US conglomerate General Electric Co (NYSE:GE) on Wednesday announced the creation of a new company that integrates its light-emitting diode (LED), solar, energy storage and electric vehicle businesses.
The new Massachusetts-based firm, called Current, will use GE’s Predix platform to analyse energy consumption and provide data around patterns and needs along with recommendations to boost efficiency. The company will offer sensor-enabled hardware, software, fulfillment, product management and financing solutions.
Current is backed by GE’s balance sheet and will start business with more than USD 1 billion (EUR 890m) of revenue, the group said. The goal is to increase that figure to USD 5 billion by 2020.
The business will be led by Maryrose Sylvester, the former president and CEO of GE Lighting.