GE is strengthening operations of its new energy start-up Current in the Middle East region with the goal of supporting its partners to scale up energy efficiency and diversifying the energy mix. To drive the operations, GE has announced the appointment of Peter Lau as the Chief Executive Officer for Europe and the Middle East of Current.
Poised to transform how commercial, industrial and municipal users – hospitals, universities, retail stores and cities – manage their energy, Current brings together GE’s LED, solar, energy storage and electric vehicle businesses into a holistic offering that is currently absent in the industry today. The business portfolio includes sensor-enabled hardware, software, fulfillment, product management and financing solutions.
Lau will steer Current toward new efficient energy models that address customers’ goals today and in the future. He said: “Current brings the union of energy-efficient hardware and software to market in a way that will change the face of energy provision forever.”
Current will reduce energy costs with a comprehensive set Ecomagination certified LED lighting systems and solar, energy storage and gas fired technology options. GE will optimize a solution that reduces energy use, produces power on-site and shifts usage.
It will enable intelligent environments where lighting is networked with sensors that capture usage and energy consumption data to dynamically improve productivity. Current will also drive grid reliability and resiliency for utilities with solutions to meet the future challenges created by an increasingly distributed electric grid.
Lau added: “I am looking forward to helping customers across the region create a robust strategy to further their business objectives while reducing waste and costs and transforming the way industry chooses and consumes energy. With the Middle East region focusing on energy sector diversification and enhanced efficiency, Current will support our partners and the community in achieving tangible sustainable development goals.”
Through Predix, GE’s cloud-based platform for the Industrial Internet, Current will analyze energy consumption and provide customers with data around patterns and needs, along with recommendations to increase efficiency – from reducing consumption during peak hours, to generating power on site to creating new revenue streams for customers through the use of sensors and networked systems. These advanced solutions will help customers save an estimated 10-20 percent on their energy bills, and help utility partners better manage their distributed load.
Lau will lead Current’s European and Middle Eastern operations from a newly created European Commercial Leadership Office, based at The Ark in London. London was chosen for its position as an international business hub for start-ups and technology companies.
Lau brings more than 15 years of commercial and operations leadership within GE. Most recently, he served as General Manager of Global Sourcing and LED Fulfillment, where he built GE Lighting’s new partnership ecosystem and drove customer-centric business operations. Current is backed by GE’s balance sheet and financing expertise, and committed to successfully advancing ecomagination-certified technology solutions, new business models and Predix solutions for the energy sector.
