GE-powered startup set to ‘transform energy sector’

GE opened a startup called Current that offers to analyze you’re your power usage and provide ways use less energy and save more money.

Current is a first-of-its kind energy company that integrates GE’s LED, Solar, Energy Storage and Electric Vehicle businesses with its Predix platform to identify and deliver the most cost effective, efficient energy solutions required by customers today and in the future.

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.

Current will begin with more than US$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.

“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.” said GE Vice Chair Beth Comstock.

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.

Current will be headquartered in the greater Boston, Massachusetts, 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.