GE Vernova, a leading global energy solutions provider, has set its sights on a revenue range of $34 billion to $35 billion for the year 2024.
The announcement came during the company’s Investor Day in March in New York, where CEO Scott Strazik outlined the firm’s ambitious plans for the future.
Scott Strazik highlighted the company’s value creation strategy, which leverages its vast installed base, growing recurring revenue streams from high-margin services, and a substantial backlog to serve the world’s most impactful electricity providers.
GE Vernova’s management team:
Steve F. Angel GE Vernova – Non-Executive Chair
Scott L. Strazik GE Vernova – CEO
H. Lawrence Culp General Electric Company – Chairman & CEO
Jessica R. Uhl GE Vernova – President
Ken Parks GE Vernova – CFO
Mavi Zingoni GE Vernova – CEO of Power
Vic R. Abate GE Vernova – CEO of Wind
Philippe Piron GE Vernova – CEO of Electrification Systems
Scott Reese GE Vernova – CEO of Electrification Software
Dan Garceau GE Vernova – Chief Supply Chain Officer
Pablo Koziner GE Vernova – Chief Commercial Officer
Roger J. Martella GE Vernova – Chief Sustainability Officer
Rob Cummings GE Vernova – Global Environmental, Health and Safety Leader
GE Vernova’s Power business, which recorded $17.4 billion in revenue in 2023, continues to be a cornerstone of its operations. With double the installed base compared to its nearest competitor, the Power segment remains a solid cash generator, bolstered by a thriving services business. Notably, the company delivered 58 heavy-duty gas turbines in the past year, a 9 percent increase from 2022, further solidifying its position in the market.
Wind business of GE Vernova, which generated $9.8 billion in revenue in 2023, has also seen significant growth. Securing its largest-ever wind order for the supply of 2.4 gigawatts to Pattern Energy’s SunZia project in New Mexico, the company reaffirmed its dominance as the leading U.S. turbine provider over the past two decades. With an impressive global installed base and operating hours, GE Vernova’s Wind business continues to expand its footprint across key markets.
In the realm of electrification, GE Vernova aims to lead the charge in mission-critical software for the energy transition. With a target of $1 billion in revenue from its software business, the Electrification segment seeks to capitalize on emerging opportunities in the digital landscape.
As GE Vernova sets its sights on the future, the company remains poised to drive innovation, sustainability, and value creation in the dynamic energy market landscape.
Baburajan Kizhakedath