OMNI Features｜Floating Wind Specialist Establishing Venture Unveils Plan to Scale-up Foundation Manufacturing．GE Board of Directors Approves Spin-Off of GE Vernova & Begin Trading on NYSE on April 2．New York Sues JBS USA for Allegedly Misleading Climate Promises

（Source: Windsteel Technologies）

｜Floating Wind Specialist Establishing Venture Unveils Plan to Scale-up Foundation Manufacturing
Norwegian floating wind company Odfjell Oceanwind and automation specialist Prodtex have established a joint venture called Windsteel Technologies. Led by former CEO Corvus Energy and industry veteran Geir Bjørkeli, the venture aims to construct low-cost, high-capacity manufacturing facilities for foundations used in floating wind turbines.

Odfjell Oceanwind stated that Windsteel Technologies is the result of years of collaboration between Odfjell Oceanwind and Prodtex. Together, they are developing automated production and assembly techniques for Odfjell Oceanwind's "Deepsea" floating foundations, aiming to provide the cost, scale, and quality required for floating offshore wind power conversion.

The companies said Windsteel Technologies is engaged in "active dialogue" with landowners, ports and logistic bases to host its first factories, which will be located close to the floating wind markets that are expected to develop first, including the North Sea. Their ambition is to have the first facility in operation in time to build Deepsea Star floating wind foundations for the Goliat VIND demonstration project in Norway in 2027.

Capacity at the first facility will also be reserved for the 500-750 MW UtsiraVIND project, which is competing for a seabed lease in the Norwegian government’s Utsira Nord lease auction.

｜GE Board of Directors Approves Spin-Off of GE Vernova & Begin Trading on NYSE on April 2
General Electric Company (GE) announced that its Board of Directors has approved the previously announced spin-off of GE Vernova. The company is expected to begin trading on the New York Stock Exchange (NYSE) on April 2, 2024.

To effect the separation, GE's Board of Directors approved a distribution to GE shareholders of all shares of GE Vernova's common stock. Holders of GE common stock will be entitled to receive one share of GE Vernova common stock for every four shares of GE common stock held on March 19, 2024, the record date for the distribution. GE shareholders do not need to take any action to receive shares of GE Vernova common stock to which they are entitled as a GE shareholder. Additionally, shareholders do not need to pay any consideration, or surrender or exchange shares of GE common stock, to participate in the separation.

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, "Today's announcement clears the way for the historic launches of GE Vernova and GE Aerospace, completing our transformation into three independent, investment-grade industry leaders. Beginning April 2, both companies will be fully independent, with GE Vernova positioned to lead the energy transition guided by Scott Strazik and his team."

Following completion of the planned spin-off, GE will operate as GE Aerospace. GE shareholders will continue to hold their shares of GE common stock with the company name GE Aerospace, and GE Aerospace will continue GE’s listing on the NYSE.

｜New York Sues JBS USA for Allegedly Misleading Climate Promises
New York Attorney General Letitia James has filed a lawsuit against the American subsidiary of JBS, the world's largest meatpacker. The lawsuit accuses JBS USA of misleading customers on its climate goals. The lawsuit alleges that JBS USA repeatedly assured the public and consumers of its sustainability commitments, including plans to achieve net-zero carbon neutrality by 2040, without having feasible strategies to fulfill its promise of achieving net-zero emissions by 2040.

The company, which is controlled by Brazil's billionaire Batista brothers, has claimed that it can reduce its carbon footprint despite plans to increase meat production. In a statement to the Wall Street Journal, the company said it disagreed with the attorney general's characterization of its commitments to sustainability. About half of the company's nearly $80bn in annual revenue comes from its Colorado-based US operations. But its plan to list its US arm on the New York Stock Exchange has run into fierce opposition from environmentalists who claim that the company has links to deforestation in the Amazon.

Glenn Hurowitz, CEO at Mighty Earth, said that "JBS has driven more than 2.4 million acres of Amazon deforestation, has poured record methane pollution into the atmosphere, and has a total climate footprint estimated to exceed the entire country of Spain." However, the global JBS entity had reported greenhouse gas emissions of over 71m tons in 2021, or more than the total emissions of some countries.

Reference: rivier｜GE｜The Guardian