11:42 AM EDT, 07/11/2025 (MT Newswires) -- GE Vernova ( GEV ) agreed to pay $10.5 million to the town of Nantucket, Massachusetts, and local businesses as part of a settlement stemming from a July 2024 wind turbine blade failure at the Vineyard Wind 1 offshore project, the town said Friday in a statement.

The incident scattered fiberglass and foam debris across surrounding waters and beaches during the height of Nantucket's summer tourist season.

The failure involved a Haliade-X turbine blade manufactured by GE Vernova ( GEV ). Under the agreement, Nantucket will establish a Community Claims Fund to compensate local businesses and residents for economic losses, the town said. The fund will be administered by an independent third party over a six-month period.

As part of the settlement, Nantucket agreed to release both GE Vernova ( GEV ) and Vineyard Wind from liability. The town excluded Vineyard Wind as a signatory, citing concerns over its lack of accountability following the incident.

The settlement does not constitute an admission of wrongdoing and does not apply to any future turbine blade failures.

GE Vernova ( GEV ) didn't immediately reply to a request for comment from MT Newswires.

The company's shares rose 0.7% in recent trading Friday.

Price: 543.28, Change: +3.92, Percent Change: +0.73