Google, Goldman invest in powerline Internet firm

"A company that provides high-speed Internet access over electrical power lines on Thursday said it has received a major investment from Google Inc., the Hearst Corp. and Goldman Sachs.

Current Communications Group said it would use the financing to accelerate its deployment of voice, video and data services in domestic and global markets. The company declined to disclose financial terms of the investment though the Wall Street Journal reported that it approached $100 million."

[Reuters]

Interesting investment by Google. Not sure how this makes sense strategically for the company. Investments in Broadband over Powerline companies have not faired well - read Cisco-backed Amperion who is currently raising a $30M round and does not seem to be fairing well in the market.

Here's what Google has to say:

"As part of our corporate mission, we are interested in promoting universal access to the Internet for users," Google, of Mountain View, Calif., said in a statement, declining to provide any further details about its investment.