Silver Spring raises $30M from Hitachi

While smart grid networking company Silver Spring Networks announced last week that it had partnered with Japanese giant Hitachi, more details of the financial deal are now public. According to a filing, and Silver Spring’s latest S-1 amendment, Silver Spring has raised $30 million in an option and debt from Hitachi.

Hitachi is a massive conglomerate with hundreds of businesses, including quite a few in the smart grid like energy management systems, transformers, battery storage technology, and lighting. Hitachi is also working on the Hawaii smart grid demonstration project with a variety of other companies.

Silver Spring, which filed for an IPO last summer, has yet to go public and has been turning to large companies for partnerships and investment. In December the company raised $24 million from storage and IT giant EMC.

For the full year 2011, Silver Spring generated $237.05 million in revenues, up from revenues in 2010 of $70.22 million. The company also generated its first annual gross profit of $22.95 million for the year 2011, up from the gross losses it’s had in the past. However the company continues to generate an annual net loss, and lost $92.36 million for the year 2011, which represented a smaller loss than the $148.45 million it lost in 2010.

Silver Spring also says in its latest amended S-1, that it now has contracts to connect 22 million smart grid Silver Spring-enabled devices, which is up from the 17 million connected smart grid devices it disclosed in December.

Image courtesy of Bernat.