GE Verona is the new spin-off clean energy solutions company from GE, and completed the process of becoming its own publicly-traded firm in 2024. The new company produces electricity-generating turbines, including water, gas, and wind powered. Together with parent company GE, the firm’s electricity-generating history goes all the way back to 1882, when the Edison Electric Illuminating Company built its first power-generating station in New York. The latest expansion of GE Verona has just been announced: a $600 million investment over the next two years, with an estimated 1,500 full-time jobs created across the United States.
The new investment is part of a larger $9 billion research-and-development (R&D) budget through 2028, which will be spent across GE’s eighteen manufacturing facilities in the United States. Half of the $600 million will be spent on expanding gas turbine production, which occurs in South Carolina, New York, New Jersey, and Maine. This expansion will incorporate about 850 new jobs throughout the four states, with most of the new capital growth occurring at GE Verona’s plant in Greenville, South Carolina. Smaller amounts of money will be invested in locations in Pennsylvania, Florida, North Carolina, North Dakota, and Texas.
GE Verona Exports Energy Solutions Worldwide
GE Verona, a subsidiary of GE, is a major global exporter of energy-producing and transmitting equipment. The company’s equipment is estimated to produce about one-quarter of the world’s electricity, with its turbines installed in the world’s most famous hydroelectric dams, including the Three Gorges Dam in China. One of GE Verona’s first major export sales was to Saudi Arabia in July 2024, and the company has employees in about 140 countries across the world.
Other major customers of GE Verona turbine technology include Iraq, Canada, and South Korea. Inside the United States, many utility companies also buy technology from GE, especially to replace aging equipment. Since 2017, GE has held the largest share of wind turbine energy production in the United States. Globally, GE is also the leader in wind energy, with much of the growth in offshore wind energy usage coming from China. Gas turbines are also a hot export, with GE maintaining a large presence in Brazil over the past century.
Production of Electrical Grid Components Benefits GE Stability
Although gas-powered turbines are a major seller, GE Verona’s heavy investment in wind and hydroelectric turbines will likely pay off with the world’s increasing focus on clean energy. Even if producers are not using turbines, GE Verona can still generate revenue from its energy storage and energy transmission products. Transformers are needed to handle electricity from any source, including solar, geothermal, etc. Therefore, even if customers are not using GE turbines, they still need other GE products.
With global demand for electricity rising rapidly, GE Verona is in an excellent position due to the diversification of its electricity-related products. Hopefully, increased development of power grids around the world, especially in developing countries, will boost GE Verona’s exports and generate many new jobs for American workers.
