American energy manufacturer GE Vernova plans to invest almost $600m in its US factories and facilities up to 2027 to meet growing global electricity demands.
The investment aims to enhance energy affordability, national security and the global competitiveness of the US.
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GE Vernova CEO Scott Strazik stated: “These investments represent our serious commitment and responsibility as the leading energy manufacturer in the United States to help meet America’s and the world’s accelerating energy demand.
“These strategic investments and the jobs they create aim to both help our customers meet the doubling of demand and accelerate American innovation and technology development to boost the country’s energy security and global competitiveness.”
The investments mark the first phase of a $9bn global capital expenditure and research and development plan announced during the company’s 10 December 2024 investor update.
GE Vernova’s technology, which is deployed in more than 140 countries, helps generate around 25% of the world’s energy.
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By GlobalDataThe company plans to invest $300m to support its gas power business and expand heavy-duty gas turbine manufacturing, aiming to produce up to 80 turbines per year, adding 20GW of global electricity capacity.
The investment is expected to create more than 850 jobs and support a range of projects.
In Greenville, South Carolina, GE Vernova will invest $160m to enhance capacity, quality, industrialisation and delivery, along with developing new hydrogen fuel testing capabilities, creating 650 jobs.
In Schenectady, New York, GE Vernova will invest $50m to support capacity growth, sustainability, industrialisation and quality efforts, and will hire 100 employees.
Almost $50m is to be invested in Parsippany, New Jersey and Bangor, Maine, to support similar goals.
GE Vernova intends to invest $20m to expand capacity at its grid solutions facilities in Charleroi, Pennsylvania and Clearwater, Florida. It will enhance the production of switchgear, capacitors and instrument transformers to meet growing demand for high-voltage grid equipment.
GE Hitachi, GE Vernova’s nuclear business, also plans to invest $50m at its Wilmington, North Carolina factory to enhance safety, quality and productivity while launching its next-gen nuclear fuel design for the BWRX-300 reactor.
The investment plans of the company’s wind segment will include $100m in its US manufacturing and remanufacturing facilities for upgrades in Pensacola, Florida, in Schenectady, New York, in Grand Forks, North Dakota and in Amarillo, Texas.
$10m will be invested in its Pittsburgh, Pennsylvania facility to expand its electrification segment, including a new manufacturing line for FLEXINVERTER technology.
The investment will support the production of the 1500V and 2000V FLEXINVERTER units.
GE Vernova intends to invest $100m in 2025 at its advanced research centre in Niskayuna, New York, focusing on electrification, carbon reduction efforts and innovative technologies.
In January 2024, NextEra Energy and GE Vernova partnered for US gas-fired power projects, aimed at supplying electricity to AI data centres and other major power consumers.
