SAN JOSE, Calif. & DUBAI, United Arab Emirates -Thursday, March 30th 2017 [ ME NewsWire ]
(BUSINESS WIRE)-- Today Silver Spring Networks, Inc. (NYSE: SSNI) announced that its subsidiary, Silver Spring Networks International Limited, has entered into an agreement with the Dubai Electricity & Water Authority (DEWA) to establish a communication platform based on Silver Spring’s IPv6 multi-application Radio Frequency (RF) Mesh Canopy, which will allow DEWA to provide smart grid applications such as smart electricity, water meter and distribution automation. The new communication platform will cover the whole of Dubai, including Hatta, and will serve all the communication requirements for any smart grid applications. Today’s announcement details the award described during Silver Spring Networks’ fourth quarter and full year 2016 earnings conference call on February 21, 2017.
The agreement includes the design, supply, installation, testing and commissioning of RF mesh canopy for smart grids. This will allow DEWA to provide secure and reliable communications for smart electricity and water systems, as well as additional services in the future. The move reinforces DEWA’s efforts to implement the Smart Dubai initiative to make Dubai the happiest and smartest city in the world.
The agreement was signed by HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, and Mike Bell, President and CEO of Silver Spring Networks today, March 29, 2017.
“DEWA remains focused on following the directives of the UAE wise leadership to adopt the latest and most innovative technologies, in implementation of the UAE Vision 2021 and the Dubai Plan 2021. These technologies in turn will ensure that we are able to implement the Smart Dubai initiative of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the happiest and smartest city in the world. For that end, we launched three smart initiatives. This agreement is part of our efforts to achieve the second smart initiative, namely ‘Smart Applications through Smart Meters and Grids’, which enables DEWA to build a wide and integrated smart grid covering generation, transmission and distribution systems. Smart grid includes demand side management, assets management, power stations and networks automation, systems integration and smart metering. The AED 7-billion smart grid is aligned with our other smart initiatives, including ‘Shams Dubai’ to install PV panels on buildings to generate electricity, and connect it to DEWA’s grid, and the ‘Green Charger’ initiative to establish the infrastructure for electric vehicle charging stations,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.
“We are pleased to collaborate with Silver Spring Networks, who have a globally proven Internet of Things networking platform that will give us a high-performance network to reliably deliver multiple electricity and water services, to the people of Dubai. Also, we intend to ensure that this platform is completely scalable to easily deploy new services in the future,” concluded Al Tayer.
“Dubai has long been a pioneer in energy and infrastructure innovation to support its economic growth and sustainability goals. We’re honored to partner with DEWA to bring our networking platform to the UAE, as Dubai continues to establish the infrastructure that will underpin its smart growth and connectivity in the future. Our open, standards-based solutions enable utilities, cities, and companies to accelerate adoption of Internet of Things devices and services, allowing millions of devices to be securely connected over varying conditions and environments. Dubai will join many iconic cities around the world where Silver Spring has deployed this technology,” said Mike Bell, President and CEO, Silver Spring Networks.
“We are committed to offering our customers standards-based, multi-application solutions that can help accelerate the development of smart infrastructure of the future. With the heavy reliance on fossil fuels in the Middle East, two-way Internet of Things technology for energy applications could help ease this burden while furthering energy efficiency. DEWA’s grid modernization initiative will help transform the infrastructure underpinning Dubai to help create a more sustainable and smarter future for the region,” said Ayse Ildeniz, Chief Operating Officer, Silver Spring Networks.
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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 25.5 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.
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 agreement with DEWA, as well as the potential uses of the canopy to DEWA. 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 agreement with DEWA, 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.
Silver Spring Networks
Amy Nunnemacher, 669-770-4183
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