GE IoT startup offers ‘new kind’ of energy company
The new company, called Current, integrates GE’s LED, Solar, Energy Storage and Electric Vehicle businesses with the company’s Predix data analytics platform. Its goal is to deliver cost-effective, efficient energy solutions to industrial customers, with initial pilot partners including Walgreens, Simon Property Group, Hilton Worldwide, JPMorgan Chase, Hospital Corporation of America, Intel and Trane.
Current is backed by GE and will be led by Maryrose Sylvester, currently the President and CEO at GE Lighting. The new company will begin with more than $1 billion of revenue and offer an "holistic energy-as-a-service" solution that includes sensor-enabled hardware, software, fulfillment, product management and financing solutions.
"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,” says GE’s Chairman and CEO, Jeff Immelt. "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."
Through Predix, the company will analyze energy consumption and provide customers with data around patterns and needs along with recommendations to increase efficiency, such as reducing power levels, generating power on site, and creating new revenue streams for customers through the use of sensors and networked systems in buildings. According to the company, this should enable customers to save 10-20% on energy bills, as well as allow utility customers to better manage their distributed load.
"We’ve been transforming the power and lighting sector since GE’s inception," says GE Vice Chair Beth Comstock. "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."
The new company will be headquartered in the Boston, MA area and is expected to create about 200 new jobs over the next few years. Current has already begun operations with plans to increase them next year.
Current By GE: www.currentbyge.com/
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