Sypris Electronics has been selected by the US Department of Energy (DOE) to receive $3.1m funding to develop a centralized cryptographic management system to protect electric power grids from cyber attacks.

The company is one of the eight institutions selected by the DOE to receive cyber security R&D project funding.

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 $20m for eight cyber security R&D projects to research, develop and commercialize a range of cyber security solutions to strengthen the US electric grid against cyber intrusion.