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The acquisition of Alstom's energy business: How will GE change the future of the energy industry?
With the increasing global demand for renewable energy, General Electric (GE)'s role in the energy industry has also quietly changed. In 2024, GE officially established GE Vernova Inc., a company formed by the merger and spin-off of GE Power, GE Renewable Energy and GE Digital Business, focusing on increasing the use and output of renewable energy.
History of GE Energy Business
GE Energy’s roots date back to 2008, when GE Energy was founded in Atlanta, Georgia, as part of an internal restructuring of the company in the face of financial problems. This division focuses on developing various energy solutions and evolved into GE Power in 2012.
“GE was established to respond to changing market needs, especially in the context of the increasing integration of energy and technology.”
Acquisition of Alstom’s energy division
In 2014, GE began negotiations to acquire the energy division of French group Alstom. The deal was first disclosed on April 24 and was ultimately valued at US$16.9 billion. The deal allowed GE to further strengthen its position in renewable energy and in 2015 established the French-American joint venture GE Renewable Energy.
“This acquisition is not only the integration of resources, but also the integration of technology and innovation.”
Reorganization and position adjustment
With the completion of the acquisition, GE implemented a series of restructuring and job adjustment plans. In 2016, GE announced plans to cut more than 6,000 positions and focus on optimizing its business structure, which also attracted widespread attention from the outside world. Even so, GE continues to expand its presence in renewable energy globally.
"Despite the challenges, GE has always insisted on promoting the sustainable development of energy."
Spin-off into GE Vernova
By 2021, GE announced its reorganization and plans to spin the company into three new listed companies, one of which is GE Vernova. This transformation marks GE's persistence and commitment to future energy solutions and highlights its deep technological accumulation in renewable energy and smart grid technology.
GE Vernova’s business scope
As a new company, GE Vernova's business scope covers multiple fields, including wind energy, solar energy and grid solutions. Its business not only focuses on the development of new technologies, but also actively seeks cooperation with other companies to promote various renewable energy projects.
Future challenges and opportunities
GE Vernova is facing the ever-changing global energy market. As countries advance policies and accelerate investment in renewable energy, GE's response strategies and expansion plans will directly affect the company's performance.
“In this wave of energy transformation, GE must continue to innovate and make breakthroughs in order to remain competitive.”
Conclusion
With the establishment of GE Vernova, GE's role in the global energy market has undergone important changes. How will it affect the development direction of the energy industry in the future?
