General Electric (GE), which has restructured its operations in recent years and in July announced its energy and other businesses would have new brand names, on Dec. 15 said its energy group would be headquartered in Massachusetts.
GE Vernova, the company’s portfolio of energy divisions, will have its main office in Cambridge, just a few miles from GE’s corporate headquarters in Boston, which has served as the company’s main base since 2016. GE Vernova expects to become an independent company in early 2024.
“We are thrilled to call Cambridge home as we build plans for the future of GE Vernova,” said Scott Strazik, CEO of GE Vernova. “As we plan for our next chapter, Cambridge offers a dynamic environment, steeped in the education, talent, and innovation that will be core components of our work alongside customers to decarbonize power generation and lead the energy transition. We are excited to be continuing GE’s presence in the Greater Boston area, and we look forward to being an active and involved member of the community.”
The energy giant’s plan is for GE Vernova in 2024 to become a tax-free investment-grade spin-off from GE. GE on Thursday said the offices at 58 Charles Street in Cambridge would house as many as 200 workers.
The company said GE Vernova would “continue to have a strong U.S. presence in existing locations, including Schenectady, N.Y., Atlanta, Ga., and Greenville, S.C., which are epicenters of manufacturing and business activities for GE Vernova’s businesses.”
GE Vernova will include GE’s Renewable Energy, Power, Digital, and Energy Financial Services divisions. Other groups in the new GE branding include GE Aerospace, which will be GE’s aviation business. The healthcare business will operate under the GE HealthCare banner.
—Darrell Proctor is a senior associate editor for POWER (@POWERmagazine).