Latest news with #HitachiNuclearEnergy
Yahoo
04-07-2025
- Business
- Yahoo
GE Vernova Explores Sale of Proficy Software Division, Valued Up to $1B
GE Vernova Inc. (NYSE:GEV) is one of the best new stocks to buy now. On June 30, GE Vernova announced that it is exploring the sale of its industrial software division called Proficy. This potential divestiture could fetch between $900 million and $1 billion for the company, according to Bloomberg. The company is reaching out to both publicly traded companies with similar assets and private equity firms. But it's important to note that these early-stage discussions may not necessarily result in a sale. GE Vernova is continuously capitalizing on the rising power demand, which is expected to reach higher levels in and beyond H2 this year. A view of the skyline from an electricity pylon, to show the ubiquity of the companies energy products. GE Vernova reported strong Q1 2025 earnings for its electrification software, which includes Proficy. These earnings grew by ~9% year-over-year and reached $224 million. Earlier in June this year, GE Vernova Hitachi Nuclear Energy also announced plans to establish a $50 million small modular reactor/SMR engineering service center in the Durham area in Canada. GE Vernova Inc. (NYSE:GEV) is an energy company that provides various products and services that generate, transfer, orchestrate, convert, and store electricity. While we acknowledge the potential of GEV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
24-06-2025
- Business
- Yahoo
GVH to establish $50m SMR engineering service centre in Ontario
GE Vernova Hitachi Nuclear Energy (GVH) has announced an investment of $50m to establish an advanced BWRX-300 small modular reactor (SMR) engineering and service centre in Ontario, Canada. The centre will be constructed in the Durham region near the Darlington New Nuclear Project (DNNP) site, subject to the further development and construction of three additional units at the site. It will deliver engineering and technical services that will support the long-term operation and maintenance of the expected fleet of BWRX-300 SMRs in Ontario. The proposed facility will feature an advanced virtual reality simulator and offer training capabilities to facilitate safe and efficient refuelling and maintenance operations for SMRs. It will also focus on developing advanced maintenance and inspection technologies specifically for the SMR units, and function as a centre for outage planning and execution preparation for BWRX-300 reactors. GE Vernova Canada president and CEO Heather Chalmers stated: 'The Canadian BWRX-300 Engineering and Service Centre will bolster Ontario's position as a nuclear leader and further cultivate Canada's nuclear energy workforce with an industry-leading training ecosystem. 'This Ontario-based hub will provide the province with continued access to the best and brightest talent and innovation in the nuclear energy industry while complementing global efforts for deploying the BWRX-300.' The new facility will function as a centre for innovation and training, knowledge sharing, supply chain engagement and workforce development. It will create more than 300 well-paid jobs and assist more than 2,000 individuals annually to gain skills essential for careers in nuclear innovation and operations. Minister of Energy and Mines Stephen Lecce stated: 'Ontario is proud to lead the world in next-generation nuclear innovation, creating good-paying local jobs, training thousands of skilled workers and delivering clean, reliable power for decades to come. 'By locking in this investment from GE Vernova, we are reinforcing our plan to make Ontario a clean energy superpower where our workers build with Canadian materials, operate with Canadian expertise and export the clean technology the world needs.' The announcement follows the Ontario government's approval to proceed with construction of the first of four BWRX-300s at the Darlington site, making Ontario the first jurisdiction in the G7 to approve construction of a grid-scale SMR. Construction of the first unit will be complete by 2030. The investment also supports Ontario's inaugural energy plan, Energy for Generations, aimed at securing the necessary energy to facilitate new housing developments and sustain the economy. "GVH to establish $50m SMR engineering service centre in Ontario" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
23-06-2025
- Business
- Bloomberg
GE Vernova to Build Service Center for Small Reactors in Ontario
Ontario will have the world's first service center for a new, smaller kind of nuclear plant, as the province embraces a technology that's been touted as a way to meet surging power demand from artificial intelligence. GE Vernova Hitachi Nuclear Energy has committed C$70 million ($51 million) to build an engineering and service center outside Toronto for small modular reactors. The announcement comes less than two months after Ontario gave the green light to a C$20.9 billion project to build such reactors.
