GE, NRG Energy, ConocoPhillips venture invests capital with On-Ramp Wireless
San Diego-based On-Ramp Wireless will use the funds to further commercialize its Ultra-Link Processing Smart Grid and Digital Oil Field solutions
San Diego, July 10, 2012 — Energy Technology Ventures – a GE-NRG Energy-ConocoPhillips venture – has invested in On-Ramp Wireless, developer of wireless networks for energy automation, as part of the company's Series C capital raise. Financial terms of the transaction were not disclosed.
ULP's cellular-like wireless network is globally available and is deployed in critical infrastructure and smart grid deployments around the globe. On-Ramp was also awarded a grant by Department of Energy to develop a wireless network to monitor underground circuits to improve grid reliability and has deployed the projects with both San Diego Gas & Electric and Southern California Edison.
The ULP network enables secure and reliable transmission of data with minimal infrastructure, reducing initial capital costs and reducing overall total cost of ownership by greater than two-times over existing technologies.