GE Energy is renaming the Converteam business, which is acquired last year for $3.2bn, as Power Conversion. It plans to use the business to build its presence in the expanding energy efficiency, electrification and automation sector, which is worth $30bn and is growing faster than global GDP.

Describing the announcement as “a significant milestone”, Power Conversion’s CEO Joe Mastrangelo says: “We are combining our technology and consultative offerings in systems integration to help the world`s fastest-growing energy and industrial sectors to improve the efficiency and profitability of their operations. Our strengths in these sectors will allow GE to lead by managing the entire energy lifecycle.

“Power Conversion`s engineering expertise, systems focus and market customisation make it a differentiator in today`s market because GE can scale its businesses and deliver new solutions to market faster than current competitors,” Mastrangelo suggests.

GE hopes to tap into the trend to replace mechanical processes with more efficient, customised electric alternatives that are more reliable and need less maintenance. It expects this trend to double over the next 20 years.

Power Conversion will address all steps in the energy conversion chain with a portfolio based on rotating machines, power electronics, wind converters, solar inverters and process control technologies. In particular, the company says it could help to improve the efficiency of motor-driven systems by 30%, thus cutting electricity consumption and greenhouse gas emissions.

Power Conversion’s target markets will include the natural gas, renewables, mining and metals sectors. It expects the fastest growth in the industrial automation sector to be in Brazil, Russia, India, China and the Middle East.