Silver Spring Networks, Inc. assists worldwide utilities and cities in connecting, optimizing, and managing smart energy and smart city infrastructure. In essence, the Company enables the Internet of Important Things™ through reliably and securely connecting important things. Silver Spring Networks has a cost-effective, high-performance IoT network and data platform.
The Company’s inventive solutions enables utilities to gain operational efficiencies, improve grid reliability, and allows consumers to monitor and manage energy use. Silver Spring Networks has deployed networks in Smart Cities including Copenhagen, Glasgow, Paris, Providence, and Stockholm.
Incorporated in Delaware on July 3, 2002, Silver Spring Networks has its headquarters in San Jose, California. It also has offices in Chicago, Illinois; Escondido, California; San Antonio, Texas; Melbourne, Australia; São Paulo, Brazil; Paris, France; Singapore; and London, United Kingdom. Silver Spring Networks went public on March 13, 2013.
The Company provides a proven standards-based platform safeguarded with military grade security. It has been an established leader, innovating networking technologies to securely connect consumers and utility providers, since 2002. Its ground-breaking IPv6 networking platform (over 24.9 million Silver Spring enabled devices delivered) is connecting utilities to homes and businesses globally.
The Company’s customers include Baltimore Gas & Electric, CitiPower & Powercor, Commonwealth Edison, CPFL Energia, CPS Energy, and Florida Power & Light. Additionally, its customers include Jemena Electricity Networks Limited, Pacific Gas & Electric, Pepco Holdings, Progress Energy, and Singapore Power, among others.
In November, Silver Spring Networks announced the expansion of CPFL’s Distribution Automation (DA) program with Silver Spring. The Company and CPFL’s program encompasses more than 300 cities across greater than 100,000 km² of CPFL’s service territory in São Paulo state.
The belief is that Silver Spring and CPFL’s program is one of the world’s largest DA deployments when measured by service territory. This program is built upon Silver Spring’s IPv6 platform deployment for Advanced Metering Infrastructure for ‘Grupo A’ customers in the region.
The CPFL program will expand on CPFL’s current Silver Spring deployment of 640 reclosers to connect an additional 3,700 reclosers. This will assist in improving service reliability for consumers, while hastening fault detection and speeding up system restoration.
CPFL Energia operates in the distribution, generation, commercialization, services and telecommunications segments. CPFL is a leader in the distribution market with 13% participation, over 7.8 million customers in 561 cities of the States of São Paulo, Rio Grande do Sul, Minas Gerais, and Paraná.
Silver Spring Network entered a new collaboration agreement with Singapore Power. This agreement is to expand its AMI deployment by an additional 200,000 electric customers, and to open the platform to other third-party IoT devices in support of Singapore’s “Smart Nation” initiative.
Furthermore, the Company was chosen by Baltimore Gas and Electric (BGE) for a Distribution Automation program to further improve grid reliability and efficiency with connectivity solutions for BGE’s reclosers across its whole grid. The Distribution Automation program is an extension of its existing smart grid investment.
For Q3 2016, Silver Spring Networks increased billings by 2% to $76.1 million. This was close to the upper end of the Company’s guidance range. Silver Spring earned $0.13 per diluted share. The Company produced $5.1 million in cash flow from operations for Q3 2016.