Cisco invests into WiMax for Grid Net

Just days after Cisco announced that it stopped devel0ping WiMAX , the networking giant invested unknown amount of money into a company that holds WiMAX in the highest regard: Grid Net.

Read more @ Engadget

Source @ Grid Net

Press release

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.

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