Seeking to optimize its power manufacturing strength as energy construction markets shift, and to boost its top and bottom lines against growing global competition, Boston-based GE is combining its fossil fuel, renewable energy and digital software units into one new company to be spun off in early 2024.
The spinoff, announced Nov. 9, will be made up of GE Power, GE Renewable Energy and GE Digital businesses. “This business possesses a unique offering, with some of the world’s most powerful wind turbines and most efficient gas turbines as well as technology to modernize and digitize the grid,” GE CEO Larry Culp said in announcing the split. He said the new company will be well positioned to be an energy transition leader.