Current (AIP subsidiary)
|Founded||October 7, 2015|
(President & CEO)
John Irvine (CFO)
|Parent||American Industrial Partners|
Current, branded as GE Current, a Daintree company, is a company that sells energy management systems. It was established by General Electric on October 7, 2015, as a startup subsidiary. It began with more than $1 billion of revenue with the expectation to grow the business to a $5 billion business by 2020.
It is headquartered in Boston, Massachusetts with additional presence in Montreal, Quebec, San Ramon, California and Cleveland, Ohio. The company CEO is Maryrose Sylvester, who was previously the President & CEO of GE Lighting until 2016.
On 6 November 2018, GE announced that it would sell Current to American Industrial Partners. Under the terms of the sale, Current will maintain use of the GE brand. The deal was concluded in April 2019.
On April 21, 2016, Current acquired the building automation company Daintree Networks for $77 million. The plan is to combine Daintree's open-standard wireless network with GE’s open source platform Predix to offer a new energy management system to businesses.
Current announced working with seven global companies, including Hilton, Simon Properties, and the City of San Diego. The company has also partnered with other such companies as AT&T, Intel, and Qualcomm.
It also within the first 5 months secured the world's largest LED installation with JPMorgan Chase. Under the deal, Current will replace 1.4 million existing lights at 5,000 of JPMorgan Chase's bank branches with LED lighting. The replacement is expected to reduce the lighting-related energy used at these branches by 50 percent.
For the 2016 Summer Olympics in Rio de Janeiro, Current provided 200,000 energy-efficient lights at more than 40 Olympic venues (over 46 million square feet in total), reducing 50 percent of the energy costs.
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- "Could GE's new start-up Current have the power to transform the energy market?". BusinessGreen. Retrieved 2016-09-01.
- "Current by Powered GE | New York Stock Exchange". www.nyse.com. Retrieved 2016-08-15.
- "GE's new Current subsidiary warms up to Boston's clean-tech community - The Boston Globe". Retrieved 2016-08-15.
- "Shakeup at GE Lighting: Unit gets new CEO; changes ignite more sale rumors". Retrieved 2018-08-28.
- Kellner, Tomas (6 November 2018). "GE To Sell Current, Its Intelligent Environments Unit, To American Industrial Partners". GE Reports.
- "Business Wire". www.businesswire.com.
- "American Industrial Partners Completes Acquisition of Current, powered by GE". www.businesswire.com. 2 April 2019.
- AIP. "American Industrial Partners Completes Acquisition of Current, powered by GE".
- "GE's Current Buys Networked Lighting Firm Daintree Networks for $77M". Retrieved 2016-09-13.
- GE, Current, powered by. "Our Approach". www.currentbyge.com. Retrieved 2016-09-13.
- GE, Current, powered by. "Partnerships that Power Progress". www.currentbyge.com. Retrieved 2016-09-13.
- Mann, Ted (2016-02-18). "GE Strikes Deal to Install LED Lighting at 5,000 J.P. Morgan Bank Branches". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-09-01.
- "Current Lights Up the Olympic Games". Current, powered by GE.[permanent dead link]