GE Vernova Inc. (NYSE:GEV) shares are trading lower on Thursday.
The shares are trading lower after news recently surfaced that the Vineyard Wind 1 offshore wind project, currently under construction with its turbines, encountered "blade damage," resulting in debris washing ashore on Nantucket, reported The Wall Street Journal.
Avangrid and Copenhagen Infrastructure Partners announced on Wednesday that approximately six truckloads of debris have been cleared from the site, with ongoing cleanup efforts.
They stated that GE Vernova, the manufacturer, will conduct an analysis to determine the cause of the issue.
The offshore project in Massachusetts employs GE Vernova's Haliade-X turbines, standing approximately 2.8 times taller than the Statue of Liberty or similar in height to Rockefeller Center.
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This initiative aims to install 62 turbines, with several already operational and contributing power since earlier this year.
A GE Vernova spokesman told The Wall Street Journal that the company is investigating the issue and "working with the relevant authorities to contain and remove any debris safely and efficiently."
Yesterday, the firm secured a major order from Sonelgaz through their joint venture, GE Algeria Turbines (GEAT), to enhance Algeria's grid infrastructure.
GE Vernova, formerly part of GE Aerospace (NYSE:GE), commenced trading independently on the NYSE in April.
Price Action: GEV shares are trading lower by 2.96% to $160.92 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by anna-jimenez for Unsplash
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