The company's renewable energy businesses will fall under the name GE Vernova — a title the company said is"a combination of 'ver,' derived from 'verde' and 'verdant' to signal the greens and blues of the Earth, and 'nova,' from the Latin 'novus,' or 'new,' reflecting a new and innovative era of lower carbon energy that GE Vernova will help deliver.
GE maintains an installed base of 7,000 gas turbines and 400 gigawatts of renewable energy equipment. The spin-off of that business is expected to be completed in early 2024. "Today marks a key milestone in GE's plan to become three independent, laser-focused companies," Chairman and CEO Larry Culp said in a statement."Leveraging GE's multi-billion-dollar global brand gives us a competitive advantage in our end markets, allowing these businesses to win in the future."