GE announced today that it plans to consolidate all of the company's renewable and grid assets into a single, simplified Renewable Energy business. The proposed moves are part of a broader effort on the part of GE to position the company to meet the evolving needs of the power market, including the growth of renewable energy, GE said in a release.
The Boston-based manufacturing giant will move its grid solutions and hybrid renewables technologies (including solar and storage systems) into the GE Renewable Energy Business, complementing its existing onshore wind, offshore wind, LM Wind Power, and hydro offerings. The company said digitally enabled services will complement all of the new group’s offerings.
GE will streamline its Onshore Wind structure, eliminating its headquarters layer and elevating its current regional teams—Americas, Europe/Africa, MENAT and APAC — to improve competitiveness, speed, customer focus, and local execution.
"This strategic realignment positions GE to lead in the fast-growing renewable energy market,” GE Chairman and CEO H. Lawrence Culp, Jr., said in the release. “This move will help our Renewable Energy teams to better support their customers in leading the energy transition by simplifying the way they can access innovative products, integrated solutions, and services that reflect the evolution of the clean energy marketplace."
The expanded Renewable Energy is part of GE's energy related portfolio, which also includes the newly created Gas Power business and GE's Power portfolio which operates Steam, Nuclear, and Power Conversion.