NEW YORK--(BUSINESS WIRE)--GE (NYSE:GE) announced Current, powered by GE, a first-of-its kind energy company that integrates GE’s LED, Solar, Energy Storage and Electric Vehicle businesses with its industrial strength Predix platform to identify and deliver the most cost effective, efficient energy solutions required by customers today and in the future. Maryrose Sylvester, who as President and CEO at GE Lighting has led the transformation of one of the company’s most iconic businesses, will lead the new enterprise. 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.
“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.”
Several key customers, including Walgreens, Simon Property Group, Hilton Worldwide, JPMorgan Chase, Hospital Corporation of America (HCA), Intel and Trane, a brand of Ingersoll Rand, are piloting Current’s solutions to transform their operations, drive energy efficiency and reduce costs.
“Walgreens has a history of implementing environmentally sustainable technologies in our retail footprint,” said Matt Harris, Divisional Vice President of Facilities Asset Management for Walgreens. “For more than 25 years, we have worked with GE to bring improved lighting technologies to stores and most recently installed GE’s environmentally-sustainable LED lighting products in some of our stores. It is important that we continue to find innovative, sustainable technology and explore ways to leverage software platforms like GE’s Predix to assess our energy needs and increase efficiency. That is not only smart for our communities and planet but also makes good business sense.”
“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,” said Tim Earnest, Executive Vice President for Simon Management Group. “Pairing these technologies with GE’s Predix data systems and software could lead to powerful, cost effective, efficient energy solutions. With more than 200 malls, The Mills and Premium Outlets in North America, Simon's scale lends itself well to testing energy efficiency programs for potential use across its portfolio.”
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. Learn more at www.CurrentByGE.com.
About GE
GE (NYSE:GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About Maryrose Sylvester
Sylvester has been leading GE Lighting, a $3 billion dollar enterprise, since 2011. Under her direction, GE has transformed the business by introducing LEDs to meet the needs of world markets and deliver energy efficient lighting solutions that create intelligent environments. In this process, she will scale Current from a $1 billion startup to a $5 billion business by 2020.
