GE has announced the brand names of the future companies that it will create through the group’s planned separation into three companies focused on healthcare, energy, and aviation.
Accordingly, GE’s portfolio of energy businesses including GE Renewable Energy, GE Power, GE Digital and GE Energy Financial Services will come under a new entity to be called “GE Vernova”.
It may be mentioned that the healthcare and aviation businesses will now come under “GE HealthCare” and “GE Aerospace”, respectively.
All three planned companies will continue to benefit from GE’s heritage and global brand valued at nearly $20 billion, a release from GE said.
The tax-free spinoff of “GE Vernova” is expected to take place by early 2024.
The genesis of Vernova
The new name “Vernova” is a combination of “ver,” derived from “verde” and “verdant” to signal the greens and blues of the Earth, and “nova,” from the Latin “novus,” or “new,” reflecting a new and innovative era of lower carbon energy that GE Vernova will help deliver. These attributes also are reflected in GE Vernova’s new “evergreen” brand color, the release pointed out.
Global footprint
With an installed base of more than 7,000 gas turbines and 400 GW of renewable energy equipment, GE Vernova’s Monogram will serve as a reminder of the company’s lasting commitments to deliver quality, partnership, and ingenuity to its customers. GE’s portfolio of energy businesses, which together with its customers provides one-third of the world’s electricity, is focused on accelerating the path to reliable, affordable, and sustainable energy.
Greater focus
By creating three separate companies, each will benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value, noted GE Chief Marketing Officer Linda Boff.
Listed entities in India
GE’s energy portfolio in India includes two listed companies – GE T&D India Ltd and GE Power India Ltd.