengthening Nation’s Electricity Infrastructure

GE Vernova continues to play a vital role in rebuilding Iraq’s energy sector as the country emerges from years of conflict and infrastructure challenges. With a six-decade presence in Iraq and more than 200 employees—95% of them Iraqi—the company is working alongside the Ministry of Electricity (MoE) to meet soaring power demands and stabilize the national grid.

Efforts include rehabilitating gas turbines, expanding grid capacity, and completing major projects like the 132-kilovolt Al Qaim Saada substation near Iraq’s western border. Over the past decade, GE Vernova has added 19 gigawatts of capacity, built 30 substations, and helped secure $3 billion in funding. By upgrading 46 turbines across 12 plants this year alone, the company aims to add up to 500 megawatts before summer.

For Darius Zanjani, GE Vernova’s head of engineering partnerships, the mission is personal. From site visits to heartfelt local interactions, his work reflects the human impact of energy restoration. “The resilience of the Iraqi team has kept us going,” Zanjani said. “Now, no matter what I’m working on, I know what it means when we say GE Vernova is providing the energy to change the world.”

GE Vernova Inc. (NYSE: GEV) is scheduled to release its first quarter 2025 financial results on Wednesday, April 23, 2025, before market open. GE Vernova CEO Scott Strazik and GE Vernova CFO Ken Parks will discuss the company’s financial results in a webcast at 7:30 AM ET, which can be accessed at www.gevernova.com/investors/events/ge-vernova-1st-quarter-2025-earnings-webcast.

GE Vernova Powers Launch of Japan’s Largest Onshore Wind Farm in Fukushima

GE Vernova’s Onshore Wind business has announced the start of operations at the 147 MW Abukuma wind farm in Fukushima, Japan. The facility, now commercially operational, features 46 GE Vernova 3.2 MW–103m turbines and is the largest onshore wind farm in the country. It generates enough electricity to power approximately 120,000 Japanese households.

Developed by Fukushima Fukko Furyoku, LLC — a nine-company consortium led by Sumitomo Corporation — the project is a significant part of the region’s post-2011 reconstruction and a major step toward Japan’s clean energy targets. It supports the national goal of raising the share of renewable energy in the electricity mix to 50% by 2040.

The project highlights GE Vernova’s collaboration with Toshiba Corporation and demonstrates the turbines’ ability to minimize environmental impact and withstand Japan’s extreme weather. It is one of several recent milestones in Japan for GE Vernova, contributing to the 1.8 GW of energy capacity supplied by the company’s turbines in the country.

With a global installed base of over 120 GW and around 57,000 turbines, GE Vernova continues to lead in wind technology as it supports energy transition efforts worldwide.

For more information, visit [www.gevernova.com](https://www.gevernova.com/).

GE Vernova Launches First Brand Campaign, Celebrating Innovation and Optimism in Energy

Marking its first anniversary as an independent company, GE Vernova has launched its debut global brand campaign titled *“The Energy of Change.”* The campaign emphasizes the company’s commitment to breakthrough innovation and resilience in addressing the world’s growing energy needs—expected to rise by over 50% in the next two decades.

At the core of the campaign is a visually impactful film showcasing technologies across GE Vernova’s three business segments: Power, Wind, and Electrification. The narrative centers on the idea that change is constant and necessary, illustrated using the Japanese art of kintsugi—symbolizing transformation through repair and improvement.

The campaign highlights GE Vernova’s culture of safety, collaboration, and continuous improvement. It also underscores the company’s identity, drawing from “verde” (green) and “nova” (new), to reflect its vision for a sustainable energy future.

The campaign will appear globally across television, digital, social, and out-of-home media, with prominent placements during the NCAA’s March Madness tournament. It was developed in partnership with Droga5 and Accenture Song Sustainability.

For more, including the campaign film, visit: [gevernova.com](https://vernova.is/energyofchange).

GE Vernova and MIT Launch $50 Million Alliance to Drive Energy Innovation

GE Vernova and the Massachusetts Institute of Technology (MIT) have announced a five-year strategic alliance focused on advancing energy technology and developing future leaders in the sector. GE Vernova will contribute $50 million to support research, student fellowships, internships, and leadership development programs. The partnership will be coordinated through MIT’s Office of Strategy and aims to address major challenges in energy and climate technology.

