GE Introduces Startup Current to Transform Energy Sector
October 07 2015 - 09:17AM
Business Wire
First Integrated System Across Commercial,
Industrial, Municipal and Utility Customers; Customers
Walgreens, Simon Property Group, Hilton Worldwide, JPMorgan Chase,
Hospital Corporation of America, Intel and Trane Look to Save
10-20% on Energy Costs
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151007005832/en/
Media:GEDeia Campanelli,
773-297-0482Deia.Campanelli@ge.com
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