Silver Spring Closing $300M Utility Deals

Moresco, Justin
November 2008
Red Herring;11/24/2008, p1
Trade Publication
The article reports that Silver Spring Networks is finalizing contracts to outfit three electric utilities with smart grid technology in deals that could push the startup to the forefront of this next-generation energy industry. The deals include wireless networking more than 3 million electric meters for the utilities and are expected to be finalized in December 2009. According to the article, smart grid technology promises to make electric grids more reliable and efficient, reducing risks of costly blackouts and deferring the need to buy more generation and transmission capacity. Chief Executive Scott Lang said Silver Spring has already signed multiyear contracts worth $500 million, and he expects that value to reach $1 billion within a year.


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