Beginning in September 2025, the alliance will initiate around 12 research projects annually, focusing on three main areas: electrification, decarbonization, and renewables. Projects will include work on smart grid technology, cybersecurity, advanced nuclear power, hydrogen, carbon capture, and innovations in wind and energy storage. MIT master’s students will also contribute by publishing policy-focused white papers.

The alliance will also prioritize talent development through hands-on experiences at GE Vernova facilities, along with an annual symposium that brings together industry experts and academics to discuss energy policy and innovation.

GE Vernova, with about 75,000 employees in over 100 countries, is based in Cambridge, Massachusetts, and is dedicated to accelerating the global energy transition.

**GE Vernova to Provide Fast, Efficient Power to Springfield, Missouri via New Gas Turbine Technology**

On March 28, 2025, GE Vernova announced it will supply three LM6000VELOX aeroderivative gas turbine packages to Springfield City Utilities (CU) in Missouri. These turbines, to be installed at the McCartney Generating Station, are expected to deliver a total of 150 megawatts of fast, reliable power to support regional electric demand and ensure grid stability.

The project addresses the city's growing electricity needs and prepares CU to meet a significant increase in its Planning Reserve Margin—from 15% to 36% during winter months by 2026. The dual-fuel LM6000VELOX turbines can run on natural gas or diesel and achieve full power in under five minutes. Once operational in 2027, they will become the utility's most efficient generators.

GE Vernova’s LM6000VELOX packages are known for their quick-start capabilities, high efficiency, and operational flexibility. They also reduce installation time by up to 40% and cut labor hours by approximately 4,000. These turbines are part of a global fleet of nearly 1,200 units across about 60 countries, with the ability to burn up to 100% hydrogen by volume in certain configurations.

“This investment is another step in ensuring Springfield’s energy reliability for the future,” said Warren Brooks, VP of Electric Operations at CU. Dave Ross, CEO of GE Vernova’s Gas Power Americas, added, “Operators like City Utilities need to ensure grid reliability with high efficiency. We're excited to support their expansion.”

More about GE Vernova is available at [www.gevernova.com](https://www.gevernova.com/).

GE Vernova surpasses 2.7 GW milestone as Pensacola factory powers major U.S. wind projects

March 27, 2025 – Pensacola, FL – GE Vernova has announced major production achievements from its advanced manufacturing factory in Pensacola, Florida, underscoring its growing role in supporting rising electricity demands in the United States and globally. Key highlights include:

- More than 1.2 GW of turbines produced for the SunZia Wind Project in New Mexico, which will become the largest wind farm in the Western Hemisphere once operational
- New orders for 109 turbines for RWE Clean Energy projects in Texas, with deliveries beginning later this year
- Nearly 500 repower turbines manufactured since 2024, contributing over 850 MW to wind farm upgrades across the U.S.

The Pensacola facility, which employs a workforce that includes approximately 20 percent veterans, has received nearly $70 million in investments since 2023. These upgrades are part of GE Vernova’s broader $600 million investment in U.S. operations over two years, expected to create more than 1,500 new jobs and bolster the country’s energy security and manufacturing strength.

GE Vernova CEO Scott Strazik highlighted the strategic importance of domestic production and innovation to meet global energy needs, while Pensacola Mayor D.C. Reeves noted the factory's contributions to local job creation and national energy growth.

GE Vernova’s Wind segment operates with a global installed base of approximately 57,000 turbines and nearly 120 GW of capacity, supporting the transition to more sustainable and reliable energy sources.

GE Vernova and Saudi Electricity Company complete first Saudi-led gas turbine maintenance project

GE Vernova has secured an agreement with RWE to provide 109 onshore wind turbines for two wind farms in Texas. The deal includes equipping the Honey Mesquite wind farm in Glasscock County and repowering the Forest Creek Wind Farm near Big Spring. The turbines, each with a capacity of 2.8 MW and a 127-meter rotor, will be delivered later this year.

The projects will add over one gigawatt of wind energy capacity to RWE’s U.S. portfolio, supporting hundreds of construction jobs and long-term manufacturing roles at GE Vernova’s Pensacola, Florida facility. The wind farms are expected to generate electricity for more than 85,000 homes and businesses annually, contributing to U.S. energy security and economic development in rural areas.

