Commercial, Demand Management, Energy Efficiency, Industrial, Finance - December 14, 2016
Report: Restructuring underway at GE's Current
Current, the energy management "startup" launched by General Electric just over a year ago is undergoing a corporate reorganization, Greentech Media reported Dec. 12.
Citing numerous unnamed sources that GTM said either work with Current or have direct knowledge of the restructuring, the publication reported that the move aims to focus the company on core areas such as lighting and analytics. Current's communications director confirmed to GTM that a reorganization was underway but apparently did not offer details on its scope.
GE's Current spent much of 2016 making headlines in the energy space with numerous acquisitions and product launches marketed to commercial and industrial organizations. Although it was best known for its lighting as a service offering, the company had a vision that went far beyond LEDs, intending to combine renewable energy generation, energy storage and electric vehicle infrastructure into a "sustainable energy ecosystem" for C&I customers through Current's "industrial internet" software platform called Predix.
GTM reported that the restructuring will be ongoing into 2017, and that sources estimate the number of job impacts will be "in the hundreds," though it is not known whether employees will be moved around within the company or eliminated completely.
"Like any startup, we are learning and adapting our strategy as we mature, and the changes we are making now will help us grow and scale more quickly moving forward," Current director of communications Nikolas Noel told GTM in an emailed statement. " We are still absolutely committed to making Current a success, and we will continue investing in the business to deliver energy-efficiency outcomes for our customers."
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