AAA Current gets up to date with investors

Current gets up to date with investors

US-based smart grid company Current received $13m in funding from a range of investors including Germany and China-based outdoor advertising company Business Media China and Espírito Santo Ventures, the corporate venturing unit of the Portugal-based financial services company Espírito Santo Group, yesterday.

The round also featured investment from existing backers including Enertech Capital, the corporate venturing division of energy company EnerTech, investment partnership Associated Partners and investment bank Goldman Sachs.

Pedro Ribeiro Santos, principal at Espírito Santo Ventures, said: "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."

Current has also been making staffing changes at the top of the company. Tom Willie, formerly the firm’s chief product officer, has been appointed chief executive while John Du has been hired from diagnostic lens company Ocular as Current’s chief financial officer.

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