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GE Vernova, a division of General Electric, has agreed to purchase the heavy-duty gas turbine combustion parts business of Woodward, located in Greenville, South Carolina, US.

The move is a strategic effort by GE Vernova to bolster US manufacturing and strengthen its domestic supply chain.

GE Vernova will acquire all assets associated with Woodward’s Greenville site, which is primarily engaged in supplying parts and services to GE Vernova’s gas turbine manufacturing operations.

GE Vernova has had a presence in the Greenville region for more than five decades, with operations that include gas turbine manufacturing and testing, and global engineering support.

GE Vernova Gas Power business president and CEO Eric Gray stated: “We are excited to acquire and integrate this critical capability for our domestic supply chain as we continue to see increasing demand for our heavy-duty gas turbines and upgrades globally.

“Welcoming these experts to our Greenville, SC team will further enable us to address this growing demand from our customers and meet the electrification needs of our country while serving as an indicator of our commitment to the industry and the community.”

Although the financial details of the deal remain undisclosed, the acquisition is anticipated to be finalised in early 2025.

GE Vernova is committed to collaborating with Woodward to ensure a seamless transition for the Greenville employees.

Woodward chairman and CEO Chip Blankenship stated: “We are pleased to sign this agreement with GE Vernova.

“This targeted transaction is good for our customers and members and will allow us to focus resources on products that will drive the most value as part of Woodward.

“I am grateful for our Greenville members’ longtime dedication to Woodward and to serving the customer. They will have opportunities to continue their great work as GE Vernova takes on ownership of the operations.”

In November 2024, GE Vernova and ASHOMCo completed FEED studies to reduce carbon emissions at three Saudi cogeneration plants.

“GE Vernova to acquire Woodward’s gas turbine parts business in US” was originally created and published by Power Technology, a GlobalData owned brand.

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QuantumScape (NYSE: QS) is working to revolutionize electric-vehicle (EV) battery technology. If its solid-state solution can be proven successful and able to be produced at scale, it could lead to a surge of interest in consumer EV demand.

One Wall Street firm is acknowledging the company’s progress and has raised its view of the stock. That led QuantumScape shares to surge today by as much as nearly 6%. As of 11:45 a.m. ET, the stock was still trading higher by 3.9%.

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According to reports, financial services firm HSBC has upgraded QuantumScape from the equivalent of a sell to a hold recommendation. It also raised its price target on the stock by nearly 13% to $5.30. QuantumScape shares closed Monday’s trading at $4.73 per share.

The company has made meaningful progress with its battery technology this year. It also announced an agreement with PowerCo earlier this year, the battery division of global automaker Volkswagen.

That agreement will help to industrialize QuantumScape’s technology, giving PowerCo a non-exclusive license to manufacture batteries using the technology to build as many as 1 million EVs per year. It was also a large reason for HSBC’s upgrade. The agreement could lead to other deals at production levels beyond QuantumScape’s internal capabilities.

Investors still need to view QuantumScape as a high-risk investment. If successful, the batteries are intended to provide charging capability in under 15 minutes while allowing for higher range and lower overheating risks.

However, the company just recently shipped its first prototypes for automotive testing. The collaboration with PowerCo will lower QuantumScape’s capital needs and thus extend its cash runway into 2028. But it will likely take that much time for its technology to be fully evaluated and validated by potential customers.

An investment here could pay off down the road. However, it will likely take several years before the business itself can be sustainable.

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The mad dash to adopt artificial intelligence (AI) has catapulted a number of companies into the spotlight, and Super Micro Computer (NASDAQ: SMCI), commonly called Supermicro, has arguably been one of the biggest beneficiaries. The company is the leading provider of servers specially designed to withstand the rigors of AI, giving Supermicro a pivotal role in the AI revolution.

However, the spotlight can be a cruel mistress, which Supermicro recently experienced firsthand. The company became a victim of its own success, causing a number of self-inflicted injuries that sent the stock plunging as much as 84% from its all-time high, reached earlier this year.

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Supermicro announced that it had developed a plan to avoid delisting and had hired a new auditor. The news sent the stock soaring, up more than 30% Tuesday morning (as of this writing).

Let’s take a look at the events leading up to today, the company’s big announcement, and what it means for investors.

Supermicro was flying high earlier this year, riding the wave of AI adoption that caused a surge in demand for its AI-centric servers, sending the stock up more than 1,000% since the AI revolution kicked off in early 2023. But the celebration was short-lived, and the stock came crashing down. For those who haven’t been following along, here’s a quick recap of the issues that have plagued the beleaguered company:

• Hindenburg issued a short report that alleged, among other things, that Supermicro’s financials contained accounting irregularities, the company had failed to disclose related-party transactions, and had violated U.S. export bans.

• The very next day, Supermicro added fuel to the fire by announcing it would be late filing its annual 10-K report with the Securities and Exchange Commission (SEC), saying it needed additional time to review its internal controls — or the processes it uses to ensure compliance with accounting rules and regulations.

• Just weeks later, reports emerged that the U.S. Department of Justice (DOJ) was conducting a probe of the company, according to The Wall Street Journal. The investigation appeared to be the result of a whistleblower report that alleged accounting violations.

• Supermicro revealed that it had received a letter of non-compliance from the Nasdaq exchange, which could ultimately lead to delisting.

• Supermicro disclosed that its auditor, Ernst & Young — one of the world’s most respected accounting firms — had resigned in the midst of the company’s audit. The auditors cited issues related to internal controls over Supermicro’s financial reporting.

• In another regulatory filing, Supermicro admitted it wouldn’t be able to file its most recent quarterly report on time, which again raised the specter of delisting.

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