Energy · Profile from Energy Research Companion
GE Vernova
The energy business of General Electric, spun off as a separate company on 2 April 2024 (NYSE: GEV), which makes the largest installed fleet of gas turbines in the world, onshore and offshore wind turbines, grid equipment and — through a joint venture with Hitachi — the BWRX-300 small modular reactor. For most of the decade before the spin-off the same businesses were GE's problem: the ~$10bn purchase of Alstom's power assets in 2015 was followed by a ~$22bn goodwill write-down in 2018, years of losses in wind, and a blade failure at Vineyard Wind off Massachusetts in July 2024. Then demand for firm power from US utilities and data centres outran factory capacity. At 30 September 2026 GE Vernova reported a gas-equipment backlog plus slot reservations of ~122 GW (64 GW of backlog plus 58 GW of reservations), expected at least 130 GW by year-end against output of ~20 GW a year, priced new gas orders more than 20% above Q4 2025 levels, and carried a total backlog of ~$197bn (company, 28 Oct 2026). Its story is what happens when the same factories go from oversupplied to scarce.
At a glance
- Founded
- General Electric formed 1892 (Edison General Electric + Thomson-Houston); GE's first power-generation gas turbine 1949 (Belle Isle station, Oklahoma, reported); GE Vernova named Feb 2023 and listed 2 Apr 2024 after GE's three-way break-up (announced 9 Nov 2021)
- Headquarters
- Cambridge, Massachusetts (corporate); large operations in Schenectady and Greenville, South Carolina (gas turbines), and Europe (former Alstom sites in France, Switzerland and Germany)
- Ownership / structure
- Public, NYSE: GEV; GE shareholders received 1 GEV share for every 4 GE shares (reported); no controlling holder
- Leadership (2026)
- Scott Strazik (CEO since the spin-off; previously CEO of GE Gas Power and GE Power); Ken Parks (CFO, verify); Stephen Angel (chair, verify)
- Segments
- Power (gas turbines and services, nuclear incl. GE Vernova Hitachi Nuclear Energy, steam, hydro); Wind (onshore, offshore, LM Wind Power blades); Electrification (grid solutions, HVDC, transformers incl. Prolec GE, power conversion, software)
- Scale
- Revenue ~$34.9bn (2024, company); Q3 2026 revenue ~$12.6bn (+27%), orders ~$29.3bn (+96% organic), total backlog ~$197bn (company, 28 Oct 2026); ~75,000+ employees (verify)
- Installed base
- ~7,000 gas turbines worldwide (company claim, verify); GE says its technology helps generate ~25% of the world's electricity (company claim)
- Signature moves (incl. failures)
- Alstom power acquisition (2015); the 2018 power write-down and HA blade fault; Haliade-X and the offshore bet (2018); spin-off from GE (2024); Vineyard Wind blade failure (2024); the gas-turbine backlog and data-centre orders (2025–26); BWRX-300 at Darlington (2025); Prolec GE buy-out and the grid build-out (2025–26)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2015
Alstom Power Acquisition
Acquisition or merger
2018
Haliade X and the Offshore Bet
Technology bet
2018
Power Write Down and the HA Blade Fault
Restructuring / write-down (failure)
2024
Spin Off from GE
Spin-off
2024
Vineyard Wind Blade Failure
Accident / failure
2025
BWRX 300 at Darlington
Technology bet / construction
2025
Gas Turbine Backlog and Data Centre Orders
Offtake or supply contract / pricing strategy (slot reservation agreements)
2025
Prolec GE Buyout and the Grid Build Out
Acquisition