GE Vernova announces its first 100 percent hydrogen-fueled aeroderivative gas turbine solution

Baku, Azerbaijan (November 20, 2024) - On the sidelines of COP 29, GE Vernova Inc. (NYSE: GEV) announced today that the LM6000* gas turbine, included in the GE Vernova LM6000VELOX* packaged solution is planned to operate on 100 percent hydrogen at the Whyalla hydrogen power plant in the Upper Spencer Gulf, South Australia. GE Vernova announced it has secured an order with ATCO Australia in respect of the project in which it is participating with BOC, a Linde company, for four LM6000VELOX units with commissioning expected in early 2026. It is projected to mark the first time a GE Vernova power plant project, at commercial scale, is powered by aeroderivative gas turbine combustion technology capable of operating on 100 percent hydrogen.

GE Vernova's first-of-its-kind aeroderivative gas turbine solution is capable to be powered by renewable hydrogen generated at the Whyalla complex helping to produce zero CO₂ at the gas turbine exhaust during operation when fueled with 100% renewable hydrogen**. The site will include one of the world's largest hydrogen production and storage plants. When completed, the Whyalla hydrogen facility will utilize South Australia's surplus renewable energy, generated by large-scale wind and solar farms, to produce renewable hydrogen that will be stored and used to power the four LM6000VELOX units.

"GE Vernova has been investing over the years in R&D to advance the capabilities of its combustion systems to burn higher blends of hydrogen. We are proud to unveil our first 100 percent hydrogen-ready aeroderivative gas turbine solution to support our customers' decarbonization goals while maintaining grid reliability, which requires the deploying of renewable and conventional power technology in tandem," said Eric Gray, CEO of GE Vernova's Gas Power business. "The South Australian Government, through our project partner ATCO Australia, selected GE Vernova as the preferred equipment supplier for its Hydrogen Jobs Plan, and we are honored to work with ATCO Australia and BOC in this first-of-its-kind project, which is a major step in support of South Australia's renewable energy future."

Whyalla hydrogen power plant aims to be a new source of flexible power, providing additional grid stability for homes and businesses around the state by utilizing excess renewable energy generated from large-scale wind and solar farms to provide a consistent output of supply. The power plant is expected to deliver a combined capacity of up to 200 megawatts (MW) and tohelp meet electricity demand while ensuring stability of electricity supply in South Australia's electricity grid during periods when renewable energy sources are not available or are not meeting full demand.

The announcement was made during a signing ceremony at COP 29 attended by Ramesh Singaram, President and CEO of Asia, Gas Power, GE Vernova together with The Hon Peter Malinauskas, Premier of South Australia and John Ivulich, CEO and Country Chair, ATCO Australia.

"GE Vernova is one of the most recognizable brands in the world and has a proven reputation as a supplier of power infrastructure," said the Premier of South Australia Peter Malinauskas. "More importantly, GE Vernova is capable of producing turbines that can operate at 100 percent capacity on hydrogen. This means we can harness South Australia's incredible renewable resources and put it to productive use, helping develop a more sustainable electricity supply across our State."

"With more than 70 percent of energy generated from renewable resources, South Australia is set to become a global leader in producing and utilizing renewable hydrogen and we are delighted to be part of this project that can unlock decarbonization opportunities," said John Ivulich, CEO and Country Chair, ATCO Australia. "By deploying GE Vernova's first-of-its-kind aeroderivative solution, able to operate on 100 percent hydrogen, we will support South Australia's continued energy transition and decarbonization journey, in alignment with the State's goals outlined in the Government's Hydrogen Jobs Plan."

GE Vernova is a world leader in gas turbine fuel flexibility, including over 120 gas turbines that have the capacity to operate or currently are operating on fuels that contain hydrogen, producing more than 530 Terawatt-hours of electricity over 8.5 million hours. GE Vernova's technology portfolio includes integration capabilities of several systems including renewable power (e.g., wind and solar), energy storage, grid systems to transmit and control electricity, as well as power conversion systems to provide electricity that match the electrolyzer requirements.

Financial Editors: Please note this order was booked in the third quarter of 2024.

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Notes to editors

*Trademark of GE Vernova and/or its affiliates

**The exhaust is net-zero with respect to CO2; the only CO2 present is from ambient air.

Forward Looking Statements:

This document contains forward-looking statements - that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova's expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," or "range." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company's business operations, financial results and financial position and on the global supply chain and world economy.

About ATCO Australia and Canadian Utilities
Canadian Utilities Limited and its subsidiary and affiliate companies - including ATCO Australia - have approximately 8,000 employees and assets of $23 billion. Canadian Utilities, an ATCO company, is a diversified global energy infrastructure corporation delivering essential services and innovative business solutions in Utilities (electricity and natural gas transmission and distribution, and international operations); Energy Infrastructure (energy storage, energy generation, industrial water solutions, and clean fuels); and Retail Energy (electricity and natural gas retail sales, and whole-home solutions). More information can be found at www.canadianutilities.com.

About GE Vernova:

GE Vernova (NYSE: GEV) is purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world's challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 75,000 employees across 100+ countries around the world. Supported by the Company's purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. GE Vernova's Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future. It is a global leader in gas turbines and gas power plant technologies and services with the industry's largest installed base of approximately 7,000 gas turbines.

GE Vernova's mission is embedded in its name - it retains its legacy, "GE," as an enduring and hard-earned badge of quality and ingenuity. "Ver" / "verde" signal Earth's verdant and lush ecosystems. "Nova," from the Latin "novus," nods to a new, innovative era of lower carbon energy. Learn more: GE Vernova and LinkedIn.

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