Business Description

. GE Vernova Inc. (the Company, GE Vernova, our, we, or us) is a global leader in the electric power industry, with products and services that generate, transfer, orchestrate, convert, and store electricity. We design, manufacture, deliver, and service technologies to create a more reliable, secure, and sustainable electric power system, enabling electrification and decarbonization, underpinning the progress and prosperity of the communities we serve. We are a purpose-built company, positioned with a unique scope and scale of solutions to help accelerate the energy transition, while servicing and growing our installed base and strengthening our own profitability and stockholder returns. We have a strong history of innovation, which is a key strength enabling us to meet our customers’ needs. The breadth of our portfolio also enables us to provide an extensive range of technologies and integrated solutions to help advance our customers’ energy and sustainability goals. Our installed base generates approximately 25% of the world’s electricity. We build, modernize, and service power systems to help our customers electrify their operations and economies, meet power demand growth, improve system reliability and resiliency, and navigate the energy transition through limiting and reducing emissions. The portfolio of equipment and services that we deliver is diversified across technology types and is adaptable based on electric power market conditions and demand. GE Vernova Inc. is a Delaware corporation with corporate headquarters in Cambridge, Massachusetts. On April 2, 2024 , General Electric Company (GE) , which now operates as GE Aerospace, completed the previously announced spin-off (the Spin-Off) of GE Vernova. In connection with the Spin-Off, GE distributed all of the shares of our common stock to its stockholders and we became an independent company. See Note 1 in the Notes to the consolidated and combined financial statements for further information regarding the Spin-Off. COMPANY STRATEGY. GE Vernova is positioned as an industry leader to fulfill the growing demand for electrical power, while driving the energy transition forward. Our focus is on supplying our customers with products and services necessary to deliver reliable, affordable, and sustainable electricity. We expect significant growth in demand for the offerings we provide to the electric power industry. Our company strategy is focused on: • Delivering on global sustainab ility by developing, providing, and servicing technologies that enable electrification and decarbonization. • Maintaining and enhancing strong relationships with many of the leading and largest utilities, developers, governments, and electricity users. • Servicing the existing installed base and delivering new technologies and processes, which improve customer outcomes while driving increased profitability and cash flow. • Improving margins and lowering risk through better underwriting. • Streamlining our product portfolio to focus on core workhorse products, which will improve both cost and quality going forward. • Using l ean to improve our cost structure and productivity levels across our business and corporate functions. • Innovating and investing, along with third parties, in new offerings and technologies that will help customers electrify and decarbonize the world. • Allocating capital as a whole and within our various businesses – focused on generating cash flow to invest in our core businesses, invest in targeted mergers and acquisitions (M&A) , and return at least 1/3 of our cash generation to our stockholders . SUSTAINABILITY . As a company whose technology base helps generate approximately 25% of the world’s electricity, our integration of sustainability into our core business strategy and culture reflects our mission to electrify to thrive and decarbonize the world. To operationalize this commitment, we have built the sustainability governance framework of “the Control Room.” The Control Room is led by our Chief Sustainability Officer , who supervises a cross-functional, global team, and chairs our Sustainability Council. Further, we have a Safety and Sustainability Committee of the Board of Directors, which guides and oversees our sustainability goals, impacts, risks, and efforts.…