Silver Spring Networks, a leading provider of Smart Grid solutions, announced Tuesday that it entered into an agreement to acquire Greenbox Technology, a provider of web-based energy management software.
Terms of the deal were not disclosed.
The GreenboxTM interactive energy management web portal, built by the creators of FlashTM, delivers on a key benefit of the Smart Grid–enabling consumers to track, understand and manage their energy usage more efficiently.
"We’re thrilled to have the distinguished Greenbox Technology team join us," said Judy Lin, Chief Product Officer of Silver Spring Networks. "We are working with utilities to build the platform for a smarter grid. This acquisition allows Silver Spring to provide another critical application: a smart and intuitive energy-management portal. The Greenbox technology also allows consumers to engage in time-of-use and other Smart Grid-enabled energy-saving programs."
Silver Spring’s Smart Energy Network is an IP-based network technology that creates an end-to-end communications platform for the Smart Grid. Both companies’ use IP-based, open web interfaces and standard data-access techniques.
"By joining Silver Spring Networks, we can deploy our home energy-management solution much faster and more broadly than we could alone. It’s a winning combination for utilities and consumers," Jonathan Gay, Founder and CTO, Greenbox Technology said.
Silver Spring Networks provides the hardware, software and services that allow utilities to deploy and run advanced applications, including Smart Metering, Demand Response, Distribution Automation and Distributed Generation, over a single, unified network.
The company has 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. In 2008, the World Economic Forum honored Silver Spring Networks as a Technology Pioneer.
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