• New facility in Hai Phong to produce large power transformers, mainly for HVDC transmission projects
• Investment strengthens manufacturing footprint to meet increasing regional and global demand
• Project expected to generate around 450 jobs and support workforce development in Vietnam

Hai Phong, Vietnam | March 10, 2026 – GE Vernova (NYSE: GEV) announced an investment of approximately $200 million to expand its Electrification segment by building a new manufacturing facility in Hai Phong, Vietnam. The Electrification business delivers technologies that support power transmission, grid reliability, and large-scale electrification initiatives worldwide.

This investment is part of GE Vernova’s broader plan to allocate $11 billion in capital expenditures and research and development between 2025 and 2028, including $1 billion dedicated to Prolec GE from 2026 to 2028. It follows the company’s recent $5.3 billion acquisition of Prolec GE aimed at boosting transformer production in North America, along with over $300 million invested in U.S. grid facilities and the expansion of its Stafford, UK site to enhance HVDC and grid manufacturing capabilities in Europe.

The new Hai Phong facility will focus on producing large power transformers primarily for High-Voltage Direct Current (HVDC) projects, complementing existing manufacturing sites in Stafford, UK, and India. These solutions are essential for transmitting electricity efficiently over long distances and ensuring that power systems can handle growing demand safely and reliably.

“Global electrification is accelerating, and strong power infrastructure is becoming increasingly critical for economic development and energy security,” said Philippe Piron, CEO of GE Vernova’s Electrification segment. “This investment increases our capacity in a region with rapidly growing demand while strengthening a diversified supply chain that can support customers across Asia and beyond. It also highlights our long-term commitment to Vietnam’s industrial growth.”

The Hai Phong site will be developed in phases, with full operations expected by 2028, pending regulatory approvals. Once operational, it will contribute to GE Vernova’s overall transformer production capacity, with a primary focus on serving the fast-growing Asian market.

Electricity demand is expanding particularly quickly in rapidly industrializing and urbanizing regions, where infrastructure upgrades and grid expansion are progressing at a fast pace. Establishing manufacturing capacity in this region will help improve delivery timelines, enhance supply chain resilience, and support reliable project execution.

The project is expected to create approximately 450 jobs by 2030, with a strong focus on local hiring. GE Vernova also plans to introduce workforce training and knowledge transfer programs in Vietnam, helping develop local expertise while integrating the Hai Phong facility into its global Electrification manufacturing network.

GE Vernova’s equipment already supports up to 30% of Vietnam’s electricity supply, reflecting the company’s long-standing presence in the country. Currently, GE Vernova employs more than 1,100 people across nine locations in Vietnam. In addition to the new Hai Phong facility, the company operates the Phu My repair center and the Dung Quat HRSG manufacturing plant, both part of its global service and production network.

Forward-Looking Statements

This document includes forward-looking statements, meaning statements related to future events that involve varying levels of uncertainty. These statements address GE Vernova’s expected business performance, financial condition, product capabilities, and the potential impact of its services. They often include terms such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “will,” “estimate,” “forecast,” or similar expressions. Such statements are subject to risks and uncertainties, including those related to planned investments, market conditions, macroeconomic factors, and global supply chain dynamics, which may affect actual outcomes.

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a global energy company focused on Power, Wind, and Electrification, supported by its accelerator businesses. With over 130 years of experience, the company is positioned to play a key role in the energy transition by advancing electrification while reducing carbon emissions.

Headquartered in Cambridge, Massachusetts, GE Vernova employs approximately 85,000 people across around 100 countries. Guided by its mission, The Energy to Change the World, the company develops technologies that help deliver a more reliable, sustainable, and affordable energy future.

GE Vernova’s Grid Solutions business provides advanced technologies for power transmission and distribution, supporting grid modernization and enabling a secure, decarbonized energy system.

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