NEW ORLEANS & SAN JOSE, Calif.--(BUSINESS WIRE)--
Silver Spring Networks, Inc. (NYSE:SSNI) today announced that it has been selected by Entergy Services, Inc., to support the comprehensive grid modernization program of the Entergy utility Operating Companies. Entergy will leverage Silver Spring’s multi-application IPv6-based Gen5 network platform across its 114,000 square mile territory to provide two-way meter communications and near-real time telemetry for approximately 2.8 million customers in Arkansas, Louisiana, Mississippi and Texas. The platform will enable the Entergy Operating Companies to offer their customers more insight into and better control over their energy usage and costs, while helping to more quickly identify and restore power after outages and improve overall grid reliability. Today’s announcement details the new, unnamed customer award described during Silver Spring Networks’ earnings conference call on August 4, 2016.
“We are excited to work with Entergy to deploy Silver Spring’s proven, secure and reliable platform across the South,” said Mike Bell, President and CEO, Silver Spring Networks. “A smart grid program will usher in a new era for Entergy’s utilities to continuously improve reliability and safety while meeting the evolving needs of their customers. It is an honor to be selected by such an industry leader.”
Pre-deployment planning and design are underway. Pending regulatory approval, Silver Spring anticipates that the Entergy Operating Companies’ deployments of the Silver Spring platform will begin by 2018, and will be completed across their service territories by the end of 2021. In addition to advanced electricity and gas metering, the Entergy Operating Companies have the option to evaluate additional applications to be connected through Silver Spring’s platform in the future.
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About Silver Spring Networks
Silver Spring Networks is a leading networking platform and solutions provider for smart energy networks. Silver Spring’s pioneering IPv6 networking platform, with over 24.3 million Silver Spring enabled devices delivered, is connecting utilities to homes and businesses throughout the world with the goal of achieving greater energy efficiency for the planet. Silver Spring’s innovative solutions enable utilities to gain operational efficiencies, improve grid reliability, and empower consumers to monitor and manage energy consumption. Silver Spring Networks’ customers include major utilities around the globe such as Baltimore Gas & Electric, CitiPower & Powercor, Commonwealth Edison, Consolidated Edison, CPS Energy, Florida Power & Light, Jemena Electricity Networks Limited, Pacific Gas & Electric, Pepco Holdings, Progress Energy, and Singapore Power, among others. To learn more, please visit www.ssni.com.
Forward-Looking Statements
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, benefits, and timing of Silver Spring’s engagement with Entergy Services, Inc. and its operating companies. 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 receipt of regulatory approval and the successful implementation and deployment of the engagement, 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.
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