GE Vernova (GEV) Invests $41M in Schenectady Facility Expansion

GE Vernova Inc. (NYSE:GEV) is one of the must-buy US stocks to invest in. On August 19, the company said it is investing at least $41 million in its Center of Excellence for steam and generator assembly and testing in downtown Schenectady, New York. The investment is intended to expand the company’s generator capacity to meet increased global customer demand for electricity. The funding will be used to renovate existing space, purchase and install new machinery and equipment, and provide employee training. This will allow for enhancements in the manufacturing of the company’s H65 and H84 generators.

The project is expected to create 50 new, high-tech jobs at the Schenectady facility. Many of these jobs are planned to be union labor. Empire State Development is supporting the expansion with up to $1 million in performance-based Excelsior Jobs Program tax credits.

This move is part of a series of recent investments by GE Vernova in the Schenectady area. Since 2023, the company has announced more than $130 million in site improvements and expansions in the region, which are expected to create over 300 new jobs in total.

GE Vernova Inc. (NYSE:GEV) is an energy technology company. It operates across power generation, wind energy, and electrification. The company offers a range of products, including gas turbines, wind turbines, grid solutions, and energy storage systems.

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Disclosure: None. This article is originally published at Insider Monkey.