GE Vernova launches HVDC Competence Center in Berlin to support energy transition in Germany and Europe

Berlin, Germany (November 6, 2024) - GE Vernova Inc. (NYSE: GEV) today announced the expansion of its Electrification facility in Berlin with the opening of a High Voltage Direct Current (HVDC) Competence Center. The center will develop leading edge technology to speed the energy transition by improving grid stability and integrating more renewable energy across Germany and Europe while also supporting HVDC projects worldwide.

HVDC systems are essential for achieving both electrification and decarbonization goals. The HVDC center will develop and test technology to enable the efficient transmission of bulk power over long distances or from offshore submarine links, simplify the integration of renewable energy into power grids, and connect multiple HVDC transmission links.

The addition of the HVDC Competence Center positions the Berlin facility as a key hub for GE Vernova's Electrification Systems businesses in Europe, expanding GE Vernova's capacity to support regional and global growth in Grid Solutions, Power Conversion, and Solar and Storage and helping to deliver the growing Electrification backlog.

"The world's future is electric, and electrification is essential for achieving a net zero emissions future," said Philippe Piron, CEO of Electrification Systems at GE Vernova. "The expansion of our Berlin center is a significant step towards advancing reliable, affordable, and decarbonized energy and supporting the rapid growth of GE Vernova's Electrification segment. As a key Electrification hub for GE Vernova in Europe, the Berlin site will drive innovation in grid solutions, power conversion, and renewable energy integration. This investment reinforces our commitment to modernizing energy systems, supporting Germany's energy transition, and leading the electrification and decarbonization of the global energy ecosystem."

Supporting Germany's Energy Transition

Operating in Germany for more than 100 years, GE Vernova is dedicated to driving the country's net zero efforts through advanced infrastructure technologies and services. GE Vernova's robust presence in Germany and across Europe supports its ability to work across borders from the North Sea to Eastern Europe.

The launch of the center and the investment in HVDC technology aligns with Germany's ambition to advance its energy transition. That transition will require major grid infrastructure upgrades and investment in the System Stability Roadmap. This government initiative seeks to ensure a resilient and stable power system as Germany moves toward generating at least 80% of its electricity from renewable sources by 2030.

Driving Electrification in Europe

GE Vernova is at the forefront of the energy transition as Europe seeks to decarbonize while meeting growing demand for electricity. GE Vernova recently entered into an innovation agreement with four German Transmission System Operators (TSOs) to design a Multi-Terminal/Multi-Hub High-Voltage Direct Current (HVDC) connection solution, marking a significant milestone in developing a future high-voltage grid for Germany and Europe's energy transition. Furthermore, GE Vernova is actively engaged with TenneT on a 2-gigawatt (GW) High Voltage Direct Current (HVDC) offshore transmission system program in Germany and the Netherlands, part of a five-year Framework Cooperation Agreement signed in March 2023.

The HVDC Competence Center will support these agreements, as well as others in its growing order backlog, and enable other efforts to integrate renewable energy into the grid, reaffirming GE Vernova's commitment to innovative solutions that address the region's evolving grid needs.

GE Vernova also recently announced a doubling of production capacity at its Stafford, UK plant to meet the growing global demand for HVDC technology.

Creating Jobs and Driving Progress

As part of its growth plans in Germany, GE Vernova expects to have created around 500 new highly skilled jobs for engineers, project managers and other support staff in Berlin from 2023 to the end of 2025. New job opportunities are planned to open each quarter with 60 jobs posted currently and more than 200 to come. These roles will be instrumental in advancing electrification technologies and enhancing the company's engineering and technical capabilities, positioning the Berlin Electrification facility as a major contributor to the development of energy solutions across the region.

Inauguration Event

To commemorate the opening of the HVDC Competence Center, GE Vernova hosted an open dialogue about the pressing challenges of today's grid and energy landscape, inviting speakers from the Federal Ministry for Economic Affairs and Climate Action and the Senate Department for Economic Affairs, Energy and Public Enterprises, as well as representatives from GE Vernova to discuss Germany's energy future and its path toward a sustainable and reliable energy supply.

-ENDS-

Notes to Editors:

GE Vernova is dedicated to advancing Germany's energy transition through advanced infrastructure technologies, services, and a robust presence of over 25,000 employees across Europe. With nine locations across Germany, GE Vernova conducts production, research, and development focused on energy transition solutions, including onshore and offshore wind turbines, transformers, medium and low voltage converters, and hydrogen-capable gas-fired power plants.

Forward Looking Statements

This document contains forward-looking statements - that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements address GE Vernova's expected future business and financial performance, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," or "range." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on business operations, financial results and financial position and on the global supply chain and world economy.

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world's challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across 100+ countries around the world. Supported by the Company's purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

GE Vernova's Electrification segment includes Grid Solutions, Power Conversion, Solar and Storage Solutions, -collectively referred to as Electrification Systems -and digital technologies, referred to as Electrification Software. The solutions offered by this segment are essential for the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of consumption.

end