Smart Meter Communications Maker offers its IPO
Many anticipated it would come and it has, the IPO of Silver Spring Networks is here. On July 7, the company filed to go public to raise $150 million. The Redwood City Calif.-based company, which provides meters, mesh radio network and software for end-to-end smart grid projects, has been a popular choice for utilities in the U.S. such as Baltimore Gas & Electric, Pacific Gas & Electric, and Florida Power & Light Company. Silver Spring notes that it has won contracts for more than 17 million devices.
After phenomenal growth over the past few years, the company is operating at a loss and anticipates continued losses and negative operating cash flow for the foreseeable future. In the meantime, the company has delved into demand response and home energy management, and plans to get into electric vehicle charging.
It will certainly be interesting to see who responds as smart meter communication technology and its providers play a key role in deployment of smart meters. Stay tuned…
07-13-2011 8:11 PM