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CURRENT Group and Verizon Announce Joint Smart Grid Offering to Help Improve Efficiency and Reliability of the Electric Distribution GridBASKING RIDGE, N.J. & GERMANTOWN, Md. --(Business Wire)-- Electric utilities can more quickly adopt smart grid capabilities by combining intelligent distributed sensing from CURRENT Group with an Internet Protocol-based solution from Verizon (News - Alert). Under a new agreement, the two companies are enabling real-time power consumption and analysis communications between electric companies and sensors deployed on their networks. The two companies will leverage their core capabilities to deliver a joint smart grid solution. Verizon will provide the underlying wireless and IP network services, managed network and security services, and advanced IT security consulting services to help electric companies identify and mitigate risks to critical cyber assets, including data, applications, IT systems and networks. CURRENT will provide its intelligent sensors, which monitor distribution grid performance; its OpenGrid™ utility element management system; and its System Optimization and Reliability analytical software solutions. "This package of essential ingredients will help jump-start power industry efforts to employ smart grid technologies in their day-to-day business operations," said Rilck Noel, managing director for Verizon's global energy and utility practice. "The solution will help electric utilities speed integration of renewable energy sources, improve overall grid operations, and realize a secure, IP-enabled smart grid. We will continue to partner with industry leaders to develop end-to-end solutions for our customers." (NOTE: To view a video featuring Rilck Noel about how smart grid will revolutionize the power industry, visit http://www.youtube.com/watch?v=0BbKBWMYqls.) "Today's utilities face unprecedented challenges to improve performance and efficiency at a time when infrastructure costs are skyrocketing, energy consumption is down and policy uncertainty abounds," said CURRENT CEO Tom Casey. "Integrated distribution smart grid technologies like that of CURRENT and Verizon provide utilities with low investment solutions that are easy to deploy and deliver fast, measurable results." The relationship leverages the extensive experience of both companies to deliver key building blocks for an IP-enabled smart grid. Specifically, the ability for electric utilities to process information securely, reliably and more quickly will be central to making production, distribution and consumption more efficient. The new offering is immediately available and designed for simple and speedy implementation. Electric companies can adopt the solution on a substation-by-substation, application-by-application or enterprise-wide basis. About Verizon Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 91 million customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers innovative, seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of approximately 222,900 and last year generated consolidated revenues of more than $107 billion. For more information, visit www.verizon.com. About CURRENT Group CURRENT Group, LLC, delivers innovative and industry-leading intelligent solutions that optimize the distribution system and offer utilities new ways to monitor and manage the health of the grid. Through CURRENT's distributed sensing, monitoring, and analytical technologies, utilities are better able to understand, predict and respond to system disturbances and faults, identify where inefficiencies are, and enable the smartest possible sourcing and distribution of power. CURRENT's state-of-the-art technologies are being implemented by utilities around the globe and are being utilized in the largest and most advanced demonstration projects in the world. CURRENT is engaged in European Union-sponsored projects in partnership with Iberdrola, the world's 4th largest electric utility, among others, to expand the use of Smart Grid technology in the European Union. This year, CURRENT was honored by the World Economic Forum as a 2009 Technology Pioneer, selected by Venture Beat as one of the World's Top 10 Most Innovative Smart Grid companies, and selected by Dow Jones as one of the Top 10 most Innovative Clean Technology companies in Europe. CURRENT is a private company founded in 2000 that is backed by leading investors including Liberty Associated Partners, EnerTech Capital, Google (News - Alert), Inc., and Goldman Sachs & Co. CURRENT is headquartered outside of Washington, DC, with offices throughout the United States and Switzerland and Singapore, and has representation in Australia. Additional information can be found at http://www.currentgroup.com/. |
