GE-NRG Energy-ConocoPhillips Venture Invests in Future of Wireless Communication Networks with Capital for On-Ramp Wireless
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.
San Diego-based On-Ramp Wireless will use the funds to further
commercialize its Ultra-Link Processing? (ULP) Smart Grid and Digital
Oil Field solutions. ULP′s total reach, the ability to cost-effectively
connect billions of hard-to-reach devices deployed in dense urban
settings, located below ground, and in remote environments, is an
industry first. 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 (SDG&E) and Southern
California Edison. The ULP network enables secure and reliable
transmission of data with minimal infrastructure, significantly reducing
initial capital costs and reducing overall total cost of ownership by
greater than two-times over existing technologies.
'With its ULP technology, On-Ramp Wireless can support numerous
applications that were previously cost-prohibitive to integrate with
communications technology. This enables a new class of wireless
automation software services for the energy industry,? said Kevin
Skillern, GE Energy Financial Services′ managing director of venture
capital and representative of Energy Technology Ventures. 'We also
believe there is significant potential to apply the technology in other
infrastructure segments.?
Joaquin Silva, president and CEO of On-Ramp, said, 'Energy Technology
Ventures′ investment will not only assist in the continued development
and implementation of our patented wireless technology, but it also
recognizes the critical contribution these technologies can provide to
transform utility and oil and gas operations.?
On-Ramp was selected as one of ten winners of the GE ecomagination
Challenge′s phase two 'Powering Your Home? program, announced last June.
The ecomagination Challenge demonstrates GE′s global commitment to
accelerate the development and deployment of innovative technologies
through open collaboration, while providing financial support to develop
and commercialize innovative technologies. The investment in On-Ramp is
one of many in GE′s push to develop its 'Industrial Internet,? a network
of Internet-connected devices that will collect and communicate data. In
addition, On-Ramp is a participant in GE′s $20 million ecomagination
Accelerator program, which is an offshoot of the $200 million
ecomagination Challenge. The ecomagination Accelerator program is
designed to scale offerings of leading start-up companies, utilizing GE
as a global growth platform.
About On-Ramp Wireless
On-Ramp Wireless has developed the first wireless system purpose-built
to connect billions of hard-to-reach devices in metro scale and other
challenging environments. On-Ramp′s field-proven Ultra-Link Processing?
system enables low-power monitoring and control applications for Smart
Grid, pipeline integrity, water efficiency, industrial sensing, and
location tracking. Operating in un-licensed spectrum, our signal
processing innovation finds weak signals even in high noise
environments, yielding extreme coverage, immunity to high interference,
and significantly lowers cost. For more information, visit www.onrampwireless.com.
About Energy Technology Ventures
Energy Technology Ventures is a joint venture involving GE (NYSE: GE),
NRG Energy (NYSE: NRG), and ConocoPhillips (NYSE: COP) focused on the
development of next-generation energy technologies. Bringing together
three market-leading companies with a wide range of deep technical and
financial expertise, relationships, services and products; the joint
venture invests in, and offers commercial collaboration opportunities to
venture- and growth-stage energy technology companies in the renewable
power generation, smart grid, energy efficiency, oil, natural gas, coal
and nuclear energy, emission controls, water and biofuels sectors,
primarily in North America, Europe and Israel. For more information,
visit www.energytechnologyventures.com.
CJP Communications for Energy Technology Ventures
Brian Schaffer,
212-279-3115 ext. 229
bschaffer@cjpcom.com
or
Vantage
Communications for On-Ramp Wireless
Lydia Howard, 413-461-1218
lhoward@pr-vantage.com
