GE Vernova

GE Vernova traces its history to the first central power station, built in New York City in 1882 by the Edison Electric Illuminating Company. In 1949, General Electric shipped the first U.S. gas turbine for electricity production to Oklahoma Gas & Electric; its timeline also lists the supply of blades for the world’s first offshore wind farm, at Vindeby, Denmark, in 1991.⁠[1]

On May 10, 2002, General Electric’s GE Power Systems completed its acquisition of certain assets of Enron Wind Corp., taking over its wind power plant design, engineering, site selection and operations and maintenance capabilities, and launched a new business, GE Wind Energy. Existing wind farm assets remained with Enron, and all required bankruptcy court and regulatory approvals had been received.⁠[2]

On November 2, 2015, General Electric completed its acquisition of Alstom’s power and grid businesses. It had agreed in 2014 to pay €12.35 billion; after adjustments including the renewables, grid and nuclear joint ventures announced in June 2014, the price was about €9.7 billion (about $10.6 billion).⁠[3]

On April 20, 2017, General Electric completed its €1.5 billion ($1.65 billion) acquisition of LM Wind Power, a Denmark-based maker of wind turbine rotor blades, from Doughty Hanson under an agreement reached in October 2016. LM Wind Power became an individual operating unit within GE Renewable Energy, supplying blades to its onshore and offshore wind businesses while continuing to supply the wider industry.⁠[4]

Scott Strazik served for two years as CFO of GE Aviation’s Commercial Engine Operations before joining General Electric’s power businesses. He was named CEO of the Gas Power business in 2018 and expanded his role to lead the GE Power businesses in 2021.⁠[5]

On July 18, 2022, General Electric unveiled brand names for its three planned public companies: its energy portfolio, including Renewable Energy, Power, Digital and Energy Financial Services, would sit together under the GE Vernova name. The name combines “ver,” derived from “verde” and “verdant” to signal the greens and blues of the Earth, with “nova,” from the Latin “novus,” or “new.”⁠[6]

On November 14, 2023, General Electric named nine directors for GE Vernova, with Stephen Angel, chairman of Linde plcLindeLinde plc is an industrial gas and engineering company created by the 2018 merger of Praxair and Linde AG. It is formed under the laws of Ireland, with principal executive offices in Woking, United Kingdom.Open the full entry, as non-executive chairman and CEO Scott Strazik on the board. Angel had spent 22 years in management positions at General Electric and was Linde’s CEO from 2018 to 2022.⁠[7]

On February 15, 2024, General Electric announced the filing of a Form 10 registration statement for the planned spin-off of GE Vernova, expected in early April. GE Vernova then had a global installed base of about 2,200 GW and more than 80,000 employees in over 100 countries.⁠[8]

On March 8, 2024, the SEC declared GE Vernova LLC’s registration statement effective. General Electric shareholders would receive one GE Vernova share for every four shares held on March 19, and the company would convert into a corporation renamed GE Vernova Inc. before the spin-off.⁠[9]

On March 27, 2024, S&P Dow Jones IndicesS&P Dow Jones IndicesS&P Dow Jones Indices (S&P DJI) is a global index provider that compiles and licenses benchmark indices including the S&P 500 and the Dow Jones Industrial Average. It was formed in 2012 by combining McGraw-Hill’s S&P index business with the Dow Jones Indexes business held by a joint venture of CME Group and Dow Jones, and it is now the index business division of S&P Global, which holds about 73% of the interest.Open the full entry announced that GE Vernova Inc. would join the S&P 500S&P 500The S&P 500 is a U.S. large-cap equity index compiled by S&P Dow Jones Indices. It includes 500 leading companies, covers about 80% of available market capitalization and is described by S&P DJI as “widely regarded as the best single gauge of large-cap U.S. equities.”Open the full entry in the Industrials sector, effective prior to the open of trading on April 2, replacing Dentsply Sirona Inc. General Electric, renamed GE Aerospace after the spin-off, would remain in the index.⁠[10]

