GE Creates Current Start-Up To Address Solar, Storage, LED Lighting And EVs

The new unit also will offer solar, energy storage and electric vehicle-charging technology and have options to tap Fairfield, Connecticut-based GE financing for projects, she said.

Through its software GE will analyze energy consumption and provide customers with data detailing patterns of use and recommendations to improve efficiency. Current will begin with more than $1 billion of revenue and build on GE’s foundation in the energy and technology sectors. The goal is to increase that figure to United States dollars 5 billion by 2020.

In a press release, General Electric Company (NYSE:GE) announced the launch of Current, an energy company, which would bring GE’s lighting segment together with Predix – the company’s industrial Internet software platform.

Tim Earnest, executive vice president for Simon Management Group, commented: “As part of Simon’s continued effort to improve energy efficiency at its properties, the company is exploring several new energy saving opportunities, in addition to our use of LEDs, including innovative new battery storage concepts”.

Current will be headquartered in the Boston metropolitan area, with an added 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.

“The creation of a new company within GE reinforces our commitment to take energy to the next level”, said CEO Jeff Immelt, who has refocused the company founded by Thomas Edison on its manufacturing roots since the financial crisis. GE contends that the use of these advanced solutions will help customers save about 10-20% on their energy bills, and help utility partners manage their distributed load. Energy is part of our legacy, part of our genetic code. Ms. Comstock mentioned that the customers want “future-proofed” energy solutions, which are not complex or inefficient, and that with this decision, the company attempts to serve their needs better. “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”.

Walgreens, Hilton Worldwide, and JPMorgan Chase are among the customers piloting Currents solutions to transform their operations, drive energy efficiency, and reduce costs.