GE Vernova (GEV, Financial), the GE's spun-off power company, has obtained an order from Dominion Energy South Carolina to modernize two hydropower units at the Dominion Hydropower Plant in South Carolina.
As a renewable-power company, GE Vernova has the technology and ability to do the job well. Hydroelectric power or hydropower plant generates electricity from the power of flowing water and modernizing the hydropower will extend the lifespan. GEV will improve the water quality which benefits aquatic life and the environment while generating power at the same time.
Furthermore, GE Vernova has embarked on deploying in Small Modular Reactors (SMRs) of its BWRX-300 model. SMR is more economical and can be constructed faster than to build traditional nuclear plants. It will become an attractive carbon-free power option for customers at cheaper price. GE Vernova's target is to have over $2 billion annually from its SMR business by middle of the 2030s.
The company plans to go international by deploying up to 57 small reactors with targeting markets in the U.S., Canada, the UK, and Europe before 2035.
Investors see GE Vernova as a fresh newcomer after entirely separated from General Electric in April 2024 and was immediately listed on New York Stock Exchange. GE Vernova is oriented in enhancing the efficiency of utilizing renewable energy resources.
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