GE Vernova Launches New Investment in Hungary

US-based GE Vernova is launching a major investment at its Hungarian plant, aimed at expanding manufacturing capacity, enhancing technology and improving the energy consumption efficiency, the Hungarian Investment Promotion Agency (HIPA) reports.

The project costing EUR 22.5 million, almost 30% of which is covered by Hungarian taxpayers through a government desision, will see the modernization of existing production lines and the introduction of new high-performance precision machines in the factory in Veresegyház, near the capital Budapest. The investment also includes the installation of solar panels to improve energy self-sufficiency.

GE Vernova has been manufacturing and repairing gas turbine components in the Pest County town since 2001, alongside the assembly and testing of small and medium-sized power plants. The Veresegyház facility is their second largest manufacturing base outside the United States.

The new investment, carried out in cooperation with HIPA, is driven by the surge in global demand for critical components for stable and reliable operation of electrical grids. This trend is clearly reflected in GE Vernova’s order backlog, which grew by over EUR 4 billion is just one quarter – the three months ending June 2025 –, marking what the company considers the beginning of a new investment supercycle.

GE Vernova is a spin-off from GE, bringing together the energy businesses of the company – formerly General Electric – with power, wind, and electrification technology segments. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across approximately 100 countries around the world.Their products and solutions help generate approximately 25 percent of the world’s electricity.