GE Vernova has rolled out a massive capital rescue package for its wind turbine blade subsidiary LM Wind Power, injecting vital liquidity into the veteran blade manufacturer mired in heavy losses and stabilising its core business operations.
Years of steep financial losses and multiple rounds of staff cuts have left LM Wind Power saddled with a severe equity deficit of DKK 4.3 billion.
According to LM Wind Power’s published 2025 financial statements, GE Vernova approved a large-scale capital injection in June to cover the company’s massive negative equity position.
The rescue package is substantial: it comprises DKK 6.15 billion in cash contributions, two promissory notes issued by the parent company worth a combined DKK 3.2 billion, alongside additional capital injections, debt write-offs and shareholder loans, bringing the total capital infusion to DKK 11.8 billion.
Financial filings from the holding entity show LM Wind Power’s accumulated negative equity of DKK 6.4 billion has been fully offset by GE Vernova’s DKK 11.8 billion comprehensive capital injection.
The funds fully eliminate LM Wind Power’s negative equity shortfall while reserving ample working capital to sustain day-to-day operations, manufacturing activities and future financing requirements.
Since GE Vernova acquired LM Wind Power for USD 1.65 billion in 2017, the blade maker has posted losses for nine consecutive years. Mounting financial pressure has forced continuous business downsizing, with its Danish domestic operations drastically scaled back. In November 2025, the firm laid off two-thirds of its local Danish workforce, leaving only 20 to 30 staff members today — a stark contrast to its peak headcount of thousands of employees.
Shrinking operations triggered a precipitous revenue drop. Annual revenue plummeted from DKK 2.1 billion in 2024 to just DKK 93 million in 2025, including DKK 82 million from blade and product sales and DKK 11 million from after-sales service.
Despite persistent annual losses, GE Vernova has no choice but to keep funding LM Wind Power and preserve its core operations.
GE Vernova’s acquisition of LM Wind Power back in 2017 was centred on a core strategic goal: building an integrated in-house supply chain for wind turbine blade development and production.
As a leading global research hub for high-end large-megawatt blades, LM Wind Power’s proprietary technology underpins the iterative upgrades of GE’s Haliade-X offshore wind turbine range. It serves as an irreplaceable technical foundation for GE Vernova’s offshore wind division.
Should LM Wind Power file for bankruptcy, GE Vernova would lose its captive blade manufacturing capacity entirely and rely solely on external suppliers for turbine blades. This would not only drive up production costs, but also leave the group vulnerable to supply chain bottlenecks and mismatched technical specifications for large offshore blades, directly eroding its global competitiveness in the offshore wind market.
