Ambitious Plans to Deliver Up to Four Gigawatts of Energy for AI-Driven Growth

NEW YORK & HOUSTON (January 28, 2025) – Engine No. 1 and Chevron U.S.A. Inc. (NYSE: CVX) have joined forces to establish a new venture aimed at providing scalable and dependable energy solutions for U.S.-based data centers powered by domestic natural gas. Early strategic moves by the Trump Administration are laying the groundwork to harness America’s energy wealth, reinforcing the nation’s leadership in artificial intelligence (AI). Partnering with GE Vernova (NYSE: GEV), the initiative plans to launch the first multi-gigawatt co-located power plant and data center during President Trump’s second term.

Innovative “Power Foundries” to Drive AI Expansion

The first projects—termed “power foundries”—will deploy seven domestically manufactured GE Vernova 7HA natural gas turbines under a secured slot reservation agreement, accelerating their implementation. These projects are set to supply co-located data centers across the U.S. Southeast, Midwest, and West. By bypassing the existing transmission grid in initial phases, this approach aims to mitigate risks of increased electricity costs for consumers.

Meeting the Surging Demand for Reliable Power

This initiative directly addresses the need for cost-effective and stable energy to support the massive electricity demands of AI-driven data centers. The joint development aims to supply up to four gigawatts (GW) of energy—enough to power approximately 3 to 3.5 million homes—with initial operations targeted by the end of 2027. There is also potential for expansion beyond this capacity. The infrastructure will be designed with adaptability in mind, allowing for the integration of lower-carbon technologies, including carbon capture and storage (CCS). This system has the potential to capture over 90% of the CO₂ emissions from the turbines while incorporating renewable energy sources.

Leadership Perspectives on the Partnership

Chris James, founder and chief investment officer of Engine No. 1, stated: “Energy is fundamental to maintaining America’s dominance in AI. By leveraging abundant domestic natural gas to generate electricity directly linked to data centers, we can secure AI leadership, drive economic growth, and reaffirm America’s status as an industrial powerhouse. Our partnership with Chevron and GE Vernova is a crucial step toward overcoming major energy challenges.”

Mike Wirth, CEO and chairman of Chevron Corporation, added: “We are honored to contribute to President Trump’s vision of a new era of American prosperity, fueled by our vast energy reserves and an exceptional workforce. His commitment to energy security and AI dominance reassures our investment in projects that will generate jobs and enhance national security.”

Scott Strazik, CEO of GE Vernova, emphasized: “We are excited to support data center growth in the U.S. by delivering essential power solutions through innovative technologies. As a leading American energy manufacturer, GE Vernova is uniquely positioned to make this large-scale effort a reality.”

Future Impact on the Energy Landscape

The rapid expansion of digital technologies—such as cloud computing, AI solutions, and rising data consumption—demands efficient and scalable energy solutions. Over time, this model is designed to supply surplus electricity to the U.S. grid through future interconnects, supporting broader energy requirements while maintaining cost efficiency.

Beyond delivering affordable and dependable power to a rapidly expanding sector, this collaboration is expected to generate thousands of jobs and contribute to the U.S.’s industrial resurgence.

About the Partners

Engine No. 1 – An investment firm focused on building and funding companies that contribute to the U.S. reindustrialization.

Chevron – One of the world’s foremost integrated energy companies, dedicated to producing affordable, reliable, and progressively cleaner energy. The company is engaged in oil and gas production, refining, and the development of low-carbon solutions like CCS, renewable fuels, and hydrogen technologies.

GE Vernova – A purpose-driven global energy company specializing in Power, Wind, and Electrification. With over 130 years of experience, GE Vernova plays a pivotal role in global energy transition by advancing electrification and decarbonization efforts. Headquartered in Cambridge, Massachusetts, with around 75,000 employees in over 100 countries, it continues to deliver sustainable and secure energy solutions. More information is available at: [www.gevernova.com](http://www.gevernova.com).

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