GE vows to transform energy sector with $1bn start-up

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.

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.
General Electric
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.

In related GE news, the company is to supply gas turbines for the new 3 GW Bismayah gas-fired power plant in Baghdad, Iraq, a facility capable of generating the equivalent power needed to supply more than five million Iraqi households.

GE will supply eight units of its advanced 9F.03 gas turbines. The project will be developed in two phases, each consisting of two blocks of 1,500 MW each. Mass Global Investment Company has signed the EPC contract for the project with ENKA and is currently finalising the plans for the second phase.

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