GE (NYSE: GE) today announced Current, a first-of-its kind energy company that integrates GE’s LED, Solar, Energy Storage and Electric Vehicle businesses with its Predix platform to identify and deliver the most cost effective, efficient energy solutions required by customers. GE Lighting’s president and CEO Maryrose Sylvester will lead the new enterprise. Current is backed by GE and is committed to successfully advancing ecomagination-certified 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 on-site 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 and 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 and build on GE’s legacy in energy and technology. It will bring to market a holistic energy-as-a-service offering, which is absent from industry today, and 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 to 20 percent on their energy bills and help utility partners better manage their distributed load.
“We’ve been transforming the power and lighting sector since GE’s inception. 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,” said GE Vice Chair Beth Comstock, whose oversight of Business Innovation encompasses Current and other transformation efforts. “Commercial enterprises can’t afford complexity and inefficiency in energy solutions if they are to remain competitive. They are looking for ‘future proofed’ solutions. From the socket to the grid, we understand how the electrons flow and have the unique position to optimize energy regardless of the scenario or customer.”
Several key customers, including Walgreens, Simon Property Group, Hilton Worldwide, JPMorgan Chase, Hospital Corporation of America (HCA), 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, Massachusetts metropolitan area, with an 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. Operations have begun and will continue to increase in 2016.