GE is backing a startup aimed at all things green energy named Current. The company integrates most of the GE sustainable energy platform, including its LED, Solar, Energy Storage and Electric Vehicle businesses and will leverage the Predix platform to create customized product portfolios for customers.
Maryrose Sylvester former President and CEO at GE Lighting will lead Current. The company will be headquartered in Boston, Massachusetts with another office in Silicon Valley.
The company is backed by GE’s balance sheet and will also be developing new sustainable technologies and business models. Current will be catapulted into the billion dollar startup club with $1 billion GE revenue to get things going.
According to an announcement from GE, Current will bring to market a new energy-as-a-service offering 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.
Current customers include Walgreens, Simon Property Group, Hilton Worldwide, JPMorgan Chase, Hospital Corporation of America (HCA), Intel and Trane. The company says it will also be targeting municipal utilities looking to craft a sustainable energy mix.