Company Secures $10 Million To Develop Powerline Communications23 Jan, 2002 By: Hive News
Powerline communications company Current Communications Group has closed a financing deal worth $10 million in investments from EnerTech Capital and Liberty Associated Partners, one of Current's founding investors.
Current Communications develops high-speed data, voice, video, signaling and other communications through the electric utility power line infrastructure.
Powerline communications use utility lines to deliver broadband access to consumers and businesses – a system that has the potential to bypass cable and DSL access because most structures are already wired for electric power. Where telecommuincations providers have been slow to build broadband infrastructure in areas where a small population is unlikely to yield an economy of scale, energy companies long ago installed their delivery systems.
Current Communications can provide utilities with the ability to add intelligence and enhanced services to the infrastructure already in place and to provide broadband access to residential and small business subscribers, its spokesman says.
The investment will let Current expand its field trials, continue technology development and product manufacturing, and further develop strategic joint ventures with electric utilities.
"Liberty Associated Partners' experience in cable and communications, coupled with EnerTech Capital's knowledge and contacts in the electric utility industry, will provide a strong foundation for helping Current Communications establish a leadership position," Current president and CEO Richard Goldstein. "Current Communications is a clear leader in solving the very complex problems associated with interconnecting a two-way, fully integrated communications network spanning the distribution wires and internal home networks," said Scott Ungerer, Managing Director of EnerTech Capital. "We believe this technology will pioneer a significant, untapped
revenue source for the electric utilities."