Welcome to our dedicated page for GE Aerospace news (Ticker: GE), a resource for investors and traders seeking the latest updates and insights on GE Aerospace stock.
GE Aerospace, a segment of General Electric Company (NYSE: GE), is a global leader in the design, manufacture, and service of aircraft engines. Founded in 1892 and headquartered in Boston, GE has a rich history tied to American inventor Thomas Edison. While GE operates in multiple industries including power, renewable energy, digital industry, and additive manufacturing, GE Aerospace remains its core business.
With nearly 70,000 commercial and military engines installed worldwide, GE Aerospace generates significant revenue from the recurring service and maintenance of these engines. The company's partnership with Safran in their CFM joint venture further solidifies its leadership in aerospace propulsion.
Recent achievements for GE Aerospace include significant deals and technological advancements. Notably, GE Aerospace retained its portfolio of intellectual property related to aerospace and defense technologies after a definitive agreement with Dolby Laboratories to acquire GE Licensing. This acquisition, valued at $429 million and expected to close by the end of fiscal year 2024, highlights GE Aerospace's focus on its core aerospace and defense markets.
In another major development, GE Vernova's Onshore Wind business, a part of GE's power and renewable energy segment, announced a landmark deal with Pattern Energy. This deal involves the supply of 674 wind turbines for the SunZia Wind project, set to be the largest wind project in the Western Hemisphere. This project is a testament to GE's commitment to renewable energy and showcases its ability to deliver large-scale, high-efficiency projects.
Moreover, GE Aerospace continues to innovate with products like the 3.6-154 wind turbine, which incorporates advanced AI-trained blade manufacturing processes. This turbine is built to meet U.S. market needs and is part of GE's strategy to drive quality and reliability across its fleet.
Financially, GE Aerospace is robust, leveraging its longstanding expertise and extensive global network to maintain a strong market position. The company's continuous investments in technology, such as the new manufacturing assembly line for its Onshore Wind business in Schenectady, New York, reflect its commitment to enhancing American manufacturing and supporting climate change goals.
GE Aerospace's mission to define the future of flight and bring innovative solutions to the aerospace and defense sectors is backed by its substantial workforce of 52,000 employees globally. The company's operations aim to provide affordable, reliable, sustainable, and secure energy solutions, reinforcing its leadership in the industry.
The European Commission's LIFE program has awarded GE Renewable Energy €3 million to develop a 245 kV g³ gas-insulated substation. This initiative, aimed at reducing greenhouse gas emissions, is part of GE's commitment to deliver SF₆-free technology, compliant with stricter EU regulations targeting a two-thirds reduction in F-gas emissions by 2030. Over 30 electrical utilities are adopting GE's g³ products, contributing to a potential decrease of over one million tons of CO₂ equivalent emissions annually. The new substation will support urban and offshore projects, enhancing the electric grid's sustainability.
Hyliion Holdings Corp (NYSE: HYLN) announced its acquisition of the KARNO hydrogen and fuel agnostic generator from GE Additive for approximately $37 million, comprising $15 million in cash and $22 million in stock. The KARNO generator is poised to enhance efficiency by over 20% compared to conventional generators and can operate on more than 20 fuels, including hydrogen. Expected to meet stringent emissions standards, this technology will be integrated into Hyliion's Hypertruck powertrain platform, advancing its mission in clean energy solutions for Class 8 trucks.
GE Renewable Energy's Grid Solutions business will unveil new technologies at CIGRE Session 2022, focusing on grid modernization, decarbonization, digitization, and electrification. The highlight includes the world's first SF6-free g3 circuit-breaker for 420 kV gas-insulated substations. GE emphasizes its commitment to advanced hardware and digital solutions to create efficient, resilient, and sustainable grids. Chief Technology Officer Vera Silva stated the global energy sector is undergoing a transformation, prompting innovative approaches to meet new challenges.
GE Digital announced that Ignitis Gamyba, Lithuania's largest power producer, will implement its OPM Production Planning solution. This software aims to minimize uncertainty, enhance power generation reliability, and reduce operational costs. By automating data transmission, the solution is expected to improve forecasting accuracy and planning efficiency. Ignitis Gamyba seeks to maximize electricity sales and reduce imbalances while ensuring stable power supply. CEO Rimgaudas Kalvaitis highlighted the software's potential to optimize production capacity and enhance shareholder benefits.
On August 9, 2022, GE Healthcare announced the launch of the Edison Accelerator in Canada, collaborating with Nex Cubed. This program supports six innovative digital health start-ups from five countries focused on leveraging AI to enhance medical imaging and healthcare delivery. The selected companies aim to address critical healthcare challenges and improve care efficiency. Over the next three months, these start-ups will integrate their solutions into the Edison Digital Health Platform, ultimately participating in an Innovation Showcase to connect with potential investors and partners.
GE Healthcare has launched the Definium 656 HD, its most advanced fixed X-ray system. This system aims to enhance workflow efficiency for radiology departments by reducing physical workload and improving imaging consistency. Key features include 5-axis motorization, auto-positioning, and AI-driven image processing to minimize errors. X-ray imaging, which accounts for 60% of all imaging studies, faces challenges such as high ‘repeat and reject’ rates. The Definium 656 HD is designed to address these issues and enhance patient care through improved technology.
On July 28, 2022, at the Reagan Library, GE and the Ronald Reagan Presidential Foundation celebrated the recipients of the GE-Reagan Foundation Scholarship Program. Ten high school graduates were awarded scholarships worth $40,000, totaling $8.2 million distributed over 12 years to 205 students from 41 states. The scholarship recognizes students for their leadership, drive, integrity, and citizenship. Notable attendees emphasized the inspiring qualities of this year's class, anticipating their future contributions in college and beyond.
GE Healthcare has launched the Voluson Expert 22, an advanced ultrasound system designed for Women’s Health. This system features next-gen graphic-based beam former technology, AI tools, and customizable settings for improved imaging quality and user experience. Its Lyric Architecture enhances resolution and image processing, enabling detailed scans across diverse patient anatomies. Experts praise its design and AI-driven capabilities, which streamline workflow and improve diagnostic accuracy, addressing the increasing complexity of pregnancies and clinician needs.
Current has appointed Jason Scott Fokens as VP and General Counsel, bringing over 25 years of legal and intellectual property experience. Previously at GOJO Industries, Fokens has expertise in corporate legal affairs, including mergers and acquisitions. Manish Bhandari, President and CEO, highlighted Fokens' skills in managing legal issues and developing global intellectual property portfolios as vital for Current's growth. Fokens holds a Chemical Engineering degree and a Juris Doctorate from Michigan State University.
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