GE announced Current, a new energy startup that will integrate GE’s LED, Solar, Energy Storage and Electric Vehicle businesses with its industrial strength Predix platform to provide efficient energy solution.

Maryrose Sylvester, president and CEO of GE Lighting will lead the new enterprise. Current is backed by GE’s balance sheet and financing expertise.

“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.”

Current will begin with more than $1 billion of revenue and build on GE’s knowledge and experience in the energy and technology sectors. It will bring to market a holistic energy-as-a-service offering absent from industry today that includes sensor-enabled hardware, software, fulfillment, product management and financing solutions. Through Predix, GE will analyze energy consumption and provide customers with data around patterns and needs along with recommendations to increase efficiency. GE said that these solutions provided by Current will help customers save an estimated 10-20% on their energy bills, and help utility partners better manage their distributed load.

“We’ve been transforming the power and lighting sector since GE’s inception. Energy is part of our legacy, part of our genetic code. And digital code is a big part of our future. Once again, we have an opportunity with Current as a startup to lead another significant change in energy delivery,” said GE vice chair Beth Comstock. “Commercial enterprises can’t afford complexity and inefficiency in energy solutions if they are to remain competitive. They are looking for ‘future proofed’ solutions. From the socket to the grid, we understand how the electrons flow and have the unique position to optimize energy regardless of the scenario or customer.”