General Electric has started a company which will focus on energy efficiency to help corporate customers lower their energy bills and better manage power distribution.
The new firm, called Current, will integrate GE’s LED, solar, energy storage and electric vehicle businesses with GE’s growing data and analytics platform.
The company will be run by Maryrose Sylvester, who has been president of GE Lighting.
It will begin with $1billion in revenue and is expected to grow to $5billion by 2020, GE said.
GE said through analysing energy consumption GE could save its customers between 10 and 20% on their energy bills.
Chief Executive Officer Jeff Immelt said: “The creation of a new company within GE reinforces our commitment to take energy to the next level,”
GE’s will merge its LED business that serves commercial and industrial customers into the new company, while GE Lighting will continue to sell LED bulbs as well as other products to consumers, a GE spokeswoman said.
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