BOSTON — General Electric on Tuesday announced it had completed the sale of its Current business unit to a private equity firm.
Current — officially titled Current, Powered By GE — was formed by GE in 2015 as a kind of internal startup business designed to decrease energy use and increase operational productivity for customers at settings such as commercial offices, retail stores, industrial facilities and municipalities by optimizing their energy infrastructure and software.
A few employees of Current now work at GE’s Schenectady campus, the company said, as do several ex-employees. A solar unit that was previously part of Current is based in Schenectady and not included in the sale of Current to New York-based American Industrial Partners.
The companies said Current will retain its name and continue using the GE brand on its products and services under a long-term licensing agreement. Financial terms of the deal were not disclosed.