GE to Channel $1B into Energy Efficiency, Generation and Storage

Sept. 30, 2015
GE plans to channel $1 billion into a new type of energy efficiency, generation and storage company that combines financing with GE’s physical and digital capabilities.

GE plans to channel $1 billion into a new type of energy efficiency, generation and storage venture that combines financing with GE’s physical and digital capabilities.

The company announced the new business Tuesday at its fourth annual Minds + Machines 2015 in San Francisco, an event focused on the industrial Internet.

GE said that the new organization will serve commercial & industrial, utility, and municipal customers, including hospitals, universities, retail stores and cities.  The company intends to provide them with the “hardware and software they need to be more reliable, more efficient and more profitable,” according to a news release from the event

Additional details will follow in the coming weeks, GE said.

GE will launch the business with $1 billion and will leverage GE financing, putting the organization “on track to quickly establish a leadership position in the fast-growth energy efficiency market,” a company said.

“GE is committed to lead as the industrial and digital worlds collide. We plan to generate outcomes alongside our customers,” said Jeff Immelt, GE chairman and CEO.  “A new day is upon us. Now is the time for industry.”

Separately the company also unveiled “the digital power plant,” software and hardware that creates a kind of “digital twin” of a power plant, basically modeling its present state.

GE said that the technology lets utilities monitor and manage every aspect of a power plant’s ecosystem to generate electricity cleanly, efficiently and securely with real-time control.

The digitalized power plant will use GE’s Predix industrial data platform to continuously improve its assets and operations.

GE and Exelon will pilot the system on nuclear, gas and wind power projects. PSEG is testing it on gas-fired plants.

For merchant generators, every bit of efficiency and productivity matters to our bottom line,” said Rich Lopriore, president of PSEG Fossil.  “Having the best power generation technology—both physical and digital—is critical to our competitiveness.”

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About the Author

Elisa Wood | Editor-in-Chief

Elisa Wood is an award-winning writer and editor who specializes in the energy industry. She is chief editor and co-founder of Microgrid Knowledge and serves as co-host of the publication’s popular conference series. She also co-founded RealEnergyWriters.com, where she continues to lead a team of energy writers who produce content for energy companies and advocacy organizations.

She has been writing about energy for more than two decades and is published widely. Her work can be found in prominent energy business journals as well as mainstream publications. She has been quoted by NPR, the Wall Street Journal and other notable media outlets.

“For an especially readable voice in the industry, the most consistent interpreter across these years has been the energy journalist Elisa Wood, whose Microgrid Knowledge (and conference) has aggregated more stories better than any other feed of its time,” wrote Malcolm McCullough, in the book, Downtime on the Microgrid, published by MIT Press in 2020.

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