GE announced the launch of Current powered by GE that integrates GE’s LED, Solar, Energy Storage and Electric Vehicle businesses and uses its Predix platform to deliver cost efficient energy solutions to customers.
Maryrose Sylvester, who as President and CEO at GE Lighting, will lead the new enterprise.
Current will be headquartered in the greater Boston, Mass. 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. Operations have begun and will continue to increase in 2016.
Current is backed by GE’s balance sheet and financing expertise, and committed to successfully advancing ecomagination-certified technology solutions, new business models and Predix solutions for the energy sector, the company said in a statement.
“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 and Industrial customers, municipalities and utility partners, and delivering a platform that can be upgraded as technology advancements are made,” Immelt added.
Current will begin with more than $1 billion of revenue and build on GE’s legacy in energy and deep roots in technology.
The company will provide a holistic energy-as-a-service offering which 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, the company said.
GE vice chair Beth Comstock, said, “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, GE said.
Rajani Baburajan