GE creates $1 billion energy startup, 200 new jobs

PV Magazine

With the aim of “transforming” the energy sector, GE has bundled its LED, solar, energy storage and electric vehicle businesses into an over US$1 billion new startup. Current will utilize GE’s Predix platform to deliver “energy-as-a-service” to a range of customers.

Headed by Maryrose Sylvester, who previously led GE Lighting, Current will integrate GE’s LED, solar, energy storage and electric vehicle businesses with its Predix platform – a cloud-based platform, which enables industrial-scale analytics – to provide customers, including hospitals, universities, retail stores and cities, with more profitable energy solutions.

Specifically, GE says the startup 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.”

The statement continued, “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.”

Boldly stating that it will “transform” the energy sector, Current is backed by GE’s balance sheet and financing. GE will invest more than $1 billion in revenues in Current. The goal is to increase this to $5 billion by 2020. Up to 200 jobs are set to be created in the software, outcomes selling and energy product management sectors over the next few years. Operations are already said to have begun. Headquartered in Boston, Current also has a presence in Silicon valley.

“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,” stated Jeff Immelt, chairman and CEO of GE.

Customers, including Walgreens, Hilton Worldwide and JPMorgan Chase are piloting Current’s new service.

In other GE news, the company has been contracted by Pacifico Energy will provide inverters, transformers, ring main units and recombiners to a 56.9 MW solar PV project in Furukawa, Japan.

Source: PV Magazine. Reproduced with permission.