GE Vernova Saudi Initiatives Boost Energy Transition

GE Vernova Inc. (NYSE: GEV) today announced significant GE Vernova Saudi initiatives valued at up to $14.2 billion. These initiatives will deploy world-class energy equipment technology and services to support critical power generation and grid stability projects across Saudi Arabia. The announcement, made during President Donald Trump’s state visit and in the presence of HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister, underscores a deepening U.S.-Saudi relationship. These efforts aim to accelerate the Kingdom’s energy transition in line with Saudi Vision 2030 and its net-zero by 2060 goals.

The comprehensive agreements include up to $2 billion already in backlog or under reservation as of Q1 2025. Future contracts and memorandums of understanding (MOUs) are expected to span the next four years. Scott Strazik, CEO of GE Vernova, stated, “GE Vernova is proud to deploy world class technology to help deepen the longstanding relationship between the United States and the Kingdom of Saudi Arabia, advance energy security, and strengthen the economic prosperity and competitiveness of both nations.”

$14.2 Billion GE Vernova Saudi Initiatives Unveiled

The substantial $14.2 billion commitment through these GE Vernova Saudi initiatives signifies a major investment in the Kingdom’s energy future. This multi-faceted plan involves the supply of advanced U.S. technology and expertise. It aims to enhance Saudi Arabia’s power infrastructure significantly. The initiatives will focus on increasing power generation efficiency and ensuring grid stability. This is crucial as the Kingdom integrates more renewable energy sources. These efforts are designed to create a strong precedent for utilizing advanced energy equipment to unlock broader global solutions. The focus is on sustainable development and energy security for the Kingdom.

Key Partnerships Driving the GE Vernova Saudi Initiatives

Several key collaborations form the backbone of the GE Vernova Saudi initiatives, designed to propel the Kingdom’s energy sector forward. These partnerships involve major Saudi Arabian entities:

Saudi Electricity Company (SEC): GE Vernova will supply highly efficient heavy-duty gas turbines, built in Greenville, SC. The collaboration also includes synchronous condensers and balance of plant equipment to support grid stability. Additionally, capital parts, maintenance, and repair services will enhance power plant efficiency and reliability.
Principal Buyer: MOUs have been signed for the supply of advanced power generation equipment and services for future projects. These agreements also cover the commercialization of carbon capture technologies. Furthermore, they include training and investments in power sector manufacturing, repairs, and R&D activities.
ACWA Power: Frameworks are in place to explore opportunities for supplying high-efficiency gas turbines and electrification equipment. ACWA Power is a global leader in private water desalination and energy transition, and a first mover in green hydrogen. These collaborations under the GE Vernova Saudi initiatives aim to support upcoming projects in the Kingdom.
Aramco: GE Vernova and Aramco announced collaborations for maintenance services, repairs, and spare parts. This will support the reliable operations of various power plants across Saudi Arabia.

These comprehensive partnerships demonstrate a unified approach to achieving Saudi Arabia’s energy ambitions.

Supporting Saudi Vision 2030: A Core Goal of GE Vernova Saudi Initiatives

A central objective of the GE Vernova Saudi initiatives is to directly support the ambitious goals outlined in Saudi Vision 2030. This national transformation plan emphasizes economic diversification, sustainability, and technological advancement. By providing cutting-edge U.S. technology and expertise, GE Vernova is contributing to the Kingdom’s goal of becoming a global leader in efficient and sustainable energy. The initiatives also align with Saudi Arabia’s commitment to achieve net-zero emissions by 2060. [ Saudi Vision 2030 official site]

The focus on advanced gas turbines, grid stability solutions, and carbon capture technologies directly addresses the need for a balanced and reliable energy transition. This ensures that as renewable energy capacity grows, the overall power system remains robust and secure. The investment in local manufacturing, repairs, and R&D further supports the Vision’s aim of building local capabilities and creating high-value jobs.

GE Vernova’s Long-standing Commitment and Future Outlook in the Kingdom

GE Vernova has a significant and enduring presence in Saudi Arabia. With a power generation technology installed base exceeding 50 gigawatts and nearly 90 years of operations, the company plays a vital role in the Kingdom’s energy landscape. The GE Vernova Saudi initiatives build upon this strong foundation of partnership and mutual growth

The company’s commitment is further demonstrated by its GE Manufacturing and Technology Center (GEMTEC) Campus in Dammam. This facility includes a service and repairs center for gas turbines, a manufacturing facility for heavy-duty gas turbines, and a research and development cell. GE Vernova employs up to 850 people in Saudi Arabia, fostering local talent and contributing to economic development. These new initiatives reaffirm GE Vernova’s dedication to supporting Saudi Arabia’s journey towards a sustainable and prosperous energy future.

Conclusion: Powering a Sustainable Future Together

The newly announced $14.2 billion GE Vernova Saudi initiatives represent a landmark commitment to advancing Saudi Arabia’s energy transition. Through strategic collaborations and the deployment of leading U.S. technology, GE Vernova is set to play a pivotal role in helping the Kingdom achieve its Vision 2030 goals and secure a sustainable energy future.

Discover more about how GE Vernova is powering the future of energy in Saudi Arabia and around the world.