General Electric (GE) announced on Wednesday that it will established a new company, Current, to integrate its LED, Solar, Energy Storage and Electric Vehicle businesses. Led by Maryrose Sylvester, President and CEO at GE Lighting, Current will utilize GE’s industrial strength Predix platform to deliver cost effective and efficient renewable energy solutions to its customers.

“Current combines GE’s products and services in energy efficiency, solar, storage, and onsite power with our digital and analytical capabilities to provide customers – hospitals, universities, retail stores, and cities – with more profitable energy solutions,” said Jeff Immelt, Chairman and CEO of GE. “The creation of a new company within GE reinforces our commitment to take energy to the next level, focusing on custom outcomes for our Commercial & Industrial customers, municipalities and utility partners, and delivering a platform that can be upgraded as technology advancements are made.”

The move represents GE’s bid to take advantage of seismic shifts in the energy business as customers seek to save money by better controlling energy use and even by generating their own power, reports The New York Times. Current, as a startup, will help offer GE’s customers with comprehensive and more competitive energy solutions that combine GE’s experiences in electric sectors like power grid, energy management and power output optimizing. GE estimates 10-20% energy cost cut when Current offers its energy-as-a-service solutions along with Predix to customers who adopt to use.

Current will be headquartered in Boston, Mass. Metyropolitan area. It will start with more than US$1 billion of revenue and aims to make a US$5 billion business by 2020. Customers including Walgreens, Simon Property Group, Hilton Worldwide, JPMorgan Chase, Hospital Corporation of America (HCA), Intel and Trane, a brand of Ingersoll Rand, have agreed to use Current’s solutions.

(Source of inforgraphic: Current)