GE Introduces Startup Current to Transform Energy Sector

GE (NYSE:GE) announced Current, powered by GE, a first-of-its kind
energy company that integrates GE’s LED, Solar, Energy Storage and
Electric Vehicle businesses with its industrial strength Predix platform
to identify and deliver the most cost effective, efficient energy
solutions required by customers today and in the future. Maryrose
Sylvester, who as President and CEO at GE Lighting has led the
transformation of one of the company’s most iconic businesses, will lead
the new enterprise. Current is backed by GE’s balance sheet and
financing expertise, and committed to successfully advancing
ecomagination-certified technology solutions, new business models and
Predix solutions for the energy sector.

“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,” said
Jeff Immelt, Chairman and CEO of GE. “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.”

Current will begin with more than $1 billion of revenue and build on
GE’s legacy in energy and deep roots in technology. It will bring to
market a holistic energy-as-a-service offering absent from industry
today that includes sensor-enabled hardware, software, fulfillment,
product management and financing solutions. Through Predix, GE will
analyze energy consumption and provide customers with data around
patterns and needs along with recommendations to increase efficiency –
from reducing power levels, to generating power on site to creating new
revenue streams for customers through the use of sensors and networked
systems in buildings. These advanced solutions will help customers save
an estimated 10-20% on their energy bills, and help utility partners
better manage their distributed load.

“We’ve been transforming the power and lighting sector since GE’s
inception. Energy is part of our legacy, part of our genetic code. And
digital code is a big part of our future. Once again, we have an
opportunity with Current as a startup to lead another significant change
in energy delivery,” said GE Vice Chair Beth Comstock, whose oversight
of Business Innovation encompasses Current and other transformation
efforts. “Commercial enterprises can’t afford complexity and
inefficiency in energy solutions if they are to remain competitive. They
are looking for ‘future proofed’ solutions. From the socket to the grid,
we understand how the electrons flow and have the unique position to
optimize energy regardless of the scenario or customer.”

Several key customers, including Walgreens, Simon Property Group, Hilton
Worldwide, JPMorgan Chase, Hospital Corporation of America (HCA), Intel
and Trane, a brand of Ingersoll Rand, are piloting Current’s solutions
to transform their operations, drive energy efficiency and reduce costs.

“Walgreens has a history of implementing environmentally sustainable
technologies in our retail footprint,” said Matt Harris, Divisional Vice
President of Facilities Asset Management for Walgreens. “For more than
25 years, we have worked with GE to bring improved lighting technologies
to stores and most recently installed GE’s environmentally-sustainable
LED lighting products in some of our stores. It is important that we
continue to find innovative, sustainable technology and explore ways to
leverage software platforms like GE’s Predix to assess our energy needs
and increase efficiency. That is not only smart for our communities and
planet but also makes good business sense.”

“As part of Simon's continued effort to improve energy efficiency at its
properties, the company is exploring several new energy saving
opportunities, in addition to our use of LEDs, including innovative new
battery storage concepts,” said Tim Earnest, Executive Vice President
for Simon Management Group. “Pairing these technologies with GE’s Predix
data systems and software could lead to powerful, cost effective,
efficient energy solutions. With more than 200 malls, The Mills and
Premium Outlets in North America, Simon's scale lends itself well to
testing energy efficiency programs for potential use across its
portfolio.”

Current will be headquartered in the greater Boston, Mass. metropolitan
area, with additional presence in the Silicon Valley. It is expected to
create roughly 200 new jobs focused on software, outcomes selling and
energy product management over the next few years. Operations have begun
and will continue to increase in 2016. Learn more at www.CurrentByGE.com.

About GE

GE (NYSE:GE) is the world’s Digital Industrial Company, transforming
industry with software-defined machines and solutions that
are connected, responsive and predictive. GE is organized around a
global exchange of knowledge, the "GE Store," through which each
business shares and accesses the same technology, markets, structure and
intellect. Each invention further fuels innovation and application
across our industrial sectors. With people, services, technology and
scale, GE delivers better outcomes for customers by speaking the
language of industry. www.ge.com

About Maryrose Sylvester

Sylvester has been leading GE Lighting, a $3 billion dollar enterprise,
since 2011. Under her direction, GE has transformed the business by
introducing LEDs to meet the needs of world markets and deliver energy
efficient lighting solutions that create intelligent environments. In
this process, she will scale Current from a $1 billion startup to a $5
billion business by 2020.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151007005832/en/

Source: Business Wire
(October 7, 2015 - 9:17 AM EDT)

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