On April 2, 2024, GE Vernova completed its spin-off and listed on the New York Stock Exchange.⁠[11]

On July 13, 2024, a blade failed on a GE Vernova Haliade-X 13-megawatt turbine at the Vineyard Wind project off Massachusetts, and debris washed up on Nantucket Island. The Bureau of Safety and Environmental Enforcement (BSEE) then issued a suspension order halting power generation and new construction at the project.⁠[12]

On July 24, GE Vernova said a preliminary analysis found that a manufacturing flaw, insufficient bonding, caused the failure and that its quality assurance program should have identified the issue. It said it would re-inspect all of its offshore wind blades.⁠[13]

On September 19, 2024, GE Vernova presented a proposal to its European Works Council to transform its offshore wind business into a “smaller, leaner and more profitable business,” a move that could eliminate about 900 jobs worldwide. It cited cost inflation, supply chain challenges and blade-incident delays at Vineyard Wind and the UK’s Dogger Bank.⁠[14]

On December 10, 2024, GE Vernova declared a quarterly dividend of $0.25 per share, payable on January 28, 2025, and approved an initial $6 billion share repurchase authorization.⁠[15]

On January 17, 2025, the Bureau of Ocean Energy Management and BSEE approved a revised construction and operations plan for Vineyard Wind and lifted the suspension orders. Based on GE Vernova’s root cause analysis, the plan called for removing all blades made at its Gaspé, Canada, plant from up to 22 locations.⁠[16]

On January 22, 2025, GE Vernova posted 2024 revenue of $34.9 billion, up 5 percent, net income of $1.6 billion, orders of $44.1 billion and free cash flow of $1.7 billion.⁠[17]

On October 23, 2025, GE Vernova announced it would acquire the remaining 50 percent stake in transformer maker Prolec GE for $5.275 billion. Prolec GE, established by Xignux and General Electric in 1995, had seven manufacturing sites, five of them in the U.S.; the deal was expected to be funded equally with cash and debt.⁠[18]

At its December 2025 investor update, GE Vernova said it expected to end 2025 with an 80-gigawatt gas turbine backlog stretching into 2029, reiterated guidance for 20 gigawatts of annualized turbine production by mid-2026 and projected about $52 billion in 2028 revenue, excluding the Prolec GE acquisition.⁠[19]

GE Vernova’s Power, Wind and Electrification segments cover gas, nuclear, hydro and steam power; onshore and offshore wind; and grid solutions and power conversion and storage. It has about 75,000 employees.⁠[20]

On January 28, 2026, GE Vernova posted 2025 revenue of $38.1 billion, up 9 percent; net income of $4.9 billion, a 12.8 percent margin; orders of $59.3 billion, up 34 percent organically; and free cash flow of $3.7 billion. CEO Scott Strazik said the company had increased its backlog to $150 billion.⁠[21]

On February 2, 2026, GE Vernova completed the acquisition of the remaining 50 percent of Prolec GE for cash consideration of about $5.3 billion. Its first-quarter 2026 net income of $4.7 billion included $4.5 billion of pre-tax M&A net gains, primarily from Prolec GE.⁠[22]

On March 2, 2026, GE Vernova announced the completion of the $600 million sale of its Proficy software business to TPG. Proficy offers HMI/SCADA, MES, industrial data management and analytics software to more than 20,000 customers.⁠[23]

On October 28, 2026, GE Vernova posted third-quarter orders of $29 billion, up 96 percent organically; revenue of $12.6 billion, up 27 percent; net income of $1.3 billion; and total backlog of $197 billion. In October its board raised the buyback authorization to $20 billion from $10 billion.⁠[24]

The same day, GE Vernova agreed to acquire Berlin-based Trench Group, a maker of high- and medium-voltage bushings, instrument transformers and coils, from investment firm Triton Partners for the equivalent of $9.0 billion. The deal, subject to regulatory approvals, was expected to close in late 2027.⁠[25]