Dive Brief:
- GE Vernova plans to invest nearly $600 million in its U.S. factories and facilities over the next two years, as announced on January 29.
- This investment is expected to create over 1,500 new jobs in factory and engineering roles, focusing on gas power, grid, nuclear, and onshore wind manufacturing.
- The company aims to meet increasing customer demands for electricity equipment both domestically and internationally.
Dive Insight:
As part of its investment strategy, GE Vernova will enhance five business units.
One significant aspect of the plan includes nearly $300 million earmarked for boosting the production of heavy-duty gas turbines, which will result in more than 850 new jobs across various locations. The breakdown of this investment includes:
- Greenville, South Carolina: A $160 million investment that will lead to over 650 new jobs and enhance hydrogen fuel production capabilities.
- Schenectady, New York: A $50 million investment to support capacity growth and sustainability, leading to over 100 new jobs.
- Parsippany, New Jersey and Bangor, Maine: A combined $50 million investment aimed at improving capacity, quality, and industrial process.
In addition, GE Vernova is allocating $20 million to expand its grid solutions business, with projects in Charleroi, Pennsylvania, focused on switchgear, and Clearwater, Florida, aimed at capacitors and transformers. This expansion will generate over 260 new jobs to satisfy the growing demand for high-voltage grid equipment.
The company’s nuclear division is also set to grow with a $50 million investment in Wilmington, North Carolina, aimed at enhancing nuclear fuel production for the BWRX-300 small modular reactor, thereby improving safety and automation.
GE Vernova will also invest $100 million to increase its manufacturing capacity in the onshore wind sector, upgrading facilities in Pensacola, Florida; Schenectady, New York; Grand Forks, North Dakota; and Amarillo, Texas. This move follows a recent reduction in the offshore wind sector that resulted in layoffs for up to 900 employees globally.
For its solar and energy storage division, the company is investing $10 million in Pittsburgh, Pennsylvania, to establish a new manufacturing line for Flexinverters.
Lastly, GE Vernova plans to expand its advanced research center in Niskayuna, New York, with a $100 million investment directed toward electrification, carbon reduction, alternative fuels, artificial intelligence research, and critical infrastructure security. This center is also receiving $9.6 million in tax credits from the state of New York.
This latest round of investments is part of a broader $9 billion commitment to global capital expenditures and research and development through 2028, as revealed during the company’s investor update on December 10.
Based in Massachusetts, GE Vernova currently employs more than 18,000 workers throughout the U.S., operating 18 manufacturing facilities.