PHILADELPHIA, Jan. 23, 2002 — Current Communications Group, LLC, a powerline communications company, today announced the closing of an additional $10 million in financing.
The investment was led by EnerTech Capital (www.enertechcapital.com) and Liberty Associated Partners, a founding investor of Current Communications.
Current Communications is engaged in developing high-speed data, voice, video, signaling and / or other communications through the electric utility power line infrastructure. The unique power line broadband solution provides utilities with the ability to add intelligence and enhanced services to the infrastructure already in place and to provide ubiquitous broadband access to residential and small business subscribers.
The investment will allow Current Communications to expand its existing 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,” said Richard Goldstein, president and CEO of Current Communications, Inc.
“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.”
About EnerTech Capital
EnerTech Capital is a private equity firm specializing in investment opportunities emerging from, and capitalizing on, the reshaping of the energy, utility, and telecommunications industries. Founded in 1996, EnerTech manages $290 million and is headquartered in suburban Philadelphia. The firm can be reached through its web site or by calling (610) 254-4141.
About Liberty Associated Partners
Liberty Associated Partners, L.P., is an investment fund formed to make private equity investments in telecommunications, media, Internet and related technology companies. Liberty Associated Partners was formed by the former management team of The Associated Group, Inc., whose past experiences include investing in, advising and operating emerging and established companies in numerous industries, including cable television, local telecommunications, Internet, radio communications and wireless location systems. The Berkman family is a primary investor in the partnership. Liberty Associated Partners is headquartered in Bala Cynwyd, PA.