US-based GE Vernova completes spin-off from GE

KUALA LUMPUR: US energy generation company, GE Vernova, which currently provides up to 40 per cent of Malaysia's electricity needs, announced today that its spin-off from General Electric Company (GE) is complete.

It began trade as an independent company on the New York Stock Exchange (NYSE) effective April 4.

GE Vernova chief executive officer Scott Strazik said GE Vernova has become an independent company singularly focused on accelerating the energy transition to create a more sustainable future.

"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 decarbonise the world, and I am incredibly proud of what our team has accomplished with this milestone and excited to continue this journey alongside our customers and shareholders,” he said in a statement today.

GE Vernova currently provides up to 40 per cent of Malaysia’s electricity needs with an installed power generation capacity of about 34 gigawatts, and is well-positioned to help drive Malaysia’s transition to a cleaner, greener energy future.

"With the largest base of installed gas turbines in Malaysia and a strong long-standing partnership with Tenaga Nasional Bhd, it has grown together with the country’s power development needs

"GE Vernova’s H-class technology has been installed at the new Sultan Ibrahim Power Plant in Pasir Gudang, Johor which is not only one of the most efficient and sustainable plants in the region, being able to burn up to 50 per cent hydrogen blends, but has also generated 2,500 job opportunities for the local community,” the company said. - Bernama