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CURRENT Receives New Funding

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CURRENT has received $13 million in funding that will be used to spur product development of solutions that enable advanced metering, grid reliability, and transformer station communications. The cash infusion also helps CURRENT to expand its business in the European and Asia Pacific markets. CURRENT already has partnerships with Landis+Gyr, Novabase, and Cable & Wireless.

Participating in this round of funding are several new investors including Business Media China AG and Espirito Santo Ventures along with existing investors Associated Partners, EnerTech Capital, and Goldman Sachs.

Pedro Ribeiro Santos, principal at Espirito Santo Ventures, says, “European utility investments in smart grid, buoyed by the European Union’s 2020 climate change initiative, are driving significant market demand for innovative products designed for the European grids. We interviewed many European utilities as part of our investment decision process, and we strongly believe that CURRENT is well positioned to fundamentally change how utilities approach building next-generation smart grid systems.”

According to research by GTM Research, the cumulative European smart grid market will increase 120 percent from 2012 to EUR6.8 billion in 2016. David Leeds, director of smart grid research at GTM Research notes, “Companies such as CURRENT are well positioned to lead in this market given the renewed focus on analytics, sensing and intelligence.”

CURRENT has also named Tom Willie the company’s new President and Chief Executive Officer Tom Willie, who explains, “CURRENT recognized early on that the mesh-wireless approach to advanced metering often used in the United States was not preferred or being widely adopted by utilities in Europe and Asia. We leveraged our expertise in grid communications and software systems to gain a leadership position in the European deployments of PLC-based smart metering infrastructure being installed now. Additionally, utilities worldwide are looking beyond smart metering and into core infrastructure investments in distribution grid automation and supervision. Our proven sensing and event detection capabilities, which are actively monitoring over 35,000 distribution transformers worldwide, provide for real-time event notification and alarming that can significantly enhance the capabilities of legacy systems like SCADA, or provide for immediate benefits to new Distribution Management Systems or Grid Optimization systems (Volt/VAR).”

CURRENT provides smart grid technologies, including hardware and software solutions that support applications such as advanced metering, reliability event detection, and grid communications. For more information, visit www.currentgrid.com.

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