The agreement highlights GE Vernova’s commitment to using a domestic supply chain, with nacelles produced at its Pensacola plant, where veterans make up 20% of the workforce. The company’s Onshore Wind segment has an installed base of 56,000 turbines and nearly 120 GW of capacity worldwide.

RWE's Chief Operating Officer, Kevin Kroll, emphasized that the project aligns with the company’s commitment to strengthening U.S. manufacturing and supply chains, while Scott Stalica of GE Vernova noted the role of wind power in supporting growing energy needs.

GE Vernova, a leader in the energy transition, operates across Power, Wind, and Electrification segments, employing 75,000 people in over 100 countries. The company is focused on delivering affordable, reliable, and sustainable energy solutions.

GE Vernova has announced the commercial operation of the 1.2 GW Pulau Indah power plant in Malaysia, powered by its H-Class gas turbines. The plant, developed by Worldwide Holding Berhad, will generate electricity for approximately 2.5 million homes.

The facility features two 9HA.01 gas turbines, each paired with an STF-D650 steam turbine and a Once Through Heat Recovery Steam Generator. Under a 21-year agreement, GE Vernova will provide maintenance services and digital monitoring to enhance reliability and efficiency.

With Malaysia's energy demand projected to rise and its goal of net-zero emissions by 2050, the plant's advanced gas turbines offer flexibility, high efficiency, and the capability to burn hydrogen blends. The project aligns with Malaysia’s transition to cleaner energy sources while meeting growing electricity needs.

Powered by GE Vernova’s H-Class equipment, 1.2 GW Pulau Indah power plant starts commercial operation in Malaysia

GE Vernova and Energy Systems Group (ESG) have been selected by the U.S. Air Force and the Department of Defense’s Chief Digital and Artificial Intelligence Office (CDAO) to explore geothermal energy solutions for increasing energy resilience at military installations. The initiative, part of the Tradewinds Solutions Marketplace, aims to develop utility-scale geothermal power plants capable of supplying reliable and cost-effective electricity to about 50 Department of Defense sites in the western U.S. and Gulf regions.

The collaboration includes ESG leading power plant design, GE Vernova contributing power conversion and microgrid technology, the Energy & Geoscience Institute at the University of Utah providing geothermal expertise, and Sage Geosystems deploying its patented pressure geothermal system. The goal is to ensure 24/7 energy availability, even during grid outages, without relying on taxpayer funding.

GE Vernova's "GEO2X" video solution showcases this effort, which involves geothermal resource assessment, power generation, hydrogen storage, and project development. This recognition highlights the project’s innovation, scalability, and potential impact on national security. The Air Force is leveraging private capital to advance next-generation geothermal technology and reduce dependency on conventional energy sources.

GE AEROSPACE ANNOUNCES FOURTH QUARTER 2024 RESULTS
Strong fourth quarter, expects another year of substantial growth in 2025

Fourth quarter 2024:
•Total orders of $15.5B, +46%
•Total revenue (GAAP) of $10.8B, +14%; adjusted revenue* $9.9B, +16%
•Profit (GAAP) of $2.3B, +37%; operating profit* $2.0B, +49%
•Profit margin (GAAP) of 21.2%, +350 bps; operating profit margin* 20.1%, +450 bps
•Continuing EPS (GAAP) of $1.75, +62%; adjusted EPS* $1.32, +103%
•Cash from Operating Activities (GAAP) of $1.3B, +5%; free cash flow* $1.5B, +21%
Full year 2024:
•Total orders of $50.3B, +32%
•Total revenue (GAAP) of $38.7B, +9%; adjusted revenue* $35.1B, +10%
•Profit (GAAP) of $7.6B, (27)%; operating profit* $7.3B, +30%
•Profit margin (GAAP) of 19.7%, (980) bps; operating profit margin* 20.7%, +330 bps
•Continuing EPS (GAAP) of $6.09, (27)%; adjusted EPS* $4.60, +56%
•Cash from Operating Activities (GAAP) of $5.8B, +26%; free cash flow* $6.1B, +28%