After launching its new energy company, Current, General Electric has a firm grip on how the evolution of clean, efficient, and smart energy platforms impacts businesses worldwide.
The new company combines GE’s LED, solar, energy storage, and electric vehicle businesses, its Predix platform to provide cost-effective, and efficient energy solutions to its customers.
Jeff Immelt, chairman and CEO of GE, said: “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.
“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.”
For as rapidly as technology advancements occur in this are, the operating philosophy of Current seems entrepreneurial, and nearly prescient.
The GE company will be led by Maryrose Sylvester, who previously served as president and CEO at GE Lighting, and GE Intelligent Platforms serving the commercial, industrial and government industries.
Current is starting business with an enviable $1 billion of revenue. Additionally, the enterprise plans on introducing a new energy service that includes sensor-enabled hardware, software, fulfillment, product management and financing solutions.
Current will be headquartered in the greater Boston metropolitan area with additional presence in Silicon Valley. The company writes, “This is an obvious choice for GE. As an innovation hub, Boston offers tremendous access to high-tech and software development talent, as well as incredible university partnerships. The region also provides convenient access to several GE innovation labs where customers can test and innovate close to where they do business.”
By utilizing the Predix platform, GE anticipates being able to examine energy consumption and inform customers with data readings and recommendations on ways to boost efficiency. These solutions are expected to help consumers save an estimated 10-20% on their energy bills, as well as help utility partners improve on ways to manage their load.
Several clients, including Walgreens, Simon Property Group, Hilton Worldwide, JPMorgan Chase, Hospital Corporation of America (HCA), Intel and Trane, a brand of Ingersoll Rand, have already tested Current’s solutions in an effort to spur energy efficiency and lower operating costs.