Latest news with #Strazik
CNBC
3 days ago
- Business
- CNBC
Trump nuclear power orders could open small reactors in the U.S. by 2030, GE Vernova CEO says
President Donald Trump's executive orders on nuclear power could lead to the deployment of small modular reactors in the U.S. by late 2030, GE Vernova CEO Scott Strazik said Wednesday. Trump on Friday ordered the Nuclear Regulatory Commission to decide on applications to construct and operate new nuclear plants within 18 months. The order also calls for the NRC to "adopt shorter deadlines tailored to particular reactor types." The nuclear industry has long complained that the NRC's approval process takes too long. Trump's order could result in approvals to start building small modular reactors in the U.S. by 2027, Strazik told the research firm Bernstein in an interview. This would create a "credible shot" of adding these reactors to the U.S. nuclear fleet in late 2030 or 2031, the CEO said. Small modular reactors (SMRs) are plant designs that many in the industry view as the future of nuclear power. SMR developers including GE Vernova believe the reactors will one day lower the cost of building nuclear plants and speed up construction because they are smaller and assembled onsite with prefabricated parts. Large nuclear plants such as Plant Vogtle in Georgia have been plagued with multi-billion dollar cost overruns and lengthy construction delays. "It's just the beginning of what could very much become a very meaningful part of our business in the 2030s. We're very encouraged by this," Strazik said of Trump's executive order. GE Vernova received approval earlier this month to deploy its BWRX-300 reactor in Ontario, Canada. It will be the first SMR deployed in the West, according to the company. The Tennessee Valley Authority filed an application with the NRC earlier this month to build a GE Vernova reactor at Oak Ridge, Tenn. "We expect more customers to put in applications to construct new SMRs with our technology before the year is over," Strazik said. Customer interest in GE Vernova's SMR is "very high," with users increasingly willing to pay a premium for nuclear because it doesn't emit carbon dioxide, the CEO said. GE Vernova's core business is manufacturing and servicing natural gas-powered turbines, which is seeing high demand as electricity consumption grows in the U.S. The company's stock has soared nearly 48% this year.
Yahoo
18-04-2025
- Business
- Yahoo
GE Vernova's CEO on thriving through tariffs and supply chain shifts
Amid tariff whiplash and the rejuggling of global trade, GE Vernova's CEO Scott Strazik is finding a way to stay 'relentlessly optimistic.' Strazik returns to the Rapid Response podcast to share how the company plans to continue its success as one of Wall Street's top-performing stocks, despite looming supply chain disruption and market unpredictability. Zillow turns full-blown housing market bear—just look at its new forecast Apple canceled 'Mythic Quest.' Then it did something unheard of in the world of streaming TV What's behind the rise in interim CEOs This is an abridged transcript of an interview from Rapid Response, hosted by the former editor-in-chief of Fast Company Bob Safian. From the team behind the Masters of Scale podcast, Rapid Response features candid conversations with today's top business leaders navigating real-time challenges. Subscribe to Rapid Response wherever you get your podcasts to ensure you never miss an episode. This embedded content is not available in your region. GE Vernova is now one year into life as an independent public company, much to celebrate—your revenue rose to $35 billion. In 2024, GE Vernova was the year's fourth best performing stock. Again, a lot to celebrate. But in 2025, the external environment hasn't been as friendly. The Trump tariffs have everyone scrambling. How do you think about this moment? How do you think about it compared to a year ago at this time? Well, our end markets really haven't changed very much, Bob. I would start there. I mean, we continue to see very strong end markets in our larger core businesses and gas power, in our electrification and grid businesses. So, frankly, there's going to be moments of dislocation between the stock market and our end markets. It doesn't mean that depending on where the tariffs go, that doesn't create an opportunity for us to prove out our nimbleness and managing our global supply chain, and we're going to have to do that. But I think it's frankly an opportunity for us to demonstrate how much we've grown in our first year as a public company to be able to operate in this kind of environment. How do the tariffs practically impact your business? I mean, you're a global business, so changes in global relationships and reputation, all of that requires some adjustment. Yeah, I think even if you take a step back and think about some of the stuff I've talked to our investors about on where we want to make investments, we want to invest in our business where we can improve the durability or the resiliency of our supply chain, and that's simply because we have a lot of organic growth that's coming in our businesses, irrespective of any policy changes. Now, policies