General Electric Company (NYSE:GE)’s Internet of Things Efforts Result In Current
General Electric Company (NYSE:GE) has come up with Current, a new energy business unit that is part of its Internet of Things play. With Current, GE is selling energy conservation solutions, and early adopters of the technology are already excited with what they have been able to achieve. Current simplifies and unifies the fragmented energy system of a customer and lets the customer save between 10% and 20% in electricity cost, but that is only the beginning.
General Electric Company (NYSE:GE) is one of those companies active on the Internet of Things front, because the future is an interconnected world. From GE’s Internet of Things labs is Current, a brand new business unit that has much to do with energy reliability and conservation.
What Current entails
Through Current, GE is helping customers to achieve greater energy efficiency. Under Current, GE provides solutions such as solar energy generation, on-site energy backup, LED lights and energy system analytics. With these solutions, customers are able to gain more insight into their energy systems so that they can have a smooth way of connecting their products to the Internet. Moreover, Current enables customers to put in place a more resilient, low-cost and reliable energy system. Current is clearly a complicated system, but it does solve complicated problems too.
Already, Current counts Walgreens Boots Alliance Inc (NASDAQ:WBA), Simon Property Group Inc (NYSE:SPG), Intel Corporation (NASDAQ:INTC) and several other companies among its customers. Others that have adopted GE’s Current are Hospital Corporation of America, JPMorgan Chase & Co. (NYSE:JPM) and Hilton Worldwide Holdings Inc (NYSE:HLT).
Deployment of Current has enabled these customers to lower their electricity cost by up to 20%, and there is room to do more as Current gets better with time.
A business set on growth path
According to General Electric Company (NYSE:GE), Current could be a $5 billion revenue business by 2020. A $500 million funding has been set aside for Current, and GE is ready to increase that funding amount as the need rises.
General Electric Company (NYSE:GE) is currently targeting energy consumers with its Current solutions, but hopes that utilities will be drawn in gradually as they learn the value of the technology to their businesses.
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