Energy transition company GE Vernova has spun-off from GE and began trading as an independent company on the New York Stock Exchange under the ticker symbol “GEV” this week.

“Today, GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future,” Scott Strazik, CEO of GE Vernova, said in an April 2 press release. “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.”

The company said utility companies, developers, governments and large industrial electricity users rely on its installed base to generate, transfer, orchestrate, convert and store electricity reliably and efficiently.

GE Vernova has an installed base of more than 7,000 gas turbines, approximately 55,000 wind turbines and “leading-edge” electrification technology that helps generate approximately 30% of the world’s electricity, the company said.

By 2028, the company plans to achieve mid-single digit organic revenue growth, a 10% adjusted EBITDA margin and 90% to 110% free cash flow conversion, GE Vernova said.

The spin-off of GE Vernova was achieved by GE’s distribution of all shares of the common stock of GE Vernova Inc. Each holder of record of GE common stock received one share of GE Vernova Inc. common stock for every four shares of GE common stock held on March 19, 2024.

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