The peculiar machine described in the 1920 issue of GE Review — essentially a giant engine designed to produce no mechanical power — seems like nothing more than a charming relic from the early years of electrification.

RIYADH, Kingdom of Saudi Arabia (May 14, 2025) – In the presence of HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, and Donald Trump, President of the United States of America, GE Vernova Inc. (NYSE: GEV) announced initiatives worth up to $14.2 billion for its world class energy equipment technology and services to support power generation and grid stability projects. The announcements include up to $2 billion in backlog or on a reservation agreement as of the first quarter of 2025, with future contracts and memorandums of understanding (MOUs) for agreements spanning across the next four years. The initiatives are expected to play a strong role in supporting the Kingdom to achieve its energy goals under Saudi Vision 2030 and transition to net zero by 2060.

“As the world's energy equipment manufacturer, GE Vernova is proud to deploy world class technology to help deepen the longstanding relationship between the United States and the Kingdom of Saudi Arabia, advance energy security, and strengthen the economic prosperity and competitiveness of both nations. We are thankful for the leadership of both governments for putting energy manufacturing, innovation, and technology front and center, setting the strongest possible precedent for the role of equipment to unlock more solutions globally. We are committed to continuing our work to grow capacity and jobs in the U.S. and beyond to meet these critical needs," said Scott Strazik, CEO of GE Vernova.

Collaborations to accelerate the energy transition and power Saudi Arabia forward

• Saudi Electricity Company (SEC) and GE Vernova announced initiatives spanning the supply of highly efficient and flexible heavy duty gas turbines - built in Greenville, SC, with a deep U.S. supply chain; synchronous condensers and balance of plant equipment that can support grid stability by providing voltage regulation, reactive power, and system strength, supplying crucial inertia to maintain reliable operations as more variable renewable energy is integrated into the system; and capital parts, maintenance and repair services for more efficient and reliable power plant operations.
• Principal Buyer and GE Vernova entered MOUs to supply advanced power generation equipment and services for future projects; commercialize carbon capture technologies; and training and investments in power sector manufacturing, repairs, and research and development (R&D) activities.
• ACWA Power and GE Vernova signed frameworks to collaborate on identifying and exploring potential opportunities to supply high efficiency gas turbines and electrification equipment for projects expected in the Kingdom of Saudi Arabia. ACWA Power is the world's largest private water desalination company, a leader in energy transition, and a first mover in green hydrogen.
• Aramco and GE Vernova announced collaborations to provide maintenance services, repairs, spare parts, and more to support the reliable operations of various power plants around the Kingdom.

With a power generation technology installed base of more than 50 gigawatts, and nearly 90 years of operations in the Kingdom, GE Vernova plays a vital role in Saudi Arabia’s energy transition, supporting economic growth, and fostering talent. The company’s presence in Saudi Arabia includes the GE Manufacturing and Technology Center (GEMTEC) Campus in Dammam - featuring a service and repairs center for gas turbines, a manufacturing facility for heavy duty gas turbines and components, and a research and development cell – as well as an employee base of up to 850 people.

Sulaymaniyah, IRAQ (April 28,2025) – GE Vernova (NYSE: GEV) announced today the AGP XPAND upgrade, an evolution of its proven Advanced Gas Path (AGP) technology introduced more than a decade ago on the company’s 9E.03 fleet to boost gas turbine capacity. The first AGP XPAND is planned to be installed at the 1,250 MW Bazyan Power Plant —operated by Taurus Energy, a portfolio company of Onex Group, a private energy group with a track record in power generation, utilities, energy trading, shipping, and refining.

The news was celebrated in Sulaymaniyah in the presence of H.E. Qubad Talabani, Deputy Prime Minister of the Kurdistan Regional Government, H.E. Kamal Mohammad Salih Khalil, Minister of Electricity in the Kurdistan Regional Government and Mr. Steven Bitner, Consul General at the U.S. Consulate General Erbil along other senior government officials and local business leaders.

The new technology is engineered to help gas plant power producers and industrial operators increase their 9E.03 gas turbines output by up to approximately 7 percent, with an approximately 1 percent of incremental efficiency, while keeping reliability, availability, and maintenance largely unchanged. In addition, exhaust energy could increase by up to 2.6 percent to produce more steam or power, for combined heat and power (CHP) plants or combined cycle plants, like the Bazyan power plant.

