Energy transition company GE Vernova has spun-off from GE and began trading as an independent company on the New York Stock Exchange under the ticker symbol “GEV” this week.
“Today, GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future,” Scott Strazik, CEO of GE Vernova, said in an April 2 press release. “Our power, wind, and electrification segments provide essential products and services to the electric power industry as we work to meet the growing power demands of economies and deliver electricity that is vital to health, safety, security and improved quality of life.”
The company said utility companies, developers, governments and large industrial electricity users rely on its installed base to generate, transfer, orchestrate, convert and store electricity reliably and efficiently.
GE Vernova has an installed base of more than 7,000 gas turbines, approximately 55,000 wind turbines and “leading-edge” electrification technology that helps generate approximately 30% of the world’s electricity, the company said.
By 2028, the company plans to achieve mid-single digit organic revenue growth, a 10% adjusted EBITDA margin and 90% to 110% free cash flow conversion, GE Vernova said.
The spin-off of GE Vernova was achieved by GE’s distribution of all shares of the common stock of GE Vernova Inc. Each holder of record of GE common stock received one share of GE Vernova Inc. common stock for every four shares of GE common stock held on March 19, 2024.
Recommended Reading
White House Open to Ending LNG Export Pause in Push for Ukraine Aid, Sources Say
2024-04-02 - Reversing the pause could be tolerable to the White House in order to advance Ukraine aid, in part because the pause has no bearing on near-term LNG exports, the White House sources said.
What's Affecting Oil Prices This Week? (March 11, 2024)
2024-03-11 - Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.
Oil Rises After OPEC+ Extends Output Cuts
2024-03-04 - Rising geopolitical tensions due to the Israel-Hamas conflict and Houthi attacks on Red Sea shipping have supported oil prices in 2024, although concern about economic growth has weighed.
Global Oil Demand to Grow by 1.9 MMbbl/d in 2024, Says Wood Mac
2024-02-29 - Oil prices have found support this year from rising geopolitical tensions including attacks by the Iran-aligned Houthi group on Red Sea shipping.
What's Affecting Oil Prices This Week? (March 4, 2024)
2024-03-04 - For the upcoming week, Stratas Advisors expect the price of Brent will move sideways and will struggle to break through $85.