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Dealipedia - Silver Spring Networks Inc receives an investment from Google Ventures...

Silver Spring Networks Inc receives a $100 million investment

Deal Participants:
Company: Silver Spring Networks Inc View Profile Charts Homepage
Investors: Google Ventures View Profile Add Homepage   Google Search
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Foundation Capital View Profile Charts Homepage
Kleiner Perkins Caufield & Buyers View Profile Add Homepage Google Search
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Northgate Capital Group View Profile Charts Homepage
Deal Financials:
Investment Amount: $ 100 million
Series:
Date:
Announced: Dec 15, 2009

PRESS RELEASE - Silver Spring Networks Inc receives a $100 million investment

ilver Spring Networks Announces $100 Million Financing
Accelerating Smart Grid Initiatives in Response to Strong Global Demand

Redwood City, CA, December 15, 2009 - Silver Spring Networks, a leading Smart Grid solutions provider, today announced the closing of a $100 million preferred equity round. The financing will be used for development of new smart grid applications, job growth and the continued expansion of Silver Spring’s global footprint.

“We have a terrific opportunity to accelerate the development and deployment of next generation smart grid initiatives,” said Warren Jenson, Chief Financial Officer of Silver Spring Networks. “At a time when world leaders have gathered in Copenhagen, we’re honored to be partnering with some of the most progressive utilities in the world to address energy efficiency by building out the smart grid. We are pleased to have a great set of investors that share our vision.”

The investment round was led by institutional investors and included existing investors Google Ventures, Foundation Capital, Kleiner Perkins Caufield & Byers and Northgate Capital.
About Silver Spring Networks

Silver Spring Networks is a leading Smart Grid solution provider that enables utilities to achieve operational efficiencies, reduce carbon emissions and empower their customers with new ways to monitor and manage their energy consumption. Silver Spring provides the hardware, software and services that allow utilities to deploy advanced applications, including Smart Metering, Demand Response, Distribution Automation and Distributed Generation, over a single, unified network. Silver Spring’s Smart Energy Platform is based on open, Internet Protocol (IP) standards, allowing continuous, two-way communication between the utility and devices on the grid. Silver Spring has numerous deployments with leading utilities in the US and abroad, including Florida Power & Light, Pacific Gas & Electric, Pepco Holdings, Inc., Jemena Electricity Networks Limited and United Energy Distribution, among others. For additional information, please visit www.silverspringnetworks.com.

Media Contact:
Alisa Weinstein
PR@silverspringnet.com
(415) 308-5338

Investor Contact:
Tricia Gugler
tgugler@silverspringnet.com
(650) 780-4504

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Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/dealiped/public_html/deal_view_investment.php on line 963

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/dealiped/public_html/deal_view_investment.php on line 963
Dec 16 '09
Dec 16 '09
This version submitted by penny
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