Silver Spring reportedly on a contract signing spree

Silver Spring Networks, a firm which recently received $75 million investment for its global expansion, is reportedly finalising contracts "worth hundreds of millions of dollars to outfit three large, yet-unnamed electric utilities with smart grid technology in deal".

The multi-year deals include wirelessly networking more than three million electric meters for the utilities.

The agreements are expected to be finalised in December and would be worth more than $300 million, Silver Spring executives told Red Herring.

"The Silver Spring agreements, which are with two investor-owned utilities in the United States and one abroad, would cap a big year for the Kleiner Perkins-backed company," as per the report.

It was Kleiner Perkins Caufield & Byers's Green Growth Fund, which had led a $75 million investment round into Silver Spring Networks in October. The company provides its Smart Grid technology, systems, and services to customers including: Florida Power & Light Company, Pacific Gas and Electric Company, Modesto Irrigation District, Oklahoma Gas & Electric, Consumers Energy, and others.

Chief executive Scott Lang said Silver Spring has already inked multi-year contracts worth $500 million, and he expects that value to reach $1 billion within 12 months. He said the company would be profitable by next year, pulling in revenue exceeding $75 million.