General Electric forms solar power, energy storage, EV startup

general electric logo GE ELP

GE announced Current, an energy company that integrates GE’s LED, solar energy, energy storage and electric vehicle businesses with its industrial strength Predix platform to identify and deliver the most cost effective, efficient energy solutions required by customers.

Maryrose Sylvester, President and CEO at GE Lighting, will lead the new enterprise. Current is backed by GE’s balance sheet and financing expertise, and committed to successfully advancing technology solutions, new business models and Predix solutions for the energy sector.

“Current combines GE’s products and services in energy efficiency, solar, storage, and onsite power with our digital and analytical capabilities to provide customers – hospitals, universities, retail stores, and cities – with more profitable energy solutions,” said Jeff Immelt, Chairman and CEO of GE. “The creation of a new company within GE reinforces our commitment to take energy to the next level, focusing on custom outcomes for our Commercial & Industrial customers, municipalities and utility partners, and delivering a platform that can be upgraded as technology advancements are made.”

Current will begin with more than $1 billion of revenue. It will bring to market a holistic energy-as-a-service offering that includes sensor-enabled hardware, software, fulfillment, product management and financing solutions.

Through Predix, GE will analyze energy consumption and provide customers with data around patterns and needs along with 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. These advanced solutions will help customers save an estimated 10-20 percent on their energy bills, and help utility partners better manage their distributed load.

Several key customers, including Walgreens, Simon Property Group, Hilton Worldwide, JPMorgan Chase, Hospital Corp. of America, Intel and Trane, a brand of Ingersoll Rand, are piloting Current’s solutions to transform their operations, drive energy efficiency and reduce costs.

Current will be headquartered in the greater Boston metropolitan area, with additional presence in the Silicon Valley. It is expected to create roughly 200 new jobs focused on software, outcomes selling and energy product management over the next few years.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Latest Energy Jobs

View more Job Listings >>