International. GE Vernova announced that it is now listed as an independent company on the New York Stock Exchange under the ticker symbol "GEV".
For the first time, GE Vernova and GE Aerospace, which was also spun off from General Electric, rang the opening bell together on the New York Stock Exchange.
"GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future," said Scott Strazik, CEO of GE Vernova.
"Our Energy, Wind and Electrification segments provide essential products and services to the electric power industry as we work to meet the growing energy demands of economies and deliver electricity that is vital to health, safety and improved quality of life. GE Vernova is specifically designed 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."
Today, GE Vernova has more than 80,000 employees in more than 100 countries. Many utilities, developers, governments, and large industrial electricity users around the world rely on their installed base to generate, transfer, orchestrate, convert, and store electricity reliably and efficiently.
With an installed base of more than 7,000 gas turbines, the largest in the world, approximately 55,000 wind turbines, and state-of-the-art electrification technology, GE Vernova helps generate approximately 30% of the world's electricity.
At the company's Investor Day in March, GE Vernova reaffirmed its financial guidance for 2024 and presented its financial guidance for 2025. In addition, GE Vernova provided its outlook for 2028, including achieving mid-digit organic revenue growth, an adjusted EBITDA margin of 10%, and a free cash flow conversion of 90 to 110%.
Projections
GE Vernova serves a vital $265 billion industrial segment that is estimated to grow to $435 billion by 2030. Increased electrification and decarbonization needs offer significant opportunities, with generation capacity projected to more than double by 2040.
To take advantage of this opportunity, the company is focused on executing with sustainability and innovation, while investing approximately US$1 billion annually in research and development to drive innovative energy transition technologies.
The spin-off of GE Vernova was accomplished through GE's distribution of all of GE Vernova Inc.'s common stock. Each registered holder of GE common stock received one share of GE Vernova Inc. common stock for every four shares of GE common stock.
GE Vernova will announce its first-quarter earnings on April 25, 2024 in www.gevernova.com/investors.
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