Cisco (Nasdaq: CSCO) has made an equity investment in the smart grid technology company Grid Net.
The amount of the investment was not disclosed. Grid Net, which is developing real-time smart grid and home energy management software platforms for utilities, made the announcement.
Grid Net said it intends to use the funds to promote its all-IP, end-to-end network infrastructure solutions. In addition, Grid Net said it shares Cisco’s 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.
Grid Net launched its partner program in 4Q09 drawing big-name collaborators like GE (NYSE: GE), Intel (Nasdaq: INTC), Motorola (NYSE:
MOT) and Clearwire (Nasdaq: CLWR).
Grid Net is headquartered in San Francisco, California, and has offices in Sydney, Australia. Other investors in the company include Braemar Energy Ventures, Catamount Ventures, GE Energy Financial Services and Intel Capital.
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