are going to change, they're going to evolve. This is going to force us to relook at where we source certain things. It'll force us to revisit our terms with some of our suppliers in different locations, but we know how to do that. So, we don't want to be too fast to respond as we're kind of trying to make sense of everything. But I'd also rather be a company that is quick on its feet. In this environment, President Trump announced the tariffs on a Wednesday afternoon after the market closed. Rest assured by Friday afternoon, our teams were actively working evaluation plans of what our alternatives are. Now, it doesn't mean within 40 hours you pull the trigger in a dynamic period of time. So, we're working it pretty hard right now to figure out what our alternatives are, and with a growing backlog, to the extent our backlog is growing so substantially, that also puts us in a privileged position with our supply base to come and say, 'Listen, this is what it's going to take to keep serving GE Vernova.' It's almost like there's been a pullback around the very idea of globalization that maybe it's not good to be a global organization. Do you think about that? Well, when I think about my first four months of the year. I mean, my first trip of the year was to Singapore and Japan, the first week of January. I had a great trip in the Middle East in February visiting Saudi, Qatar, Dubai, Abu Dhabi. These are all important markets for us. I think we've got opportunities to serve these markets throughout, and we're going to work really hard to earn those opportunities. At the same time, long before announcements with tariffs, the reality is there has been an evolving shift with globalization. There's certainly been a lot of strategic moves towards concepts of decoupling from the Chinese supply chain explicitly. So, we've been working that over a long period of time. Now, the last week certainly has been broader than any one country, and with it, it forces you to really revisit it in an even more intimate way, what you do and where you do it, but we can do that. We're capable of taking that on, and I'm highly confident we can use this moment to make ourselves a better company for the long term. You have announced investing $600 million in U.S. factories yourself creating over 1,500 jobs. Yes. How much does GE Vernova need to be an American company? I would say more we need to be a local company for our local markets. I think in your bigger markets, you're going to have a local supply chain to serve that market, local teams to serve that market. We're a global company where, at this moment, one of our most important local markets certainly is the U.S., and that's why we're investing into that market. But we're not going to not invest in some of these other countries that are attractive and markets too to be local there. There's been some speculation that the speed with which U.S. manufacturing can ramp up to replace things that might have come from abroad, that that's going to take a while and there's going to be disruption. Is that something for your business that you see that you worry about, or is that part of the nimbleness, I guess, that you're talking about on the part of your team? We do have a fair amount of industrial footprint in the U.S. that allows us to build on existing assets. So, the $600 million investment is reinvesting in existing assets, 1,500 jobs to locations that already have the concrete poured. They already have the cranes. They already have the logistics with the railroad adjacent to the factory. So, we can move reasonably quickly. Now, to the extent the policy environment drives us towards greenfield investments to reindustrialize parts of our supply chain, that would take longer, truth be told. And that's a multiyear journey that, at this point, we aren't necessarily evaluating, but we will keep looking in that regard. But first and foremost, we're going to keep trying to eliminate waste in our existing processes and build upon the assets we have, and we feel like that can carry us for a period of time. Now, where we don't have it, as an example, we announced and closed an acquisition of a supply chain footprint from Woodward. That was a vertical supply chain integration of a small part of Woodward's business, but for our gas business, an important part of our supply chain where we thought it made more sense to just have that internal. How much do you tune your long-term decision-making when there's noise and change and pressure in the near term? We need to scrutinize how long the status quo is, for sure. And that can be hard to do in a volatile moment that we're in. But if nothing else, it gives us a chance to really challenge ourselves on what we have been doing, whether there's a different way to do it. And that's the way we talk about it internally is: 'This is an opportunity for us to really revisit past assumptions and think about how we can be better.' Now, in some cases, we may gain conviction with exactly the play we've been running. In others, there may be a better alternative. I mean, do you have, sort of, I don't know, leadership principles or lessons that you use as a touchstone when things do get volatile? Well, we're not going to suck our thumbs and cry on our beer as things kind of change. We want to use change as an opportunity to improve. In that regard, this moment when we're just reaching our one-year anniversary as a public company is a moment when I feel pretty confident we've got our feet on the ground, and we can play into this and use this moment of change to play offense on not just how we want 2025 to go, because we won't change 2025 in any material way certainly from a supply chain strategy, but we can use 2025 to challenge ourselves for the next decade, and that's very much what we're doing. This post originally appeared at to get the Fast Company newsletter:
