The use of semantic technologies and ontologies is becoming more and more popular in engineering applications and particularly in product modelling. Still, the use is limited in academia and applications are of a small scale. In this paper we present the research work done by the closed-loop life cycle management (CL2M) team of the Laboratory for Computer-Aided Design and Production (LICP) at the Swiss Federal Institute of Technology Lausanne (EPFL), Switzerland, on the use of ontology-based technologies for the life cycle management of products and engineering assets. This research has been performed through a number of PhD works partially financed by the European Framework Program for research. It aims at providing both a wider understanding of the benefits of applying such technologies in the complex environment of asset life cycle management (ALM) and at providing a platform for implementing ontology models in industrial environments.