GE to establish energy firm combining several businesses
HARTFORD — General Electric Co. has established an energy company that combines its LED, solar, energy storage and electric vehicle businesses and a software system to help customers improve efficiency.
The Fairfield, Connecticut-based conglomerate said Wednesday the company, known as Current, will begin with more than $1 billion of revenue and build on the company’s energy businesses. It will be based in the Boston area and have a presence in California’s Silicon Valley, though exact locations weren’t provided.
Through its software GE will analyze energy consumption and provide customers with data detailing patterns of use and recommendations to improve efficiency.
GE says customers include Walgreens, Hilton Worldwide and JPMorgan Chase.
Current is expected to create about 200 jobs. Maryrose Sylvester, a former president and CEO of GE Lighting, will serve as CEO.