Silver Spring Networks Files S-1 For Planned IPO

Silver Spring Networks

Silver Spring Networks, a smart-grid technology provider, announced earlier this month that it filed an S-1 registration statement with the U.S. Securities and Exchange Commission relating to a proposed initial public offering (IPO) of its common stock. The company indicated that it is hoping to raise up to $150 million in the offering (a figure that could change prior to the actual offering).  

Silver Spring Networks was founded in 2002 and provides energy efficiency products, smart grid networking and advanced metering infrastructure solutions to customers throughout the United States. The following video contains additional background on the company's solutions:

According to the S-1, the company has received $271 million in preferred stock financings and stockholders with an ownership stake greater 5% are Foundation Capital, Kleiner Perkins Caufield & Byers, WR Holdings   NCD Investors LLC, Contra Costa Capital, LLC, and JVB Properties, L.L.L.P. 

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– This post was written by Rob Stewart, a graduate student pursuing an M.A. in Urban Sustainability at the Antioch University of Los Angeles, and Leonard Adler, Founder and Publisher of Green VC.

Silver Spring Networks Obtains $75 Million; John Doerr and Al Gore Join Advisory Board

Silver Spring Networks

Silver Spring Networks, a Redwood City, California-based provider of Smart Grid technology solutions, announced ealier this week that it received a $75 million round of funding. This round, a portion of which has been reserved for strategic partners, was led by Kleiner Perkins Caufield & Byers (KPCB) Green Growth Fund and included returning investors Foundation Capital, JVB Properties, and Northgate Capital.  Ben Kortlang, co-manager of KPCB’s Green Growth Fund, will join the Silver Spring Networks Board of Directors and KPCB Partners John Doerr and Al Gore will join the Silver Spring Networks Advisory Board.

"Kleiner Perkins has a proven track record of backing winning technology companies that go on to be global leaders," said Scott Lang, President and CEO of Silver Spring Networks. "We are pleased that our systems and services are gaining such strong customer traction, and it’s great to have KPCB as an investor."

"Implementation of the Smart Grid is one of the most important clean technology initiatives of the coming decade," said John Doerr, KPCB Partner. "Silver Spring has emerged as the clear technology leader and Kleiner Perkins’ investment will help them expand globally."

"Silver Spring Networks has the only true Smart Grid platform which has been proven at scale," said KPCB Partner Ben Kortlang. "We believe Silver Spring’s technology will drive the deployment of the Smart Grid globally. Kleiner Perkins is proud to be an investor in this important company."

"This investment from Kleiner Perkins is a testament to Silver Spring’s technology and industry leadership," said Adam Grosser, Foundation Capital Managing Partner and founding investor. 

Silver Spring Networks current customers include Florida Power & Light Company, Pacific Gas and Electric Company, Modesto Irrigation District, Oklahoma Gas & Electric, and Consumers Energy.

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