Business Achievement: Growth

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Silver Spring Networks for growing its revenues by more than 85% in Q3 2013 following its IPO in February 2013. Silver Spring's branded Smart Energy Platform offers networks for communications between utility back offices and devices on the power grid, as well as a suite of products that run on those networks to facilitate advanced metering, distribution automation and demand-side management.

Through Q3 2013, Silver Springs claimed contracts with leading electric utilities and utility holding companies in the United States and other countries, including Pepco Holdings; Exelon Corporation; CHEDHA Holdings; CPFL Energia; CPS Energy; NextEra; Guelph Hydro Electric Systems; OGE Energy; PG&E; Progress Energy; Sacramento Municipal Utility District; Singapore Power; and Virginia Electric and Power Company. As of September 30, 2013, the company had delivered 17.5 million Silver Spring-enabled devices that connect homes and businesses, according to its quarterly report.

In addition to the electric utility market, Silver Springs is targeting municipal governments with a Smart City service to make street and traffic lighting more energy efficient. "The payback time for smart public lighting is legitimately in the no-brainer category," EVP Eric Dresselhuys told SiliconBeat from the November 2013 Smart City Expo in Barcelona. "Right now, street lights and traffic lights are managed with the kind of timer that you use when you go on vacation." Silver Spring earlier announced it was selected to network 20,000 street lights in Copenhagen and was also working in Paris on an advanced "streetlight and traffic signal project" that would cut energy usage by 30% over 10 years.