GE Vernova, the energy spin-off from the company formerly known as GE, announced Wednesday it plans to invest nearly $600 million in its U.S. facilities over the next two years in order to help meet surging electricity demands in America and beyond.
The global Massachussetts-based firm said the investments will focus on gas power, grid, nuclear and onshore wind manufacturing sites, creating some 1,500 new manufacturing and engineering jobs across several states.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GEV | GE VERNOVA INC. | 355.12 | +25.12 | +7.61% |
“These investments represent our serious commitment and responsibility as the leading energy manufacturer in the United States to help meet America’s and the world’s accelerating energy demand,” GE Vernova CEO Scott Strazik said in a statement.
“These strategic investments and the jobs they create aim to both help our customers meet the doubling of demand and accelerate American innovation and technology development to boost the country’s energy security and global competitiveness,” he added.
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GE Vernova said nearly half the funds will be directed to expanding its gas turbine manufacturing business, with new projects in Greenville, South Carolina; Schenectady, New York; Parsippany, New Jersey and Bangor, Maine.
Roughly $100 million of the investment will go toward expanding innovation at its Advanced Research Center in Niskayuna, New York, with an additional $15 million alone going toward Generative Artificial Intelligence (AI) work.
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The company also plans to expand capacity on its Grid Solutions facilities in Charleroi, Pennsylvania and Clearwater, Florida. It is also adding more resources for its nuclear business, dedicating more than $50 million to enhancements at its Wilmington, North Carolina, factory and to launch its next-generation nuclear fuel design.
As part of the plans, GE Vernova is also adding capacity for onshore wind factories in the U.S., with plans to invest nearly $100 million in its manufacturing facilities in Pensacola, Florida; Schenectady, New York; and Grand Forks, North Dakota, as well as its remanufacturing facilities in Amarillo, Texas.
Finally, GE Vernova is also planning another $10 million-plus investment in its Pittsburgh, Pennsylvania facility over the next two years to expand capabilities across its Electrification segment, with the aim of adding U.S. manufacturing capacity to support the U.S. energy grid, as well as demand for solar and energy storage.
GE Vernova has around 75,000 employees spanning more than 100 countries across the globe, and its technology helps produce around 25% of the world’s energy, according to the firm.
