GE Aerospace - GE STOCK NEWS

GE Aerospace has entered a four-year Global Performance-Based Logistics agreement with Lockheed Martin to maintain and overhaul avionics and electrical power systems on the F-35 Lightning II globally. This initiative aims to enhance the reliability and readiness of the expanding F-35 fleet while making operations more affordable. Under this agreement, GE will provide services from multiple locations across California, Georgia, Utah, and various sites in Michigan, New York, and the United Kingdom. GE Aerospace has been a key player in supporting F-35 systems, including the electrical power management and aircraft memory systems.

GE Aerospace has entered a three-year agreement with AJW Group to provide support for avionics and electrical power systems on B777, B737, and A320/30/40 aircraft. This collaboration aims to address the increasing demands from MRO customers and will be effective this year across Europe, the Middle East, and Africa (EMEA). GE's selection was based on their superior turnaround time and repair capability. Key systems included in the deal are Electrical Load Management Systems, Flight Management Systems, and Data Control Display Units. The service will be conducted at GE's facility in Cheltenham, UK.

GE Renewable Energy’s Grid Solutions unit has secured HVDC contracts valued at approximately 10 billion euros as part of a consortium with Sembcorp Marine and McDermott. These projects are part of TenneT's 2GW Program aimed at connecting 40 GW of offshore wind farms in the North Sea. The initiatives will enhance Europe's energy security and contribute to achieving climate neutrality by 2050. The agreements are based on a five-year framework with potential extensions, highlighting GE’s advanced Voltage-Sourced Converter technology. This marks a significant milestone in the development of renewable energy infrastructure in Europe.

GE and Svante have announced a joint development agreement to innovate solid sorbent technologies for carbon capture in natural gas power generation. This collaboration supports GE's investment in Svante's $318 million Series E fundraising round, completed in December 2022. GE’s goal is to lead the energy transition, aiming to provide sustainable and reliable electricity, leveraging its extensive experience in the energy sector. Svante's advanced filters can capture CO2 from various industrial processes and are applicable to 85% of the carbon capture market. This partnership is expected to enhance the decarbonization efforts of natural gas-fired turbines.

GE announced the addition of two new directors to its Board: Darren McDew, retired General from the U.S. Air Force, and Jessica Uhl, former CFO of Shell plc. McDew brings 36 years of military leadership experience, while Uhl has over 20 years in the energy sector. They will enhance GE’s expertise in aerospace and energy as the company prepares to launch GE Aerospace and GE Vernova as independent entities. Retiring directors Francisco D’Souza and Leslie Seidman completed 10 and 5 years, respectively. Their departure marks a significant transition as GE strengthens its financial and operational foundations.

Air India has finalized a significant order with GE Aerospace, comprising 40 GEnx-1B and 20 GE9X engines, alongside a multi-year TrueChoice™ engine services agreement. This deal aligns with Air India's purchase of 20 Boeing 787 and 10 Boeing 777X aircraft. Additionally, Air India placed a record order for over 800 LEAP engines, marking the largest LEAP order for its 210 Airbus A320/A321neo and 190 Boeing 737 MAX aircraft. GE claims these engines are more fuel-efficient and eco-friendly, supporting Air India's Vihaan.AI transformation plan aimed at expanding its fleet and modernizing operations.

The Board of Directors of GE (NYSE: GE) has declared a $0.08 per share dividend on its outstanding common stock. This dividend is payable on April 25, 2023, to shareholders who are on record as of the close of business on March 7, 2023. The ex-dividend date is set for March 6, 2023.

GE continues to leverage over 130 years of experience to enhance industrial efficiency and reliability, driven by a diverse and dedicated workforce.

GE Digital has entered a multiyear collaboration with Amazon Web Services (AWS) to accelerate grid modernization for utilities. This partnership aims to develop intelligent grid orchestration solutions, utilizing GE's GridOS software and AWS's cloud infrastructure. Notably, New Zealand's Vector Limited has successfully implemented GE's Advanced Distribution Management System on AWS Outposts, enhancing network reliability and efficiency. The initiative focuses on reducing operational costs and aiding utilities in transitioning to a clean energy grid. GE Digital serves over 20,000 customers globally and emphasizes the importance of innovative, secure software in the energy sector.

GE Grid Solutions has developed the world's largest Static Synchronous Compensator (STATCOM) for the Channel Tunnel, enhancing capacity by 60% to support up to 16 trains simultaneously. This allows Eurotunnel to operate up to 1,000 trains daily, maintaining its status as the busiest rolling motorway globally. The STATCOM technology improves voltage stability, grid resilience, and power transfer while contributing to project cost savings and reducing environmental impact. Eurostar aims to increase passenger capacity to 30 million annually by 2030, facilitated by this technological advancement.