Oredola Adeola
General Electric (GE) has completed the spin-off of GE Vernova, its renewable energy, power, and digital businesses, which has begun trading on the New York Stock Exchange (NYSE) under the ticker symbol “GEV” as a standalone company.
This was contained in a statement obtained by Advisors Reports and confirmed in a statement shared by Mohammed Mijindadi, President – GE Nigeria & Managing Director, Gas Power Systems (Anglophone & Francophone Africa) at General Electric.
According to Mijindadi, after 130 years impacting and improving lives around the world, today, GE as we have grown to know and love, would begin its new journey under separate publicly traded companies.
He said, “The GE logo (meatball as we fondly call it) signified so much across the world with taglines that ranged from ‘Bringing good things to life’, to ‘Imagination at work’ and I am proud to have worked with the team who played a part in preparing the company for this moment.
“I am excited to embark on this new journey as we stay the course to improve lives, one life at a time,” the President GE Nigeria said.
Advisors Reports further gathered that on November 9, 2021, General Electric announced its plan to form three investment-grade, industry-leading, global public companies: GE Aerospace, GE HealthCare (GEHC), and GE Vernova, focusing on aviation, healthcare, and energy sectors.
GE completed the spin-off of an 80.1% stake in GE HealthCare on January 3, 2023, and executed the tax-free spin-off of GE Vernova on April 2, 2024.
GE Vernova, a Renewable Energy, Power, and Digital Company, is emerging as the world’s most diverse energy franchise, focusing on operational performance and innovative technologies to provide power while reducing emissions.
The spin-off aims to create a smarter, more efficient future of flight and drive decarbonization, with a focus on lean operations and innovation.
In August 2023, GE Vernova acquired Greenbird Integration Technology AS, a data integration platform company, to streamline data integration projects.
With a significant presence in the energy sector, GE Vernova plays a crucial role in the energy transition, generating 30% of the world’s electricity with 54,000 wind turbines and 7,000 gas turbines.
The company offers technologies and services related to energy production, wind turbine platforms, offshore wind turbines, hydropower solutions, and high voltage equipment.
Post-spin-off, GE Vernova (GEV) is poised to maintain its global leadership in the electric power industry, focusing on reliability, sustainability, electrification, and decarbonization.
GE Vernova serves a substantial market share, with a strong global presence, significant R&D investments, and a commitment to advancing sustainability.
The company’s segments include Power, Wind, and Electrification, reporting revenues of $33.2 billion for FY23.
GE’s separation is expected to eliminate the conglomerate discount and enhance shareholder value by focusing on profitable segments.
Experts anticipate a significant increase in spending in the power and end-use sectors, projecting growth from $1.4 trillion annually to over $2.4 trillion annually in the 2030s.
