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Silver Spring Networks raising $30M, despite planned IPO
Smart grid company Silver Spring Networks is raising a $30 million round of debt and options, according to a filing. The company, which filed to go public this summer, has closed $24 million of that planned round and is looking to bring in another $6 million.
The company, which sells wireless networking products to utilities for smart meter deployments and other smart grid services, has seen a lot of growth in 2010 and 2011. According to Silver Spring’s latest amended S-1, the company brought in revenues of $175.72 million for the nine months ended September 30, 2011, with a $76.20 million net loss for the same period. In 2010 Silver Spring generated revenues of $70.22 million, $3.30 million in 2009 and just $58,000 in 2008. To date Silver Spring Networks has contracts for 17 million connected smart grid devices and has utility customers like Pepco Holdings, Constellation Energy, Florida Power & Light and PG&E.
Full Gigaom article here.