Venture capital for smart grid technology expansion
Posted by: Metering.com
October 9, 2008
Other funders include existing investors Foundation Capital, JVB Properties, and Northgate Capital.
In a statement KPCB partner John Doerr said the implementation of the smart grid is one of the most important clean technology initiatives of the coming decade.
“Silver Spring has emerged as the clear technology leader and Kleiner Perkins’ investment will help them expand globally,” said Doerr.
Scott Lang, president and CEO of Silver Spring Networks, said KPCB has a proven track record of backing winning technology companies that go on to be global leaders. “We are pleased that our systems and services are gaining such strong customer traction, and it’s great to have KPCB as an investor.”
Ben Kortlang, co-manager of KPCB’s Green Growth Fund, will join the Silver Spring Networks Board of Directors while KPCB Partners John Doerr and Al Gore will join the Silver Spring Networks Advisory Board.
Silver Spring Networks’ technology includes the IP-based Smart Energy Network, which uses multiple transport technologies to run multiple applications and devices on a common infrastructure and empowers consumers to manage their energy more efficiently.
Silver Spring Networks customers include Florida Power & Light Company, Pacific Gas and Electric Company, Modesto Irrigation District, Oklahoma Gas & Electric, and Consumers Energy, among others.
KPCB launched its $500 million Green Growth Fund in May to invest in growth stage green technology companies that provide solutions that address the climate crisis.