Sunday 19 May 2024

GE Vernova completes spin-off, starts trading on NY bourse

OSLO (Norway), April 13, 2024

GE Vernova, a purpose-built global energy company based in US, has announced that its spin-off from General Electric (GE) has been fully completed and it will begin trading as an independent company on the New York Stock Exchange under the ticker symbol GEV. 
In a first for the NYSE, GE Vernova and GE Aerospace, which also launches as an independent company today (April 13), 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 
On the key development, GE Vernova CEO Scott Strazik said: "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," he noted.  
According to him, the spin-off was achieved by GE’s distribution of all shares of the common stock of GE Vernova. 
Each holder of record of GE common stock received one share of GE Vernova common stock for every four shares of GE common stock held on March 19, 2024, it added.
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.  
GE Vernova said it 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.
To capitalise on this opportunity, the company is focused on executing with sustainability, innovation, and lean at its core and is building on its history of innovation by investing approximately $1 billion annually in research and development to drive breakthrough energy transition technologies, it added.-TradeArabia News Service


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