In this paper, we outline the Grid 2.0 Research, a collaborative Smart Grid research program between Gachon Energy Research Institute (GERI) of Kyungwon University and Bell Labs of Alcatel-Lucent. Salient features of the Grid 2.0 Research are the active role of distributed fixed and mobile energy storage, distributed renewable energy sources, and active load-side participation. Our focus is not on the energy storage itself but rather on the supporting infrastructure including communication network, security, and economics of the Smart Grid. Grid 2.0 Research views the Smart Grid as an ecosystem. In this regard, we pay close attention to the components and systems which require significant fundamental advancement or systems which do not exist today, thus requiring innovative solutions or greater sophistication. In order to realize a functioning ecosystem, critical components and tools of the envisioned Smart Grid are identified. This research work has been motivated by the Smart Grid roadmap of KEPCO and the Jeju Island Smart Grid Test-bed of Korea which will be discussed following the introduction section. Areas of research focus will be explained in a concise manner in the subsequent sections.