San Jose, CA and Singapore, Singapore – November 3, 2016 – Silver Spring Networks, Inc. (NYSE: SSNI) today announced its agreement with Singapore Power to expand Singapore Power’s uses and applications of its existing wireless mesh network platform across Singapore. Singapore Power, which provides electricity to 1.4 million homes and businesses on the island, plans to leverage its AMI deployment to connect an additional 200,000 electric residential customers. Silver Spring’s multi-application IPv6 platform will be extended to help Singapore Power improve its operational efficiencies, serve more advanced metering customers and for Singapore Power to develop a digital data and Internet of Things (IoT) platform. The joint efforts will support Singapore’s ‘Smart Nation’ goal by leveraging the IoT to improve efficiency, security, economic development and quality of life for its citizens.
Silver Spring has also announced that it will collaborate with Singapore Power on a variety of product and market development activities, with the intent to unlock the creativity of IoT innovation of Singapore’s commercial and academic institutions. In support of its collaboration with Singapore Power—and to help capitalize on IoT opportunities in the region—Silver Spring intends to establish its Asia Pacific headquarters in Singapore.
“We deeply value our long-standing relationship with Singapore Power and are delighted to continue building on our relationship for years to come, with the goal to jointly deploy technology that addresses the country’s evolving needs,” said Mike Bell, President and CEO, Silver Spring Networks. “Singapore Power is known as an industry leader globally, and their broad vision to leverage the value creation of IoT is transforming the definition of a modern utility. Our continued efforts can help move the country’s Smart Nation vision to reality through proven and secure nationwide coverage that has no limits on scalability.”
Since April 2014, Silver Spring has helped Singapore Power deliver deregulated energy services for the Energy Market Authority’s retail contestability program in Singapore. Silver Spring has successfully deployed its IPv6 platform throughout the country to enable customers to choose from a variety of retail energy providers and purchase electricity at wholesale market prices.
“Singapore Power’s mission is to deliver reliable and cost-effective energy services to improve quality of life for Singapore,” said Samuel Tan, Chief Digital Officer, Singapore Power. “With rapid change and evolving customer needs, we must be innovative in creating secure, sustainable solutions to help our customers save energy and cost. Our collaboration with Silver Spring in harnessing the power of digital technology will enable us to better serve our customers in the future.”
With more than 24.9 million enabled devices currently delivered on five continents, Silver Spring is deploying IoT networks in additional iconic cities and regions, including Bristol, Chicago, Copenhagen, Glasgow, London, San Antonio, San Jose, Stockholm and Kolkata, India.
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About Silver Spring Networks
Silver Spring Networks enables the Internet of Important Things™ by reliably and securely connecting things that matter. Cities, utilities, and companies on five continents use the company’s cost-effective, high-performance IoT network and data platform to operate more efficiently, get greener, and enable innovative services that can improve the lives of millions of people. With more than 24.9 million devices delivered, Silver Spring provides a proven standards-based platform safeguarded with military grade security. Silver Spring Networks’ customers include Baltimore Gas & Electric, CitiPower & Powercor, ComEd, Consolidated Edison, CPS Energy, Florida Power & Light, Pacific Gas & Electric, Pepco Holdings, and Singapore Power. Silver Spring has also deployed networks in Smart Cities including Copenhagen, Glasgow, Paris, Providence, and Stockholm. To learn more, visit www.ssni.com.
Silver Spring Networks
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This press release contains forward-looking statements about Silver Spring Networks’ expectations, plans, intentions, and strategies, including, but not limited to statements regarding the scope and benefits of Silver Spring’s engagement with Singapore Power, Silver Spring’s intent to establish its Asia Pacific headquarters in Singapore, and the future deployment of IoT networks in other cities and regions. Statements including words such as “anticipate”, “believe”, “estimate”, “expect” or “future” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include the successful implementation of the engagement with Singapore Power, as well as those described in Silver Spring Networks’ documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Silver Spring Networks as of the date hereof. Silver Spring Networks assumes no obligation to update these forward-looking statements