Page 10 - AsiaElec Week 29 2022

AsiaElec COMPANY NEWS AsiaElec

GE Renewable Energy to be

rebranded GE Vernova in 2024

GLOBAL GE’S energy portfolio of businesses, including With an installed base of more than 400 GW
GE Renewable Energy, GE Power, GE Digi- of renewable energy equipment – and 7,000 gas
tal, and GE Energy Financial Services, will be turbines-- GE Vernova’s monogram will serve
rebranded as GE Vernova starting in 2024. as a reminder of the company’s lasting commit-
GE HealthCare and GE Aerospace will also ments to deliver quality, partnership, and inge-
be created. nuity to its customers, said the company.
Lawrence Culp, chairman and CEO of GE, GE announced in late 2021 that it would
said: “Today marks a key milestone in GE’s plan split into three separate companies. Its stock
to become three independent, laser-focused has lagged for years. “By creating three indus-
companies. Leveraging GE’s multi-billion-dollar try-leading, global public companies, each
global brand gives us a competitive advantage in can benefit from greater focus, tailored capital
our end markets, allowing these businesses to allocation, and strategic flexibility to drive long-
win in the future. term growth and value for customers, investors,
“Built on a foundation of lean and innova- and employees,” said Culp at the time. “We are
tion, these brands will continue our mission of putting our technology expertise, leadership,
building a world that works and provide our and global reach to work to better serve our
customers with an important reminder of the customers.”
strengths they value in GE,” he said. “The move does add cost, but nimbleness of
“Veranova” is a combination of “ver,” derived three focused companies will likely be viewed as
from “verde” and “verdant” to signal the greens an opportunity set to more than offset any new
and blues of the earth, and “nova,” from the Latin costs,” a Wells Fargo analyst, Joseph O’Dea, said
“novus,” or “new,” reflecting a new and innova- in a note to clients in November.
tive era of lower carbon energy that GE Vernova According to the Global Wind Energy Coun-
will help deliver, said GE. cil, GE Renewable Energy in 2021 was among
GE Vernova will also have an ‘evergreen’ the top five global wind turbine suppliers with
brand colour of green. 8.55% of the market.™

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