Commercial, Demand Management, Energy Efficiency, Industrial - November 20, 2017
CEO puts Current on GE's chopping block
In laying out his vision for a more streamlined General Electric Co., the company's new CEO, John Flannery, has outlined plans to sell $20 billion worth of assets over the next two years, including its energy management "startup," Current.
According to the Boston Business Journal, Flannery gave his first presentation to shareholders Nov. 14 since taking the helm at GE in August.
"Over the past two years, Current has generated significant growth in delivering new energy efficiency and digital productivity outcomes for its customers," Jeff Caywood, a spokesman for GE, reportedly wrote in an email to the Business Journal. "GE's goal is to find a buyer that can help Current continue progressing on its growth journey."
Current was launched in the fall of 2015 as a "startup" within GE, and spent much of 2016 making headlines in the energy space with numerous acquisitions and product launches marketed to commercial and industrial organizations. Although best known for its lighting as a service offering, the company had been working toward 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.
In late 2016, it was reported that Current had begun a corporate restructuring that had been expected to continue into 2017.
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