GE’s new billion dollar business unit is a great example of what the Internet of things can do.
Sourced through Scoop.it from: fortune.com
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 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. Beth Comstock, vice chair of Business Innovations at General Electric, laid out in an interview with Fortune exactly what that something new looked like. 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. Current’s customers include Walgreens, Simon Property Group, Hilton Worldwide, JPMorgan Chase, Hospital Corporation of America and Intel. So far they are saving between 10% and 20% of their electricity bills. Current aims to achieve $5 billion in revenue by 2020 and has roughly $500 million in financing available for customers, although Comstock implied that number could increase. “We are going to scale pretty quickly,” she said in response the question.