GE Vernova to increase focus on US onshore wind market — EnergyWatch

GE Vernova is scheduled to be spun off from its parent company, General Electric, early in the second quarter of this year, and when it does, the new publicly traded company will sharpen its focus on the US onshore wind market.

This is according to an announcement made by GE Vernova last week, but only just published this week, to the US Securities and Exchange Commission.

”In the onshore wind sector, we expect to increasingly focus our efforts on the attractive and growing North American markets due to the increasing demand driven by the IRA, while still targeting profitable high-margin product sales opportunities outside North America,” the statement says.

IRA stands for Inflation Reduction Act and is a major legislative package that provides government support for the expansion of renewable energy and the modernization of the US’s aging infrastructure.

”In the relatively young and fast-growing offshore wind industry, we expect to improve the quality of our order book and overall business profitability in the coming years. As the sector matures, we expect existing technologies and supply chains to improve and GE Vernova to continue to focus on product quality, reliable processes and improved contracts,” the filing with the Securities and Exchange Commission also states.

Translated using DeepL with additional editing by Kristoffer Grønbæk