Boston Globe
04-04-2025
- Business
- Boston Globe
GE Vernova commits $50 million to MIT as energy company celebrates its first year
The MIT partnership coincided with the launch of GE Vernova's first brand campaign, dubbed 'The Energy of Change,' aimed in part at building awareness of the company — one of the country's biggest energy businesses, on track for up to $37 billion in revenue this year — and attracting talented young professionals who might otherwise be considering roles at big tech firms and other blue-chip companies. Advertisement Unlike GE's tenure in Boston, which ultimately ended in the company breaking apart, GE Vernova's emergence in Cambridge is paying off so far, Strazik said in an interview . (The headquarters itself is relatively modest, with about 100 of the 75,000-person global workforce based there.) GE Vernova essentially doubled its cash balance in the past year, to $8 billion. And the company has minimal debt — unlike its former parent. That gives GE Vernova more leeway to invest in acquisitions and university partnerships. Advertisement 'It's what gives us the opportunity now to make the announcement ... with MIT, to invest into an alliance with them,' Strazik said. 'This is really foundational, and yes, it's helpful that we share the same neighborhood, but it's more than that. There's shared values here, and, I would say, practical ambition that we're incredibly motivated to work with them on.' Strazik reached out to MIT chief strategy officer Anantha Chandrakasan in 2023 to start figuring out ways to better connect GE Vernova with the university, its professors, and its students. The $50 million alliance is an outgrowth of those discussions. MIT has other partnerships with big companies, such as IBM and Takeda, but this one with GE Vernova is one of the largest in terms of the funding levels, he said. 'A great amount of innovation happens in academia. We have a longer view into the future,' Chandraksan said of the GE Vernova partnership. '[While] they have the ability to get products out quickly to scale up, to manufacture, we have the ability to think past the short-term. ... It's super smart of them to surround themselves with this incredible talent in academia. That will allow us to make the kind of breakthroughs that will keep US competitiveness at its peak.' Advertisement Jon Chesto can be reached at
Trade Arabia
25-02-2025
- Business
- Trade Arabia
GE Vernova event draws over 200 Saudi industry experts
GE Vernova recently hosted a forum bringing together over 200 senior leaders from across Saudi Arabia's energy sector to promote crucial collaboration in support of Saudi Vision 2030 and the Kingdom's goals to reach net zero by 2060. GE Vernova (formerly GE Power and GE Renewable Energy), is an energy equipment manufacturing and services company headquartered in Cambridge, Massachusetts. The event was held under the patronage of the Ministry of Energy at the King Abdullah Petroleum Studies and Research Center (KAPSARC), Riyadh. During the event, Scott Strazik, CEO of GE Vernova, joined over 200 distinguished senior leaders from the public, private, and non-profit sectors across the energy ecosystem to exchange ideas, share solutions, and present best practices to further strengthen Saudi Arabia's energy ecosystem in support of Saudi Vision 2030. Additionally, GE Vernova's annual Global Supplier Partnership Summit, was hosted with more than 300 GE Vernova supplier organizations in attendance. The event's aim was to deepen the energy sector supply chain, drive national industrialization and economic diversification goals, and foster foreign investments to create greater shared value in the power sector, it stated. Members of GE Vernova's executive leadership team also met in Riyadh, prioritizing bringing the executive leadership team to the kingdom within the first year of GE Vernova's spin-off as an independent company trading on the New York Stock Exchange. They highlighted the 90-year strategic relationship between the Kingdom and the company, which has been marked by deep and continued cooperation on energy innovation. "With a clear roadmap for Vision 2030 and beyond, Saudi Arabia is well placed to lead a new era of energy, and GE Vernova is honored to play a significant role in these efforts," remarked Strazik. "We are applying technologies, skills, and knowledge from around the world to the Kingdom – including in our work at the GE Manufacturing and Technology Center campus and the Khobar Integration Facility," he noted.
