Wind

GE announces timeframe for energy business spinoff

In 2021, GE announced it would divide itself into three public companies focused on aviation, health care, and energy.
GE announces timeframe for energy business spinoff
FILE - The General Electric logo appears above a trading post on the floor of the New York Stock Exchange, June 26, 2018. General Electric is splitting itself into three public companies that concentrate on aviation, healthcare and energy. The company said Tuesday, Nov. 9, 2021, that it plans a spinoff of its healthcare business in early 2023 and of its energy segment in early 2024. (AP Photo/Richard Drew, File)

GE announced that it plans to spin off its energy business, GE Vernova, in the beginning of the second quarter of 2024, subject to final approval from the company’s board and other customary conditions.

Following the completion of the planned spin-off, shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol “GEV.”

GE’s existing energy portfolio will fall under GE Vernova following the split. Its portfolio includes natural gas, hydro, nuclear, and steam power technology and services; offshore and onshore wind services and turbine manufacturing; grid modernization software; grid equipment, services, and systems; solar + storage solutions; and accelerator and research services.

In 2021, GE announced it would divide itself into three public companies focused on aviation, health care, and energy.

The company has already rid itself of the products most Americans know it for, including its appliances, and in 2020, the light bulbs that GE had been making since the late 19th century when the company was founded.

“It’s been nearly two years since we announced our plan to create three independent, investment-grade, industry leaders,” GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said. “We’re now closing in on our final step—spinning off GE Vernova and launching GE Aerospace, following the successful spin-off of GE HealthCare earlier this year. Our teams are building momentum, and we’re excited to be with so many of our valued customers and industry peers on the New York Stock Exchange in the beginning of the second quarter of 2024.”