GE Vernova (GEV +3.11%) stock had a good start to the holiday-shortened trading week. The sprawling energy company is the largest gas turbine manufacturer in the world, and had positive news to share about these products. In reaction, investors traded the company's stock up by more than 3% on Tuesday.
4 million reasons to be cheerful
Before market open, GE Vernova announced that its H-class gas turbine fleet surpassed 4 million commercial operating hours. The class, comprised of the 7HA and 9HA ultra-high-efficiency turbines, was introduced in 2016. Since then, the fleet has expanded to 128 units operating in 21 countries worldwide. All told, they have generated roughly 74 gigawatts of power plant capacity.
Image source: Getty Images.
In the press release touting this feat, GE Vernova quoted the CEO of its power segment, Eric Gray, as saying that "This milestone reflects the confidence our customers have placed in GE Vernova's HA technology and its established role in supporting flexible power generation around the world."
He added that "as electricity demand rises and energy security is seen as national security, customers are increasingly focused on solutions that can deliver reliable, efficient, and more flexible power."
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Quite a money spinner
Gas turbines are crucial to GE Vernova. Last year, more than half of the energy specialist's total orders were booked by its Power unit, which specializes in different types of turbines. In its press release, the company noted that the significant power needs of facilities like data centers are driving demand for such products.
That 4 million-hour milestone means scores of well-serviced customers, and a deserved enhancement to the company's reputation and leading position in the gas turbine segment. I'd feel confident investing in this stock.
