GE said the new unit will start life as a $1bn a year business, offering a suite of products and services to customers in the commercial and industrial (C&I), municipal and utility sectors.

Current brings together GE’s interests in energy-efficiency, solar, storage, LED lighting and electric vehicles, marrying them to its Predix industrial software platform to provide highly-customised systems that the company claims could shave up to 20% off energy bills for user such as universities or shopping malls.

Start-up