Current (company)

Current, powered by GE
Subsidiary
Industry Energy
Founded October 7, 2015 (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 was previously the President & CEO of GE Lighting until 2016.[5]

Acquisitions

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.[6]

Projects

Current announced working with seven global companies, including Hilton, Simon Properties, and the City of San Diego.[7] The company has also partnered with other such companies as AT&T, Intel, and Qualcomm.[8]

It also within the first 5 months secured the world's largest LED installation with JPMorgan Chase.[7] 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.[9]

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.[10]

References

  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. ↑ "Shakeup at GE Lighting: Unit gets new CEO; changes ignite more sale rumors". Retrieved 2018-08-28.
  6. ↑ "GE's Current Buys Networked Lighting Firm Daintree Networks for $77M". Retrieved 2016-09-13.
  7. 1 2 GE, Current, powered by. "Our Approach". www.currentbyge.com. Retrieved 2016-09-13.
  8. ↑ GE, Current, powered by. "Partnerships that Power Progress". www.currentbyge.com. Retrieved 2016-09-13.
  9. ↑ 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.
  10. ↑ "Current Lights Up the Olympic Games". Current, powered by GE.
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