Friday, September 16, 2011

CURRENT, Back to the Future with $13M in New Money

After burning $100M from Google, Goldman Sachs and Hearst and then  vaporizing $130M from General Electric, TXU and Sensus Metering Systems, CURRENT announced in a press release a pittance of $13M of new money to make disappear. This time, in addition to existing U.S. investors Associated Partners, EnerTech Capital and Goldman Sachs, CURRENT decided to terrorize the rest-of-the-world snagging  investor Business Media China, and Portuguese investor EspĂ­rito Santo Ventures.

CURRENT is pivoting (management speak for "ah shit it is not working let's try something else") from broadband-over-powerlines (BPL) to smart grid to overseas, since BPL for Internet Access networks did not work out so well for them in the USA.

HanFan wishes CURRENT luck and hopes they got their burn rate down from the milk-and-honey days from Google and GE.