Taurus is welcoming this technology, which could modernize its Bazyan site, powered by four GE Vernova 9E.03 and two 9F.04 gas turbines. The plant is fueled by natural gas as the primary fuel source and light fuel oil as back–up fuel and engineered for base-load operations with an expected lifetime of 25-30 years. The AGP XPAND upgrade is expected to enhance the current capacity and deliver additional much-needed electricity to the Kurdistan Region as well as nearby cities and governorates such as Mosul and Salahaldin.

Additionally, a new 17-year long term service agreement was signed covering four GE Vernova’s 9E units with the first 9E Rotor Life Extension package in Iraq, demonstrating an extension of the strategic collaboration between the two companies.

“We have a long-standing relationship with GE Vernova. For over a decade, we have been utilizing GE Vernova’s technology, and we are proud that Taurus, part of the Onex Group, is leading the way in bringing this breakthrough technology to Iraq,” said Sheikh Saad Tayeb Hasan, Founder & Chairman of ONEX. “By utilizing Kurdistan Region’s natural gas resources and power generation capacity, we are laying the foundation to create an energy hub. Through projects like Bazyan, we can contribute to the efforts to meet local energy needs as well as transmit additional power to other parts of the country. Our celebration today truly confirms GE Vernova’s long-term commitment to Iraq.”

Latest Game Changer in AGP technology

Built on 9E’s fleet experience and the technical improvements from the 9E.03 AGP, AGP XPAND components have evolved by making additional updates to the materials and sealing of AGP components, enabling a substantial increase the firing temperature above that of the 9E AGP. These components were engineered by GE Vernova’s teams in Greenville, South Carolina, United States and in GE Vernova’s Engineering Center in Warsaw, Poland. They are produced at the company’s Manufacturing Excellence Centers in Belfort, France and Vereseghyaz, Hungary.

“With over 730 units deployed worldwide, half of which are installed in the Middle East and Africa, GE Vernova has the largest operating and most experienced E-class fleet in the world and confirms its commitment to keep its mature fleets competitive in today’s very dynamic marketplace,” said Amit Kulkarni, Head of Product Management & Strategy, Gas Power at GE Vernova. “Improving existing technologies is the fastest way to inject power to the grid. The modernization of the current 9E.03 installed base can boost the power output and efficiency of existing 9E.03 gas turbines across the world. This would lead to a possible cumulative increase of up to 5 gigawatts of electricity at the global level, and a combined more than $100* million in fuel savings annually for the same baseline output, while opening up the potential for an aggregate incremental profitability of up to $310 million annually due to the new power capacity*.”

GE Vernova 9E.03 units using natural gas, distillate oil or ash-bearing fuels, both in a simple or combined cycle configuration, can be upgraded to AGP XPAND during a typical hot gas path or major inspection.

“We are delighted to celebrate the new long term service agreement and the installation of our new upgrade at the Bazyan power plant,” said Joseph Anis, President & CEO of GE Vernova’s Gas Power business in Europe, Middle East, and Africa. “We trust this upgrade represents an excellent solution for countries like Iraq, which have a large 9E.03 installed base and pressing needs to meet growing energy demand. We are delighted to work with Taurus Energy on this essential project as reliable operations at strategic facilities, such as the Bazyan power plant, are crucial to sustain economic development efforts across the country.”

GE Vernova has supported the development of energy infrastructure in Iraq for 60 years and helped to build and service power plants and grid substations. It has added more than 19 GW of power capacity since 2011, built and energized more than 30 substations since 2015, and mobilized over $3 billion in financing for energy projects since 2015.

* Considering the entire 9E fleet, using 4,000 hours / years of operation, fuel price of $3/MMBtu, and electricity price of $40/MWh

** Incremental profitability due to additional output (the additional revenues, minus the additional fuel costs, which are needed to generate the additional MW)

END

Notes to editors

Financial Editors:  Please note this order was booked in the first quarter of 2025

American author and activist Helen Keller once observed that “optimism is the faith that leads to achievement.” Could optimism itself, therefore, be harnessed as a strategy? GE Vernova thinks so. At just one year old, the standalone energy technology company is remaking itself into a key player in the global energy transition.

Foundational repositories like the ArcGIS Living Atlas of the World and the NOAA’s World Weather Records serve as libraries rich with the critical data used to analyze trends and forecast possible futures by multiple industries across the world. As we head into electricity’s expansive golden age, our knowledge base requires a similar specialized collection: intelligence and fine detail on global power systems.

A high-rise Central Bank Tower under construction in Baghdad. A new port in Basra. A transborder road network that could be the next gateway between Asia and Europe. At construction sites across Iraq, cranes and backhoes are marking a new chapter in the country’s future: After a period of conflict and unrest, Iraq is moving forward to reclaim its economic potential.

