GE Vernova is aiming to deploy small nuclear reactors across the developed world over the next decade, staking out a leadership position in a budding technology that could play a central role in meeting surging electricity demand and reducing carbon dioxide emissions.
GE Vernova is the spinoff of General Electric's former energy business.
The U.S. government wants to triple nuclear power by 2050 to shore up an electric grid that is under growing pressure from surging power demand.
GE Vernova is targeting more than $2 billion in annual revenue from its small reactor business by the mid-2030s.
GE Vernova won the first commercial contract in North America to deploy a small modular reactor for Ontario Power in January 2023.
Persons:
Nicole Holmes, Holmes, Kenneth Parks, GE Vernova
Organizations:
GE, GE Hitachi, GE Vernova, New York Stock Exchange, CNBC, GE Vernova's SMR, U.S, Bank of America, America, Ontario Power, Tennessee Valley Authority, Energy, Toronto . Ontario Power
Locations:
Cambridge, U.S, Canada, United Kingdom, Europe, Poland, North America, Darlington, Lake Ontario, Toronto