Stacey Higginbotham, Fortune
As companies everywhere experiment with new business models enabled by the Internet of things, GE is building a brand new $1 billion energy business called Current to take its experimentation out of the lab and into the real world.
Last week Jeff Immelt, GE’s CEO hinted at Current’s creation, telling attendees at GE’s GE Minds + Machines conference that the conglomerate was building a new business aimed at energy efficiency that would combine LED lighting, solar and energy storage, along with GE’s Predix platform to offer customers something new.
The business is called Current and will be based in Boston. It’s headed up by Maryrose Sylvester who led GE’s LED lighting business. That whole line of commercial LED lighting folds into Current, which also will encompass some of the solar technology and battery technology that GE is working on as well.