Former US vice-president turned environmental campaigner Al Gore will join the advisory board of Silver Spring Networks, a provider of so-called Smart Grid technology for increasing the ef
Former US vice-president turned environmental campaigner Al Gore will join the advisory board of Silver Spring Networks, a provider of so-called Smart Grid technology for increasing the efficiency of power utilities, following a USD75m investment round led by the Green Growth Fund managed by venerable Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers.
‘Kleiner Perkins has a proven track record of backing winning technology companies that go on to be global leaders,’ says Scott Lang, president and chief executive of Silver Spring. ‘We are pleased that our systems and services are gaining such strong customer traction.’
‘Implementation of the Smart Grid is one of the most important clean technology initiatives of the coming decade,’ says Kleiner Perkins partner John Doerr, who will also join the advisory board. ‘Silver Spring has emerged as the clear technology leader and Kleiner Perkins’ investment will help them expand globally.’
Silver Spring’s Smart Grid technology is designed to allow utilities to enhance the reliability and quality of their services while enabling them better to use power generating capacity, reduce carbon emissions and improve operating efficiency. Its customers include Florida Power & Light Company, Pacific Gas and Electric Company, Modesto Irrigation District, Oklahoma Gas & Electric and Consumers Energy.
‘Silver Spring Networks has the only true Smart Grid platform which has been proven at scale,’ says Ben Kortlang, a Kleiner Perkins partner and co-manager of the Green Growth Fund, who will join the company’s board of directors. ‘We believe Silver Spring’s technology will drive the deployment of the Smart Grid globally.’
The technology enables utilities to transmit and receive information from any point on the grid, using IP communications standards. According to Silver Spring, use of Smart Grid systems could ‘cut the growth rate of worldwide energy consumption by more than half over the next 15 years and drastically reduce carbon emissions’.
Since its establishment in 1972, Kleiner Perkins has invested in more than 500 ventures, including AOL, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Google, Intuit, Juniper Networks, Netscape, Lotus, Sun Microsystems, Symantec and Verisign. The firm, whose portfolio companies employ more than 250,000 people, has offices in Menlo Park, California, Beijing and Shanghai.
