Foundation Capital Cleantech Portfolio Recognized for
Global Leadership in Energy Industry
World Economic Forum Names Silver Spring Networks
and EnerNOC Technology Pioneers
Menlo Park, CA — November 29, 2007 — Foundation Capital, a venture capital firm committed to early stage company building, announced that two of its clean technology portfolio companies, Silver Spring Networks and EnerNOC, Inc. (NASDAQ: ENOC) have been honored as Technology Pioneers by the World Economic Forum. Silver Spring Networks is being honored as a 2008 Technology Pioneer for its transformational impact on the delivery of utility services and EnerNOC was chosen as a 2007 Technology Pioneer. Nominated by the world's leading venture capital and technology companies, Technology Pioneers are selected by a prestigious panel of leading technology experts specially appointed by the World Economic Forum.
Both Silver Spring Networks and EnerNOC are leading providers of energy efficiency products for major utility companies around the country. Silver Spring Networks creates the critical networking infrastructure for the Smart Grid, known as a Smart Energy Network. Based on the Internet Protocol (IP), a Smart Energy Network dramatically improves energy efficiency, lowers costs and ensures the reliable delivery of energy services while giving consumers the ability to track, monitor and reduce their use of energy. EnerNOC enables more efficient and cost-effective energy resources by alleviating the strain on electric power grids during periods of peak demand. EnerNOC software enables automated notification, remote load management, asset monitoring, energy usage reporting, and technical analysis.
"Backing what we believe to be the best entrepreneurs in the area of energy efficiency is a key focus of our cleantech investment thesis as it has the power to make a significant impact on lowering the demand for energy today," said Adam Grosser, general partner, Foundation Capital. "EnerNOC and Silver Spring Networks are innovators in this area, as validated by the World Economic Forum, and have already won the support of utilities all over the U.S., leading to significant energy savings for utilities and their customers around the country."
Over the last four years, Foundation Capital has committed more than $150 million to cleantech companies in a broad array of sectors including energy efficiency and intelligence, green building materials and industrial processes, food quality, and clean water. The firm continues to actively explore investment opportunities in these areas as well as more broadly in the cleantech sectors of alternative energy and storage, advanced materials, carbon capture, and green consumer services and marketplaces.
Technology Pioneers are nominated by the world's leading technology experts, including venture capitalists, technology companies, academics and media. To be selected as a Technology Pioneer, companies must be involved in developing and applying technology innovation with the potential for long-term impact on business and society. Additionally, companies must demonstrate visionary leadership, show the signs of becoming a long-standing market leader - and its technology must be proven.
About Foundation Capital Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on demand services. Foundation Capital funds total more than $1.7 billion. For more information, visit www.foundationcapital.com.
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