GE’s energy spinout, Current, plugs into first CMO
About: Current integrates GE’s LED, solar, energy storage and electric vehicle businesses with a software that can deliver and identify the most affordable, efficient energy solutions.
They’re at 745 Atlantic Ave, Boston, MA 02111
BOSTON, MA: General Electric Co.’s Boston-based energy spinout has hired its first chief marketing officer.
The startup, whose official name is Current, powered by GE, announced this week that Bruce Stewart will be its CMO and his responsibilities will include increasing the demand for Current’s products while also helping to generate revenue.
At Constellation Energy, Stewart helped create a new business focused on delivering energy services to consumers, which grew to a multi-billion-dollar business in five years with more than two million customers, according to Current.
Current integrates GE’s LED, solar, energy storage and electric vehicle businesses with a software that can deliver and identify the most affordable, efficient energy solutions required by customers, according to a release. The startup’s revenue is projected to be $5 billion by 2020, up from $1 billion in 2015, according to Current.
In April, Current made its first acquisition of a lighting tech company, in a deal that GE executives say is a precursor to some major customer contracts. The acquisition was of a California-based company called Daintree Networks. The combined technology will allow commercial and industrial businesses who use intelligent lighting to analyze their energy consumption and identify ways to increase efficiency and reduce their carbon footprint.
Current announced that its headquarters would be in Boston, where it would create about 200 new jobs, several months before GE announced it was moving its corporate headquarters from Connecticut to Boston.