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Current Communications Group, which offers broadband Internet service over power lines, said Thursday it has received investment money from Google, Hearst and Goldman Sachs.
Although Current did not specify the amount it received from the search king, media giant and investment banker, The Wall Street Journal reported that the three companies invested roughly $100 million in the start-up. Last year, Current and Cinergy Broadband, a subsidiary of energy company Cinergy, announced that their two joint ventures had received $70 million from Cinergy, EnerTech Capital and Liberty Associated Partners.
As part of last year's announcement, Current and Cinergy Broadband said they would create one joint venture to bundle broadband and voice services for Cinergy's 1.5 million customers in Ohio, Indiana and Kentucky. A second joint venture would deploy broadband over power lines to smaller municipal and cooperatively owned power companies, which reach about 24 million customers across the United States.
Current said Thursday that it plans to use the new investment money to expand its broadband over power line deployments in the U.S. and overseas. EnerTech Capital and Liberty Associated, a partnership between Liberty Media and the Berkman family, also contributed to the new financing round.
"These investments provide us with both capital and operating assistance as we continue to roll out broadband-over-power-line services to provide voice, video and data services," William Berkman, chairman of Current, said in a statement.