2011-01-14
PowerGrid Invests Half a Million Dollars in Current
PowerGrid, which works in the area of intelligent energy software solutions, has just invested half a million dollars in the multinational Current, one of the most prestigious American companies with solutions for SmartGrids.
With customers in Europe and Australia, Current stands at the cutting edge in communication technology developments using the electrical grid, allowing real-time monitoring of the low-voltage network, a key requirement of the European energy efficiency strategy.
In turn, PowerGrid is the latest investment of the Novabase Capital Inovação e Internacionalização venture capital fund; as part of its international market strategy, it recently developed an application platform for SmartGrids, a solution that will open the company’s doors to the markets of Europe, Oceania and North America.
The investment in the multinational Current was done together with the Espírito Santo Ventures III venture capital fund, managed by Espírito Santo Ventures, including the
joint appointment of a representative and an observer for the American company’s board of directors. This will ensure a proactive role for these two investors in the American company’s decision-making.
Novabase Capital Managing Director María Gil says that “the PowerGrid investment is tailored to our strategy of focusing on internationalization and top technologies, especially in new markets. This company will strengthen the portfolio of venture capital funds managed by Novabase Capital, which invest in high-potential ICT projects, particularly the Novabase Capital Inovação e Internacionalização venture capital fund, which focuses on projects with international ambitions.” PowerGrid CEO Nelson Teodoro believes that “the relationship with Novabase is a clear advantage for PowerGrid, providing access to a network of core