About General Electric
General Electric Company (GE) operates as a high-tech industrial company worldwide. The company’s products include commercial and military aircraft engines and systems; wind and other renewable energy generation equipment and grid solutions; and gas, steam, nuclear and other power generation equipment. The company has significant global installed bases of equipment across these sectors, and services to support these products are also an important part of its business alongside new equipment sales. The company previously announced a strategic plan to form three industry-leading, global, investment-grade public companies from its Aerospace business, which it plans to refer to as GE Aerospace; the company’s portfolio of energy businesses, including its Renewable Energy and Power businesses, which it plans to combine and refer to as GE Vernova; and its former HealthCare business. On January 3, 2023, the company completed the separation of the HealthCare business from GE through the spin-off of GE HealthCare Technologies Inc. (GE HealthCare). The company is working to develop next generation engine programs that will allow a smarter and more efficient future of flight, including efforts to support increased use of sustainable aviation fuel with its engines’ capabilities and developing new engine architectures, such as open fan, hybrid electric, and hydrogen technologies. The GE Vernova businesses are positioned to lead the energy transition, helping the energy sector solve for sustainability, reliability, and affordability. These businesses are at the center of a dynamic and growing market, as the world faces a significant increase in electricity demand in the coming decades along with the need to electrify and decarbonize. The company serves customers in over 160 countries. Segments The company operates through three segments: Aerospace, Renewable Energy, and Power. GE Aerospace segment This segment designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. The company also provides aftermarket services to support its products. Commercial Engines and Services: Manufactures jet engines for commercial airframes. Aerospace engines power aircraft in all categories: narrowbody, widebody and regional, which includes engines sold by CFM International, a 50-50 non-consolidated company with Safran Aircraft Engines, a subsidiary of Safran Group of France, and Engine Alliance, a 50-50 non-consolidated company with Raytheon Technologies Corporation via their Pratt & Whitney segment. This includes engines and components for business aviation and aeroderivative applications as well. Commercial provides maintenance, component repair and overhaul services (MRO), including sales of spare parts. Defense: Manufactures jet engines for defense airframes. The company’s defense engines power a wide variety of defense aircraft including fighters, bombers, tankers, helicopters, and surveillance aircraft, as well as marine applications. The company provides maintenance, component repair and overhaul services, including sales of spare parts. Systems and Other: Provides avionics systems, aviation electric power systems, turboprop engines, engine gear and transmission components and services for commercial and defense businesses. Additionally, the company provides a wide variety of products and services including additive machines, additive materials (including metal powders), and additive engineering services. Regulations The company’s products, services, and activities are subject to a number of global regulators, such as the U.S. Federal Aviation Administration (FAA), European Union Aviation Safety Agency (EASA), Civil Aviation Administration of China (CAAC), and other regulatory bodies. As it relates to the defense environment, the company continues to forecast strong demand creating future growth opportunities for its Defense business. The U.S. Department of Defense and foreign governments have continued flight operations and have allocated budgets to upgrade and modernize their existing fleets, including support for next generation large-combat engine architecture, such as Aerospace’s XA100 program. Renewable Energy segment This segment will be part of GE Vernova. The company benefits from one of the broadest portfolios in the industry that uniquely positions it to lead the energy transition while building on advanced technologies that grow renewable energy generation, lower the cost of electricity and modernize the grid. The company’s portfolio of business units includes onshore and offshore wind, blade manufacturing, grid solutions, hydro, battery storage, hybrid renewables, and digital services offerings. Onshore Wind: Delivers wind turbines, technology, and services for the onshore wind power industry by focusing on work-horse products in select locations, while continuing to innovate the technology to create wind turbines suitable for various markets and environmental conditions. Wind Services assist customers in improving cost, capacity, and performance of their assets over the lifetime of their fleets, utilizing digital infrastructure to monitor, predict and optimize wind farm energy performance. The company’s Onshore Wind business supports a turbine installed base of over 55,000 units, of which slightly fewer than half are under service agreements. Grid Solutions Equipment and Services (Grid): Enables power utilities and industries worldwide to effectively manage electricity from the point of generation to consumption, helping the reliability, efficiency, and resiliency of the grid. Service offerings include a comprehensive portfolio of equipment, hardware, protection and control, automation, and digital services. Grid is also addressing the challenges of the energy transition by safely and reliably connecting intermittent renewable energy generation to transmission networks. Hydro, Offshore Wind, and Hybrid Solutions: Hydro provides a portfolio of solutions and services for hydropower generation for both large hydropower plants and small hydropower solutions. Offshore Wind provides wind power technologies and wind farm development. Hybrid Solutions provides integration of renewable energies that drive stability to the grid and integrates storage and renewable energy generation sources. The company’s Grid Solutions business is positioned to support grid expansion and modernization needs globally. The company secured a position in the rapidly growing offshore interconnection market with new products and technology supporting a 2 GW High Voltage Direct Current (HVDC) solution standard and are developing new technology, such as Grid-forming Static Synchronous Compensators and eco-friendly SF6-free switchgears, that solves for a denser, more resilient, stable, and efficient electric grid; a grid with lower future greenhouse gas emissions. It also benefited from higher growth in orders from other transmission and grid automation related products within its Grid Solutions business. Power segment This segment will be part of GE Vernova. Power serves power generation, industrial, government, and other customers worldwide with products and services related to energy production. The company’s products and technologies harness resources, such as natural gas, fossil, oil, diesel, and nuclear to produce electric power and include gas and steam turbines, full balance of plant, upgrade ,and service solutions, as well as data-leveraging software. Gas Power: Offers a wide spectrum of heavy-duty and aeroderivative gas turbines for utilities, independent power producers and numerous industrial applications, ranging from small, mobile power to utility scale power plants. Gas Power also delivers maintenance and service solutions across total plant assets and over their operational lifecycle. Steam Power: Offers a broad portfolio of technologies and services predominately for nuclear and fossil power plants to help customers deliver reliable power as they transition to a lower carbon future. Power Conversion, Nuclear, and Other: Applies the science and systems of power conversion to provide motors, generators, automation and control equipment and drives for energy intensive industries, such as marine, oil and gas, mining, rail, metals, and test systems. Through joint ventures with Hitachi, it also provides nuclear technology solutions for boiling water reactors, including reactor design, reactor fuel and support services, and the design and development of small modular reactors. The company continues to invest in new product development. In Nuclear, the company has signed an agreement with a customer for the deployment of small modular nuclear reactor technology, the first commercial contract in North America, with the potential to enable reductions in nuclear power plant costs and cycle times. In Gas Power, the company continues to invest for the long-term, including multiple decarbonization pathways that will provide customers with cleaner, more reliable power. Discontinued Operations On January 3, 2023, the company completed the previously announced separation of its HealthCare business, into a separate, independent publicly traded company. It primarily comprises the company’s former GE HealthCare business, its mortgage portfolio in Poland (Bank BPH), its GE Capital Aviation Services (GECAS) business, and other trailing assets and liabilities associated with prior dispositions. Results of operations, financial position, and cash flows for these businesses are reported as discontinued operations. Trademark GE is a trademark and service mark of the company. History General Electric Company was founded in 1892. The company was incorporated in 1892.
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