GE Vernova to buy France's Alteia for enhancing AI tools for utilities
GE Vernova already offers Alteia's software to customers through its GridOS Visual Intelligence. The tool helps utilities assess damage and inspect assets along thousands of miles of electrical lines.
The acquisition will enhance this system through visual and operational data, allowing the companies to "see and sense" the grid, GE Vernova said.
The company did not disclose the financial terms of the acquisition, which is expected to close on August 1.
GE Vernova has highlighted that growth in its electrification software segment — which includes the GridOS system — could rapidly accelerate, RBC Capital Markets analyst Christopher Dendrinos said. The segment has been growing at mid-single digit percentage rates in the past couple of years, he said.
Surging power demand from data centers used for AI and cryptocurrency technologies has boosted GE Vernova, which was spun off from General Electric last year.
The power demand is expected to hit an all-time high this year.
The company is expected to release its second-quarter earnings report on July 23 before the bell.
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