Current (company)

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Current, powered by GE
Subsidiary
Industry Energy
Founded October 7, 2015; 2 years ago (2015-10-07)
Headquarters Boston, Massachusetts, United States
Area served
United States
Key people
Maryrose Sylvester
(President & CEO)
John Irvine (CFO)
Parent General Electric
Website www.currentbyge.com

Current, branded as Current, powered by GE, is a company that sells energy management systems. It was established by General Electric on October 7, 2015, as a startup subsidiary.[1][2] It began with more than $1 billion of revenue with the expectation to grow the business to a $5 billion business by 2020.[3]

It is headquartered in Boston, Massachusetts[4] with additional presence in San Ramon, California and Cleveland, Ohio. The company CEO is Maryrose Sylvester, who is also the President & CEO of GE Lighting.

Acquisitions[edit]

On April 21, 2016, Current acquired the building automation company Daintree Networks for $77 million. The plan is to combine Daintree's open-standard wireless network with GE’s open source platform Predix to offer a new energy management system to businesses.[5]

Projects[edit]

Current announced working with seven global companies, including Hilton, Simon Properties, and the City of San Diego.[6] The company has also partnered with other such companies as AT&T, Intel, and Qualcomm.[7]

It also within the first 5 months secured the world's largest LED installation with JPMorgan Chase.[6] Under the deal, Current will replace 1.4 million existing lights at 5,000 of JPMorgan Chase's bank branches with LED lighting. The replacement is expected to reduce the lighting-related energy used at these branches by 50 percent.[8]

For the 2016 Summer Olympics in Rio de Janeiro, Current provided 200,000 energy-efficient lights at more than 40 Olympic venues (over 46 million square feet in total), reducing 50 percent of the energy costs.[9]

References[edit]

  1. ^ "GE's new Current gives the Internet of Things a jolt of energy". Fortune (magazine). 2015-10-07. Retrieved 2016-09-01. 
  2. ^ "Could GE's new start-up Current have the power to transform the energy market?". BusinessGreen. Retrieved 2016-09-01. 
  3. ^ "Current by Powered GE | New York Stock Exchange". www.nyse.com. Retrieved 2016-08-15. 
  4. ^ "GE's new Current subsidiary warms up to Boston's clean-tech community - The Boston Globe". Retrieved 2016-08-15. 
  5. ^ "GE's Current Buys Networked Lighting Firm Daintree Networks for $77M". Retrieved 2016-09-13. 
  6. ^ a b GE, Current, powered by. "Our Approach". www.currentbyge.com. Retrieved 2016-09-13. 
  7. ^ GE, Current, powered by. "Partnerships that Power Progress". www.currentbyge.com. Retrieved 2016-09-13. 
  8. ^ Mann, Ted (2016-02-18). "GE Strikes Deal to Install LED Lighting at 5,000 J.P. Morgan Bank Branches". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-09-01. 
  9. ^ "Current Lights Up the Olympic Games". Current, powered by GE. 

External links[edit]