Silver Spring Networks (SSNI) is a leading provider of networked energy metering devices providing real time information and control to utilities and consumers. The devices allow for more efficient energy delivery, improved grid reliability, and capital and operational savings for utilities, as well as reduced carbon emissions. The company also offers a range of services that enable its customers to deploy, operate and maintain its networking platform. Silver Spring filed with the SEC on Thursday to raise up to $150 million in its long-anticipated initial public offering.
The company expects that rising energy demand, aging energy infrastructure, the proliferation of new technologies and environmental concerns will all fuel demand for its offering, with industry reports forecasting growth in the total metering market from $7 billion in 2010 to $19.5 billion in 2015 (23% CAGR). Since its inception in 2002, the company has been awarded contracts to network more than 17 million devices, of which 8 million have been networked as of June 30, 2011. Silver Spring has already achieved significant growth, generating $70 million in sales and $261 million in billings in 2010, a marked increase from the $3 million in sales and $196 million in bookings from the prior year. The company currently sells to several large utility providers including Pacific Gas & Electric and NextEra Energy and has initiated international operations with contracts and pilots in Australia, Brazil, Europe, and Asia.
The Redwood City, CA-based company plans to list on the NYSE under the symbol SSNI. Morgan Stanley, Goldman, Sachs & Co., and Credit Suisse are the lead underwriters on the deal. No pricing terms were disclosed.
