Press Releases

SYPRIS AWARDED $3.1 MILLION OF FUNDING FROM THE DEPARTMENT OF ENERGY PROJECT TO PROTECT U.S. POWER GRID

TAMPA, FL. (October 25, 2010) – Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc., today announced that it has been selected by the U.S. Department of Energy (DOE) to receive $3.1 million of funding to develop a centralized cryptographic key management system to protect the nation’s electric power grids from cyber attacks. Sypris was one of eight institutions selected by the DOE to receive cyber security R&D project funding.


HIGHLIGHTS
  • Sypris to receive $3.1 million of funding from the DOE to develop a centralized cryptographic key management system to protect the nation’s electric power grid from cyber attacks.
  • The project is intended to improve the security of Smart Grid meters at residences by utilizing electronic data keys to limit access to trusted parties while preventing intruders from launching a cyber attack on the system.
  • Sypris is partnering with Purdue University, Oak Ridge National Laboratory and the Electric Power Research Institute on the three-year project.
  • The DOE is providing a total of $20 million for eight cyber security R&D projects to research, develop and commercialize a range of cyber security solutions to strengthen the U.S. electric grid against cyber intrusion. Together, these projects are designed to bring cyber security protection into the utilities, out to the substations and to homes.

“Sypris has been developing and deploying global information assurance programs, including global key management solutions, for the Department of Defense for over 45 years,” stated John Walsh, President of Sypris Electronics. “We have the unique opportunity to leverage our expertise in military-grade solutions to protect our country’s critical electric power infrastructure from cyber attack. As cyber warfare increases globally, we expect to deploy this expertise increasingly across a wide range of infrastructure projects on behalf of our nation and its allies.”

“The development of technologies that can provide defense-in-depth cyber security solutions, and increased insight from private-public collaborations, will allow us to better protect the nation’s energy delivery systems that keep our lights on and the power flowing,” said Energy Secretary Steven Chu.