GE is expanding its energy start-up, Current, in the region by integrating other platforms to offer cost-effective options for consumers.
GE says it can help businesses cut energy costs by using a combination of LED lighting and solar solutions, energy storage and gas-fired technology options. It will “enable intelligent environments to use sensors that capture usage and consumption data to improve productivity,” it said.
The average price of electricity worldwide over the past two years has risen by 20 per cent, said Erdem Soyal, Current’s general manager for the Middle East and Turkey.
He said this week in Dubai that US$1 trillion in managed funds evaluating environmental risks and new cleaning financing asset classes have emerged. “About $25 billion is lost annually because of power outages,” he said, adding that GE expects 100 million internet-connected light bulbs in the global market by 2020.
Mr Soyal said the entire idea was not to sell solutions, but rather to educate the market.
“GE will team with private parties and collaborate with the government, and with the backing of GE financials we’re allowing customers to pay the same or less than what they’re paying now for their energy bill,” he said, adding that savings would be seen after a couple of years.
To drive the operations, GE announced that Peter Lau would be the new chief executive of Current’s Europe and Middle East operations.
“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,” he said.
Follow The National's Business section on Twitter