Current, powered by GE and JPMorgan Chase Launch Energy Efficiency & Sustainability Collaboration across 4,500 Branches
- 4,500 Chase branches will implement new energy management and digital technologies to cut total energy consumption by 15 percent and lighting-related consumption by 50 percent
- Bank is also working with GE’s Current team to pilot solar technology at Chase branches throughout California
- Agreement solidifies next phase of collaboration between the two companies, following 2016 deal marking the world’s largest LED installation
June 28, 2017 (New York) – Current, powered by GE (NYSE:GE) today announced the second phase of an ongoing collaboration with JPMorgan Chase to install new energy management and digital technologies that will increase the energy efficiency of roughly 4,500 Chase branches across the U.S., furthering the bank’s long-term commitment to environmental sustainability.
Current’s new AllSites* energy management system will utilize sensors, software and lighting controls to help Chase branches reduce electric and gas consumption by 15 percent and water from irrigation systems by 20 percent. The bank is also working with Current to pilot an installation of solar panels at Chase branches in California, with plans to introduce solar technology to thousands of other locations.
This deal represents the next step of a 2016 collaboration on the world’s largest LED lighting installation. To date, 2,500 branches have been retrofitted with LED lighting with an additional 60 JPMorgan Chase corporate offices planned, helping to cut Chase’s lighting energy consumption by 50 percent, or the equivalent of taking nearly 27,000 cars off the road.
“As we think about the future of our branch and workplace, we’re always looking for smart strategies that make our business and buildings more sustainable,” said David Owen, Chief Administrative Officer of JPMorgan Chase & Co. “This technology will help us run our facilities more efficiently, reduce energy consumption and improve the experience for our clients, customers and employees.”
Chase’s branches will incorporate a variety of new software applications developed by Current and its digital partner ecosystem, including apps that improve energy management and HVAC efficiency, irrigation processes and lighting & power system controls. The apps are powered by GE’s Predix* technology, the world’s first software platform for the Industrial Internet.
“Our job is to make businesses more efficient and more productive,” said Maryrose Sylvester, President & CEO of Current, powered by GE. “Companies like JPMorgan Chase are showing the immense value that can be achieved at the intersection of energy infrastructure and digital technology, and we are excited to continue partnering together to shape the future of banking.”
Current’s new AllSites application provides enterprise-level, cloud-based visibility into energy and HVAC efficiency across thousands of retail branches through Chase’s Network Operations Center. And to reduce water consumption and improve irrigation systems for outdoor plants, Chase branches will utilize an app built by Weathermatic, one of Current’s development partners.
“Consumers in this industry, like many others, are demanding faster, easier and more comfortable banking experiences,” added Sylvester. “Today we’re installing a digital network that helps Chase improve energy usage, but the possibilities go far beyond energy—the beauty of an open software platform is tomorrow that same network could be used to develop apps for improving branch space utilization, teller productivity, appointment room scheduling or dozens of other possibilities.”
Chase’s new installation complements the bank’s ongoing commitment to sustainability, which includes efforts to manage its buildings and branches more efficiently. The bank is on target to reach its goal to reduce greenhouse gas emissions 50 percent below 2005 levels by 2020 and continues to offset 100 percent of emissions generated by employee air travel on an annual basis. In addition to the new solar pilot, the bank promotes renewable energy by supporting projects that bring new renewable energy capacity to the grid.
About JPMorgan Chase:
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Current, powered by GE:
Current is the digital engine for intelligent environments. A first-of-its-kind startup within the walls of GE (NYSE: GE), Current blends advanced energy technologies like LED and solar with networked sensors and software to make commercial buildings and industrial facilities more energy efficient & productive. Backed by the power of Predix*, GE’s platform for the Industrial Internet, and a broad ecosystem of technology partners, Current is helping businesses and cities unlock hidden value and realize the potential of their environments. www.currentbyge.com
GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
*Trademark and/or service mark of General Electric Company