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.