Riyadh, SAUDI ARABIA (March 24, 2025) - GE Vernova, Inc. (NYSE: GEV) and Saudi Electricity Company (SEC) have announced the successful completion of the first gas turbine outage entirely planned and executed by GE Vernova’s Saudi engineers and specialists. This project at SEC's 8^th power plant in Riyadh highlights both companies' commitment to fostering local talent and promoting localization within Saudi Arabia's energy sector, in alignment with Saudi Vision 2030.

This achievement comes just months after GE Vernova, in the presence of HRH Prince Abdulaziz bin Salman, Minister of Energy, celebrated the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam.

The 8^th power plant in Riyadh is a strategic facility that plays a crucial role in addressing the growing electricity demands of the capital. With a production capacity exceeding 1,700 megawatts, it significantly enhances the stability of the electrical grid in Riyadh and its surrounding areas. The plant comprises several blocks, one of which is equipped with four of GE Vernova’s 7F gas turbines, collectively capable of producing close to 500 megawatts.

The maintenance, led by GE Vernova’s Gas Power One Field Services team in collaboration with SEC’s teams, was crucial for ensuring the reliability and efficiency of the power generation assets. It required meticulous planning and execution, demonstrating the culmination of a decade of comprehensive training, certifications, accreditations, practical experience, and professional development for Saudi talent.

Male and female Saudi engineers and specialists at the 8^th power plant prioritized rigorous safety protocols and successfully completed the project on schedule, supported by GE Vernova’s Live Outage platform. This digital tool enhances field execution through standardized procedures, streamlined tasks and safety best practices.

GE Vernova’s power plant outage services team brings extensive experience in optimizing power plant performance through expert maintenance, repairs, and upgrades. This Saudi-led initiative marks a pivotal step in enhancing plant efficiency and the long-term reliability of power units.

Engineer Abdulaziz Saeed Al-Shumaila, Head of Power Generation Operations in the Central Region, Saudi Electricity Company, said, “We are committed to providing reliable and stable power supply for the Kingdom. GE Vernova’s Saudi-led outage at the 8^th power plant marks a new era in the Saudi power sector, underscoring our commitment to driving innovation and developing local talent. Through our strategic collaboration with GE Vernova, we aim to empower more Saudi engineers and specialists to assume advanced leadership and technical roles within the Kingdom’s robust energy ecosystem. This collaboration will also contribute to local skills development initiatives, supporting the achievement of Vision 2030 goals.”

Hisham Al Bahkali, President of GE Vernova, Saudi Arabia, noted, “Our successful maintenance project at Riyadh’s 8^th power plant showcases the Kingdom's local talent in driving a more sustainable energy future, directly supporting Vision 2030. This achievement demonstrates Saudi engineers' capabilities in managing complex energy projects. Our ongoing collaboration with SEC will further advance the Kingdom’s energy transformation and cultivate national competencies.”

He added, “This accomplishment caps a remarkable year for GE Vernova in Saudi Arabia, notably the rollout of the first H-Class gas turbine at the GESAT facility. This advanced turbine is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP), highlighting our commitment to supporting national strategies, including Vision 2030.”

In 2024, GE Vernova secured its largest-ever Middle East & Africa order for six 7HA.03 gas turbines, two 7E.03 units, and a 21-year maintenance agreement for Saudi Arabia's Taiba 1 and Qassim 1 power plants. The company also completed FEED studies exploring decarbonization options for three Saudi Arabian cogeneration plants, potentially reducing carbon emissions using pre- and post-combustion technologies.

For nearly 90 years, GE Vernova has contributed to Saudi Arabia’s energy infrastructure, supporting economic diversification, localization, and talent development. Employing more than 850 people in Saudi Arabia, GE Vernova’s investments include the GE Manufacturing and Technology Center (GEMTEC) campus in Dammam, which features a Service and Repairs Center for gas turbines, the GE MENA Decarbonization Center of Excellence, and GE Saudi Advanced Turbines (GESAT).

With its spin-off from GE and commencement of independent trading on the NYSE on April 2, 2024, GE Vernova’s extensive technology base - including approximately 55,000 wind turbines and 7,000 gas turbines - plays a vital role in the energy transition in Saudi Arabia and around the world.

The staff of Power Plant 8 in Riyadh, Saudi Arabia, is busy even on an average workday. But operations ramped up last December when a 25-person crew from GE Vernova assembled at the site for an important planned maintenance project.

In Türkiye, demand for electricity is surging. With a growing — and urbanizing — population, the country ranks 15th in the world in annual energy production, outpacing several nations with much larger populations.