Connecticut-based GE announced Wednesday that it’s spinning out a “first-of-its-kind” energy company that integrates GE’s LED, Solar, Energy Storage and Electric Vehicle businesses. Current brings innovation in one place and Electric Vehicle infrastructure into a sustainable energy ecosystem that benefits its customers and partners.
Current will focus on providing products and services in energy efficiency, renewable generation and storage to large customers like hospitals, universities, retail stores and cities, Jeffrey R. Immelt, the G.E. chief executive, 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 & 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 deep roots in technology. It will bring to market a holistic energy-as-a-service offering absent from industry today 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% 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.”
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 will start with $1 billion in revenue and expects to become a $5 billion business by 2020, executives said. Early customers who have agreed to start using the G.E. systems include Walgreens, the Simon Property Group, Intel and JPMorgan Chase. Explore further at CurrentByGE.
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