Fairfield-based GE announced it has formed Current, a billion-dollar energy company within itself integrating the company”™s LED, solar, energy storage and electric vehicle businesses with its Predix platform to identify and deliver energy solutions.
Maryrose Sylvester, president and CEO at GE Lighting, will lead the new enterprise. It is already operating ”” run from offices in Massachusetts and California ”” and will potentially employ 200.
“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,” company officials said.
GE describes Predix as “industrial strength.”
“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,” Jeff Immelt, chairman and CEO of GE, said. “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.”
Citing its deep roots in technology and its legacy in energy, GE said Current will begin with more than $1 billion of revenue.
“We”™ve been transforming the power and lighting sector since GE”™s inception,” said GE Vice Chairmwoman Beth Comstock, whose oversight of GE”™s Business Innovation division encompasses Current and other efforts. “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. 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.”
GE said Current is already working with customers including Walgreens, Simon Property Group, Hilton Worldwide, JPMorgan Chase, Hospital Corporation of America, Intel and Trane, a brand of Ingersoll Rand “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 some 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, the company said.
The website is CurrentByGE.com.
