Dive Brief:
- GE Vernova will spend nearly $600 million on U.S. factories and facilities over the next two years, the energy manufacturer announced Jan. 29.
- The investment will create more than 1,500 new factory and engineering jobs and focus on gas power, grid, nuclear and onshore wind manufacturing sites.
- The move will help meet surging customer demands for electricity equipment at home and abroad, the release stated.
Dive Insight:
As part of the investment plan, GE Vernova is expanding five business units.
First, GE Vernova is investing nearly $300 million to increase production capacity for heavy-duty gas turbines, creating over 850 jobs across multiple locations. The investments include:
- Greenville, South Carolina: A $160 million investment will create over 650 new jobs and build up the capacity of its hydrogen fuel production
- Schenectady, New York: A $50 million investment will support capacity growth and sustainability, industrialization and quality efforts, also creating over 100 jobs
- Parsippany, New Jersey and Bangor, Maine: A combined investment of $50 million to grow capacity, quality, industrialization and delivery efforts
GE Vernova is expanding its grid solutions business with $20 million in Charleroi, Pennsylvania, for switchgear and in Clearwater, Florida, for capacitors and transformers. The move will create over 260 jobs to meet growing demand for high-voltage grid equipment, the release stated.
The company’s nuclear business is also growing. A $50 million investment in Wilmington, North Carolina will enhance nuclear fuel production for the BWRX-300 small modular reactor, improving safety, automation and capacity.
GE Vernova is expanding manufacturing capacity of its onshore wind segment with a $100 million investment. Factories will be upgraded with tooling and fixtures investments across Pensacola, Florida; Schenectady, New York; Grand Forks, North Dakota; and Amarillo, Texas.
The move to expand its domestic wind energy portfolio comes after the company downsized the offshore wind sector last September and laid off up to 900 employees globally.
For its solar and energy storage business, GE Vernova is investing $10 million in Pittsburgh, Pennsylvania, to launch a new manufacturing Flexinverter line.
Finally, GE Vernova is planning to grow its advanced research center in Niskayuna, New York. The $100 million investment will be for electrification, carbon reduction, alternative fuels, AI research and critical infrastructure security, the release stated. The New York center will also receive $9.6 million in tax credits from New York state.
The new investments are the first part of a larger $9 billion cumulative global capital expenditures and research and development investment plan through 2028, announced at the company’s investor update on Dec. 10.
Massachusetts-based GE Vernova has more than 18,000 workers across the U.S. with 18 manufacturing facilities.
