General Electric Company (NYSE:GE) has been strengthening its ties with Apple, in an attempt to bring innovation to its lighting business. Apple has been developing its HomeKit and General Electric wants to be a part of it. The company is planning to do this by developing special LED bulbs, compatible with the Kit, which changes color as per the rhythm of the body.
With its competitors moving towards connected lighting systems, it is no surprise that the company is trying to bring innovations of its own. The new LEDs are a part of the smart lighting system, which can adjust the light to help you sleep better or stay awake, as per your needs. The technology is based on the concept that colored lights induce the production of melatonin to sleep better and bright blue light reduces the production of melatonin. However, the users can select the colors on their own as well.
Apple’s HomeKit is aimed at fulfilling the concept of a connected home. Apple plans to connect a number of household equipment to your smartphone. The GE representatives also announced that this is just the first and very basic step, in the company’s attempts to move to the concept of a connected home.
However, the majority of company finances are still dedicated to large projects, involving jet-engines and power turbines. Lighting had contributed $2.5 billion in revenues last year, which is 2.3% of the overall sales. The company had, however, announced plans to sell off its lighting segment. The plans could be taking a turn with the newest developments though. The company also stated that it was the CEO, Jeff Immelt’s, wish to combine software and analytics with GE products. The market for smart lighting solutions seems to be on a path to saturation, with a number of companies entering the market. These not only include the traditional electronics companies, but other technology companies as well.
General Electric Company (NYSE:GE) closed at $26.92 after losing 1.28% on May 5. The company has 10.06 billion shares being traded in the market, with a 52-week range of $23.41-$28.68.