Tuesday, July 10, 2012

On-Ramp Wireless Gets Backing From Energy Technology Ventures

San Diego-based On-Ramp Wireless, the developer of wireless communications systems used to connect devices into the smart grid, has scored the backing of Energy Technology Ventures, the venture capital m which is a joint venture of GE, NRG Energy, and ConocoPhilips. According to Energy Technology Ventures and On-Ramp Wireless, the group invested in On-Ramp as part of that company's Series C funding round. Financial details of the funding were not disclosed. The two said that the investment will go to further commercialize On-Ramp's Ultra-Link Processing, smart grid and digital oil field solutions. The firm's wireless equipment is used to connect a range of equipment into the smart grid and communications network. On-Ramp Wireless currently is deployed with both San Diego Gas & Electric and Southern California Edison in projects. A recent regulatory filing indicates that the firm has been in the midst of a $30M funding effort, most likely this same Series C funding. More information »