WASHINGTON (dpa-AFX) - Energy company Venture Global, Inc. (VG) announced on Thursday that it has signed new agreements with GE Vernova Inc. (GEV) and Baker Hughes Energy Services to support expansion of its existing grid-independent industrial power network.
The agreements cover up to 16 new 720 megawatt power island units and related transformer equipment, enabling the company to add as much as 10 gigawatts of compute capacity over time at sites it owns or controls. The expansion builds on Venture Global's 4.5 gigawatts of modular gas-fired generation already ordered, in construction or operating across its LNG facilities.
Venture Global expects to place its first power island purchase order by the end of 2026 and anticipates developing up to 10 gigawatts of compute capacity by 2034, subject to customer commitments and market demand.
The company added that any potential third-party development for Island Mode power capacity would be separate from and complementary to its LNG operations, which remain its key strategic objective.
In pre-market activity on the NYSE, shares of Venture Global were up 3.71 percent, changing hands at $13.77, after closing Wednesday's regular session 4.12 percent lower.
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