ST. LOUIS ( TheStreet) -- Two small units of Boeing (BA - Get Report) and Siemens (SI) said Monday they formed an alliance to seek Defense Department contracts to provide efficient energy management at military installations.
Boeing Energy, a start-up energy smart grid development and management venture created late in 2009, is an entrepreneurial effort within Boeing's Defense, Space and Security, which accounted for about half -- $31.9 billion -- of Boeing's total 2010 revenues.
The joint project "is the top priority for what we're working on at Boeing Energy," said Tim Noonan, vice president of Boeing Energy, during a conference call with reporters. "We see the Department of Defense as having a solid pain point here. We think we can drive it to other commercial markets."
Judy Marks, who heads Siemens U.S. Federal Business unit, said Siemens, known for energy management systems, has been discussing an alliance with Boeing for about a year. "We needed a partner that had the ability to understand even more