Redwood City, CA, November 29, 2007 – Silver Spring Networks received the World Economic Forum’s prestigious designation of Technology Pioneer in recognition of the Company’s transformational impact on the delivery of utility services. Silver Spring Networks was chosen for its vision of the Smart Grid and for the ability of its products to enable utilities to implement energy efficiency programs and improve grid reliability worldwide.
“It is a great honor to be named a Technology Pioneer,” said Scott Lang, President and CEO of Silver Spring Networks. “We are privileged to work within an industry that is taking the lead in addressing global climate change. As a catalyst to drive efficiency and increase operational effectiveness, our Smart Energy Network can make an immediate and significant impact on the global environment.”
The Technology Pioneers 2008 were nominated by the world’s leading technology experts, including venture capitalists, technology companies, academics and media. The final selection of 39 winners from 273 nominees was made by a panel of leading technology experts appointed by the World Economic Forum. Technology Pioneers 2008 are invited to participate in the World Economic Forum Annual Meeting 2008 that will be held in Davos, Switzerland, from 23-27 January and in the Annual Meeting of the New Champions that will be held in Tianjin, People’s Republic of China from 25-27 September 2008.
Energy efficiency has the potential to make a huge impact on the global environment. More aggressive energy efficiency efforts could cut the growth rate of worldwide energy consumption by more than half over the next 15 years, according to the McKinsey Global Institute. The Brattle Group estimates that demand response could reduce peak load by at least 5 percent, saving $35 billion over the next 20 years in the US alone, with significantly greater savings worldwide. As a result, there are hundreds of companies, large and small, investing hundreds of millions of dollars developing an impressive variety of new products and technologies to make the grid more efficient. These include distributed generation and energy storage technologies, more efficient appliances and smart-house technologies that allow users to better understand and control their energy use.
The challenge is in connecting these devices. Silver Spring Networks allows utilities to design, deploy and operate a common networking platform – or Smart Energy Network- that connects these devices cost effectively, delivering an immediate impact on both utility operations and the environment.
With a Smart Energy Network in place, utility companies are empowered to be more efficient by bringing the power, security and ubiquity of Internet Protocol networking to command and control networks. A Smart Energy Network enables utilities to maximize their existing grid by running multiple applications and deploying load balancing and load shedding programs. A Smart Energy Network also empowers consumers to track, monitor and hopefully reduce their use through energy services portals. The Smart Energy Network is the critical technology platform that makes energy efficiency and the Smart Grid possible.
“Smart Grid networking will fundamentally change the way utilities deliver services,” said Lew Hay, CEO of FPL Group, a Silver Spring Networks customer. “Florida Power & Light has long been a leader in energy efficiency programs. Our recent $500 Million Smart Grid commitment at the Clinton Global Initiative will enhance the platform for managing long-term sustainability in Florida and we look forward to partnering with Silver Spring Networks to make it possible. We are delighted that the World Economic Forum has recognized the impact Silver Spring Networks can have on global energy efficiency.”
“This year the World Economic Forum received a record number of applications from companies around the world to become a Technology Pioneer. From a highly competitive field, we are extremely pleased to have a community that is using innovation and technology to dramatically affect the way society and business operate and doing so in a markedly collaborative manner. We are excited to welcome the Technology Pioneers class of 2008 to the larger community of the World Economic Forum and we are looking forward to the fruits that their collaboration will bring,” said Peter Torreele, Managing Director of the World Economic Forum.
- Innovation. The company’s technology must be truly innovative. A new version or repackaging of an already well-accepted technological solution does not qualify as an innovation. The innovation should be recent – not more than two years old. The company should invest significantly in R&D.
- Potential Impact. The company’s technology must have the potential to have a substantial long-term impact on business and society in the future.
- Growth and Sustainability. The company should have all the signs of being a long-term market leader and should have well-formulated plans for future development and growth.
- Proof of Concept. The company must have a product on the market or have proven practical applications of the technology. Companies in “stealth” mode and companies with untested ideas or models will not qualify.
- Leadership. The company must have visionary leadership that plays a critical role in driving the company towards reaching its goals.
- Status. The company must not currently be a Member of the World Economic Forum. This criterion applies to the parent company – thus wholly-owned subsidiaries of large firms are not eligible.
About The World Economic Forum
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.
Incorporated as a foundation in 1971, and based in Geneva, Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan or national interests. (www.weforum.org)
About Silver Spring Networks
Silver Spring Networks creates the critical networking infrastructure for the Smart Grid, known as a Smart Energy Network. Based on the Internet Protocol (IP) suite, it addresses the challenges of running multiple applications and devices on the same network and dramatically improves efficiency, lowers costs and ensures the reliable delivery of services. This smarter, more efficient grid could cut the growth rate of worldwide energy consumption by more than half over the next 15 years and drastically reduce carbon emissions. Silver Spring Networks is recent recipient of GoingGreen and Brilliant Innovation Awards in 2007 and is currently working with the top 10 IOUs in North America. The company also holds numerous patents in the area of utility network optimization. For additional information, visit us at www.silverspringnet.com.
Notes to Editors
- Go to www.weforum.org/techpioneers/2008 for the entire list of Technology Pioneers and interviews with the CEOs of the selected companies. For more specific information, please e-mail: email@example.com.
- Download print-quality high resolution photographs of the CEOs of the selected companies at: www.pbase.com/forumweb/techpioneers2008.
- Nominate a company to be a Technology Pioneer 2009 at: www.weforum.org/pdf/techpioneers/nomination_form_2008.pdf . Deadline for submissions is May 2008.