$1bn GE initiative to involve on-site power

GE has set up a $1bn clean energy consultancy, 'Current’, in a move it says will transform the energy sector.

Current sees GE group together its LED, solar, energy storage and electric vehicle businesses and part of that service will entail the development of on-site power projects.
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The US business will use its proprietary software to analyse energy consumption and provide customers recommendations to increase efficiency – from reducing power levels, to generating power on site to creating new revenue streams for customers through the use of sensors and networked systems in buildings.

GE said Current will help customers save an estimated 10-20 per cent on their energy bills.

“We’ve been transforming the power and lighting sector since GE’s inception,” said GE vice chair Beth Comstock. “Energy is part of our legacy, part of our genetic code. And digital code is a big part of our future. Once again, we have an opportunity with Current as a startup to lead another significant change in energy delivery.”

GE follows Statoil and E.ON in setting up clean energy divisions.

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