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Google Invests in Power-Line Broadband

Current Communications Group, which offers broadband Internet service over power lines, said Thursday that it has received investment money from Google, Hearst and Goldman Sachs.

Although Current did not specify the amount it received from the search king, the media giant and the investment banker, The Wall Street Journal reported that the three companies have 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.

News source: C|Net News.com

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