GEV News & Events

On the margins of the NATO Summit in Ankara, Turkiye, the United States Secretary of State Marco Rubio, Japan Foreign Minister Motegi Toshimitsu, and Republic of Korea Foreign Minister Cho Hyun signed a Memorandum of Cooperation to establish a framework for trilateral cooperation on accelerating small modular reactor deployments in other countries, with an initial focus on the Indo-Pacific. The MOC advances our mutual security interests and paves the way for partner countries to meet their energy security needs. The MOC outlines opportunities for our three countries, which have complementary advantages in the civil nuclear field, to encourage mutually beneficial cooperation among their respective nuclear industries. This framework aims to foster fleet deployment models that de-risk project development, achieve economies of scale, catalyze private investment, streamline licensing processes, and optimize supply chains. In support of this initiative, the United States is committing over $10M in new funding for the Department of State's Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology Program to provide technical support to countries in Indo-Pacific region for the deployment of safe, secure, and reliable nuclear energy. Funds will advance SMR project development activities and establish an SMR Regional Training Hub for workforce development. The United States also announced an industry initiative agreed upon among GE Vernova (GEV), Hitachi (HTHIY), Samsung C&T (SSNLF), and SGE to advance deployment of the BWRX-300 SMR across Europe. This initiative will help achieve the ambitions set forth in the memorandum signed today and deepen government-industry partnerships to strengthen global energy security.

Joulent announced that National Grid (NGG) has agreed to a $1.75B strategic minority investment in the company. The investment strengthens Joulent's ability to execute on its current multi-gigawatt project, advance its project pipeline and scale its capabilities. National Grid makes the investment through its National Grid Ventures arm, which brings high-impact capital, expertise in power management for large-scale projects, and critical supply chain capabilities to accelerate Joulent's growth. The investment from National Grid Ventures further expands Joulent's strategic relationships with leading companies across energy, infrastructure, and technology, including GE Vernova Inc. (GEV) and Chevron Corp. (CVX). Together, these relationships reflect Joulent's role as an operating platform capable of bringing together the capital, supply chain, and proven team of builders to deliver power at scale. With this investment, Joulent has also formalized a 50% ownership interest in its first project, Kilby, which the company has developed through ongoing collaboration with GE Vernova and Energy Forge, a subsidiary of Chevron Power Solutions, contributing engineering, commercial and financial expertise to help shape the project. Kilby will deliver approximately 2.67 gigawatts of generation capacity to support a Microsoft-operated data center campus under a 20-year power purchase agreement. Project Kilby represents the first model of the multi-project, large-scale platform Joulent intends to scale ahead to provide cost-competitive speed to power solutions without burdening local grids or raising rates for ratepayers.

Chevron Corporation (CVX) announced that Energy Forge One, a wholly owned subsidiary, has signed an agreement with Microsoft Corp. (MSFT) to develop a co-located power facility in West Texas that will provide dedicated electricity to a Microsoft-operated data center under a 20-year power purchase agreement. Chevron and Engine No. 1 have been collaborating on the development, known as Project Kilby. Kilby is expected to deliver approximately 2.67 gigawatts of capacity, built through a phased, modular approach that enables incremental expansion over time. A majority of the generation will come from large GE Vernova (GEV) turbines and associated electrical infrastructure, with additional capacity provided by Solar Turbines, a wholly owned subsidiary of Caterpillar (CAT). This positions Kilby among the largest co-located natural gas power and data center developments in the U.S., supporting the next phase of American AI growth by leveraging America's natural gas advantage. By co-locating new, large-scale power generation with the data center, Kilby is designed to deliver reliable, dispatchable electricity directly to Microsoft while aiming to mitigate impacts on the regional grid that consumers rely on. This agreement represents an important milestone toward Chevron's Final Investment Decision (FID), which is expected by the end of 2026, subject to the completion of other necessary conditions. The project is targeting mid-teen returns. Kilby is expected to generate diversified cash flow that is independent of oil and gas price cycles, further supporting resilient shareholder returns. First power delivery is anticipated in 2028.