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, the company said.
The investment round was led by institutional investors and included
existing investors Google Ventures, Foundation Capital, Kleiner Perkins
Caufield & Byers and Northgate Capital.
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 (NYSE: FPL), Pacific Gas & Electric (NYSE: PCG), Pepco Holdings, Inc. (NYSE: POM), Jemena Electricity Networks Limited and United Energy Distribution, among others.
Earlier this month, AT&T (NYSE: T) announced a deal to provide 3G wireless communication services to Silver Spring’s utility customers throughout the U.S.
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