Grid Net Announces Cisco Investment
Investment Will Accelerate Grid Net’s Market Development
San Francisco — March 25, 2010 — Grid Net, a global leader of real-time Smart Grid and Smart Home software platforms for utilities, their partners and their customers, today announced that Cisco has made an equity investment in the company.
Grid Net intends to use the proceeds from this investment to promote its real-time, all-IP, secure, reliable, extensible, end-to-end Smart Grid network infrastructure solutions. In addition, the investment highlights the two companies’ shared vision of creating an energy infrastructure for the 21st century that is built on open standards and helps utilities scale for more effective, efficient electricity transmission and distribution.
Grid Net said specifically the financing will be used to accelerate its cooperative efforts around product development, marketing, customer engagement, industry standards, and regulatory Smart Grid initiatives. Improved coordination and integration of advanced communications and smart grid networking technologies will foster solutions that remove the inherent risks and uncertainties associated with deploying single-vendor proprietary technologies.
Grid Net has built a world-class ecosystem of partners that include GE, Intel, Motorola, Clearwire and others to develop and deploy market-leading Smart Grid solutions worldwide. The company launched its partner program in the fourth quarter of 2009, and expects to grow this program substantially in 2010 and beyond.
About Grid Net
Grid Net is a leading global real-time Smart Grid and Smart Home software platforms provider for utilities, partners, and customers. The Grid Net platform is designed to integrate substation automation, distribution automation, smart meters, demand response, load management, and home automation capabilities to increase grid reliability, energy efficiency, renewable energy use, and customer satisfaction while reducing operating costs. Grid Net’s all-IP platform is utility-grade reliable, scalable and built to meet regulatory and governmental Smart Grid interoperability and cyber-security standards. Headquartered in San Francisco, California, with offices in Sydney, Australia, Grid Net is backed by world class investors Braemar Energy Ventures, Catamount Ventures, GE Energy Financial Services and Intel Capital. To learn more, visit Grid Net.