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Ge Vernova, the company’s energy spin-off formerly known as GE, announced on Wednesday that it planned to invest nearly $ 600 million in its American facilities in the next two years in order to ‘Help responds to the demands for electricity increasing in America and beyond.
The World Company based in Massachussetts has declared that investments will focus on the manufacturing sites of gas, network, nuclear and wind to land, creating some 1,500 new manufacturing and engineering jobs in several states .
The CEO of Ge and CEO of Ge Aerospace, Lawrence Culp, Jr., (3rd L) and CEO of Ge Vernova Scott Strazik (2nd R) ring the opening bell on the New York Stock Exchange (NYSE) on April 2, 2024 , in New York. (Timothy A. Clary / AFP via Getty Images / Getty Images)
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| Frozen | GE Vernova inc. | 355.12 | +25.12 |
+ 7.61% |
“These investments represent our commitment and our serious responsibility as the first energy manufacturer in the United States to help meet the demand for accelerated energy in America and in the world,” said Ge Vernova CEO Scott Strazik, in a press release.
“These strategic investments and the jobs they create aim to help our customers meet doubling of demand and accelerate American innovation and the development of technology to stimulate the country’s energy security and global competitiveness”, he added.
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Ge Vernova said that almost half of the funds will be oriented to extend his gas manufacturing company, with new projects in Greenville, South Carolina; Schenectady, New York; Parsippany, New Jersey and Bangor, Maine.
A worker of the installation of Ge Vernova in Bangor, in Maine. (Ge Vernova / Foxbusiness)
About $ 100 million in investment will expand innovation in its advanced research center in Niskayuna, New York, with an additional $ 15 million alone towards generative artificial intelligence (AI).
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The company also plans to expand the capacity of its grid solutions in Charleroi, Pennsylvania and Clearwater, Florida. He also adds more resources for his nuclear business, devoting more than $ 50 million to improvements to his Wilmington, North Carolina, factory and launching its new generation nuclear fuel design.
Worker in Ge Vernova Facilityi N Wilmington, North Carolina (Ge Vernova / Foxbusiness)
As part of the plans, Ge Vernova also adds a capacity of pebbles on the ground in the United States, with investment plans nearly $ 100 million in its manufacturing facilities in Pensacola, Florida; Schenectady, New York; And Grand Forks, Dakota from the North, as well as its refurbishment facilities in Amarillo, Texas.
Finally, Ge Vernova also plans another $ 10 million investment in its Pittsburgh, Pennsylvania installations, over the next two years, to extend capacities through its electrification segment, in order to add a capacity of American manufacturing to support the American energy network, as well as for solar and energy storage.
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GE Vernova has around 75,000 employees covering more than 100 countries around the world, and its technology helps produce around 25% of world energy, according to the firm.
