As part of a foundation-shaking corporate split announced this week, General Electric said its nuclear services arm will be managed by a future spin-off company focused on the energy sector.
General Electric’s (GE) power segment will be subsumed into a new business “positioned to lead the energy transition” in early 2024, the company said in a press release Tuesday. GE Power will share this new business with GE’s renewable energy and industrial data segments, the press release said.
GE-Hitachi, the company’s nuclear services segment, would be part of the spin-off. The company operates nuclear fuel fabrication facilities and is working on advanced nuclear reactor designs including small modular reactors (SMRs) and sodium-cooled reactors.
GE-Hitachi also offers decommissioning support and management services to nuclear power operators — it acquired decommissioning company REI Nuclear in 2018.
In a Tuesday morning conference call with investors GE CEO Larry Culp said that the new energy spin-off will “play a critical role in solving the trilemma of affordable, reliable and sustainable energy.
“Our business is developing breakthrough technologies enabling carbon capture and the combustion of carbon-free fuels like nuclear and hydrogen,” Culp said.
Meanwhile, GE is planning to spin off its healthcare business in 2023, the company said Tuesday. After the energy segment splits in 2024, GE plans to consolidate its remaining business into an aviation-focused company.
