GE yesterday announced Current. The company will integrate GE’s LED, solar, storage and electric vehicle businesses on the Predix digital analytics platform. The new company will provide energy-as-a-service via a Predix-driven network of Internet-of-things (IoT) sensor-enabled hardware and software. Fulfillment, product management and financing solutions will be offered.
The goal, according to a quote from GE Chairman and CEO Jeff Immelt in a press release, is to provide hospitals, universities, retail stores and cities with energy solutions that enhance profits. The company is predicting that Current will save customers 10 percent to 20 percent on their energy bills and enable utilities to better manage distribution.
Current begins with more than $1 billion in revenue. The system will analyze data to offer recommendations on reducing power levels, generating power on site and creating new revenue streams.
At the Fortune’s Brainstorm E conference late last month in Austin, Enlightened GEO Joe Costello said that his company’s clients are cutting lighting bills by 60 percent to 70 percent and heat and air conditioning bills by 20 percent to 30 percent. The IOT is key in enabling the savings.