On Wednesday, General Electric announced that it is creating a company that focuses on solar power, energy storage, LED and the electic vehicle industry. This company will be called Current and will be located in the greater Boston area, with another location in Silicon Valley.
Jeff Immelt, chairman and CEO of GE, released the following written statement about the new company, “Current combines GE’s products and services in energy efficiency, solar, storage, and onsite power with our digital and analytical capabilities to provide customers – hospitals, universities, retail stores, and cities – with more profitable energy solutions. The creation of a new company within GE reinforces our commitment to take energy to the next level, focusing on custom outcomes for our Commercial & Industrial customers, municipalities and utility partners, and delivering a platform that can be upgraded as technology advancements are made.”
To start, Current will begin with more than $1 billion in revenue and already has some major customers. Hilton WorldWide, JPMorgan Chase, Hopspital Corporation of America (HCA), Intel, Simpon Property Group and Trane have all signed on already with Current. With these businesses already supporting this energy start up, it seems likely that Current will be able to hit their goal of scaling the business from $1 billion to $5 billion by 2020.