Like other big defense contractors facing budget cuts, Boeing (NYSE: BA) is looking to get in on smart grid development in the U.S., the company’s defense chief told Bloomberg.
Dennis Muilenburg said he is looking to move beyond aerospace and defense to tap what is potentially a $20 billion market for upgrading the nation’s utility grid.
Boeing reportedly submitted three proposals in August for Department of Energy grants set aside for smart grid development.
Moving into the smart grid sector brings Boeing into direct competition with GE (NYSE: GE), IBM (NYSE: IBM) and Cisco (Nasdaq: CSCO), according to Bloomberg, as well as Lockheed Martin (NYSE: LMT), another major defense contractor pursuing smart grid dollars.
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