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Current Lighting Solutions

Current Lighting Solutions, LLC
Company typeSubsidiary
IndustryEngineering
FoundedOctober 7, 2015; 8 years ago (2015-10-07) Boston, Massachusetts, U.S.
Headquarters
Area served
Worldwide
Key people
Steve Harris (CEO)
ParentAmerican Industrial Partners
Websitewww.currentlighting.com

Current Lighting Solutions, LLC (formerly Current, powered by GE and GE Current, a Daintree company), trading as Current, is a company that sells energy management systems. It is headquartered in Greenville, SC, U.S. The company appointed Steve Harris as its new Chief Executive Officer, succeeding interim CEO Bill Tolley on May 30, 2023.

History

Current was established by General Electric on October 7, 2015, as a startup subsidiary.[1][2] It began with more than $1 billion of revenue with the expectation to grow the business to a $5 billion business by 2020.[3]

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.[4]

On 6 November 2018, GE announced that it would sell Current to the US private equity firm American Industrial Partners. Under the terms of the sale, AIP will maintain use of the GE brand. The deal was concluded in April 2019.[5][6][7][8]

On 20 June 2022, the company announced that it would rebrand from GE Current to Current Lighting Solutions following the acquisition of Hubbell’s Commercial & Industrial (C&I) Lighting business.[9]

Projects

Current announced working with seven global companies, including Hilton, Simon Properties, and the City of San Diego.[10] The company has also partnered with other such companies as AT&T, Intel, and Qualcomm.[11]

It also within the first 5 months secured the world's largest LED installation with JPMorgan Chase.[10] 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.[12]

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.[13]

References

  1. ^ "GE's new Current gives the Internet of Things a jolt of energy". Fortune. 2015-10-07. Retrieved 2016-09-01.
  2. ^ "Could GE's new start-up Current have the power to transform the energy market?". BusinessGreen. Retrieved 2016-09-01.
  3. ^ Sampson, Dan. "Current by Powered GE". New York Stock Exchange. Archived from the original on 2016-08-17. Retrieved 2016-08-15.
  4. ^ "GE's Current Buys Networked Lighting Firm Daintree Networks for $77M". Retrieved 2016-09-13.
  5. ^ Kellner, Tomas (6 November 2018). "GE To Sell Current, Its Intelligent Environments Unit, To American Industrial Partners". GE Reports.
  6. ^ "Business Wire". www.businesswire.com (Press release). 6 November 2018.
  7. ^ "American Industrial Partners Completes Acquisition of Current, powered by GE". www.businesswire.com. 2 April 2019.
  8. ^ AIP. "American Industrial Partners Completes Acquisition of Current, powered by GE". Archived from the original on 2019-04-04. Retrieved 2019-04-04.
  9. ^ "Current™ Launches New Brand Identity to Capture the Expanded Company's Customer-Centric Focus | Current".
  10. ^ a b GE, Current, powered by. "Our Approach". www.currentbyge.com. Archived from the original on 2016-09-17. Retrieved 2016-09-13.((cite web)): CS1 maint: multiple names: authors list (link)
  11. ^ GE, Current, powered by. "Partnerships that Power Progress". www.currentbyge.com. Archived from the original on 2016-09-19. Retrieved 2016-09-13.((cite web)): CS1 maint: multiple names: authors list (link)
  12. ^ 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.
  13. ^ "Current Lights Up the Olympic Games". Current, powered by GE.[permanent dead link]
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Current Lighting Solutions
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