• Friday, April 19, 2024
businessday logo

BusinessDay

GE Vernova begins trading on New York Stock Exchange

Why GE Vernova will champion Nigeria’s voyage to energy transition- Oyakere

GE Vernova has announced its spin-off from GE is complete and it will begin trading as an independent company on the New York Stock Exchange under the ticker symbol GEV.

In a first for the NYSE, GE Vernova and GE Aerospace, which also launches as an independent company today, will ring the opening bell together at 9:30AM.

Read also: Why GE Vernova will champion Nigeria’s voyage to energy transition- Oyakhire

“Today, GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future,” said its chief executive Scott Strazik.

“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.

“GE Vernova is purpose-built 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.”

GE Vernova has more than 80,000 employees across more than 100 countries. Many of the world’s leading utilities, developers, governments, and large industrial electricity users rely on its installed base to generate, transfer, orchestrate, convert, and store electricity reliably and efficiently. With an installed base of over 7000 gas turbines, the world’s largest, approximately 55,000 wind turbines, and leading-edge electrification technology, GE Vernova helps generate approximately 30% of the world’s electricity.

At the company’s Investor Day in March, the company reaffirmed its 2024 financial guidance, and presented its 2025 financial guidance. Additionally, GE Vernova provided its outlook by 2028 including achieving mid-single digit organic revenue growth, 10percent adjusted EBITDA margin, and 90percent-110percent free cash flow conversion.

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.