Google, Goldman Sachs and The Hearst Corp. have all taken investment in a firm providing broadband over power line services.
Current Communications Group sells such Internet services in the Cincinnati area. It has received "significant" funding from the three companies, said Scott Bruce, general manager of the company. Bruce declined to disclose the amount of investment, although The Wall Street Journal pegged the new round of funding at about $100 million.
"We're not disclosing the financial terms," Bruce said. "It's a significant investment."
Google said in a statement that its relationship with Current would "help promote better access to the Internet."
In March 2004, Current and Cinergy Broadband, a subsidiary of Cinergy Corp., announced investments of $70 million as the partners began rolling out broadband over power line services to the Cincinnati area. The Cincinnati-area rollout includes broadband service and voice over Internet Protocol service.
Current is taking with other electric utilities about partnerships, Bruce said.
Current will put money into service improvements as well as applications that electric utilities can use to track outages and use of their electric grids, Bruce said. Such providers often promote their service as a way for electric utilities to quickly pinpoint problems on their grids.
The new round of financing included investments from two of Current's former investors, EnerTech Capital and Liberty Associated Partners.