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CURRENT(R) Named Technology Pioneer 2009 by World Economic Forum

December 4, 2008

Selected based on Innovation, Societal Impact and Visionary Leadership

GENEVA and GERMANTOWN, Md., Dec. 4 /PRNewswire/ — The World Economic Forum announced today that CURRENT Group, LLC, a provider of Smart Grid solutions worldwide, has been selected as a Technology Pioneer for 2009. CURRENT provides electric utilities with innovative scalable Smart Grid solutions that increase the efficiency and reliability of the electric grid while reducing the environmental impact of electric usage. The World Economic Forum’s Technology Pioneers are companies recognized for the development of life-changing technology innovations that have potential for long-term impact on business and society.

The CURRENT Smart Grid(TM) solution converts the traditional electric grid into an intelligent network by adding sensing, low latency communications and analytic software to the electric distribution system. Smart Grid systems have the potential to be the single largest contributor to a solution for global warming available today, as the International Energy Agency reports that electric power generation produces 41 percent of total worldwide energy related CO2 emissions. The Electric Power Research Institute has estimated that a Smart Grid could reduce CO2 emissions from electric power by up to 25 percent.

“The World Economic Forum is recognized as a thought leader throughout the world and we are proud to have been chosen for this award,” said Tom Casey, CURRENT’s Chief Executive Officer. “Smart Grids are a critical component to addressing global warming as well as to improving the overall reliability of the electric grid.”

CURRENT is involved in the leading Smart Grid projects around the world including with Xcel Energy in Smart Grid City(TM) in Boulder, Colorado, U.S.A. as well as working with a number of leading European electric utilities on several important European Commission (EC) funded Smart Grid initiatives. CURRENT was also recently named by Dow Jones as one of the Ten Most Innovative Clean Tech Companies in Europe.

CURRENT was selected as a Technology Pioneer after being evaluated by 44 global technology experts in a highly competitive process based on five criteria:

  • Innovation: The company must be truly innovative with a significant investment in R&D.
  • Potential impact: The company must have the potential to have a substantial long-term impact on business and society in the future.
  • Growth and sustainability: The company should demonstrate the potential to be a long-term market leader with well-formulated plans for future development and growth.
  • Proof of concept: The company must have a product on the market or have proven practical applications of the technology.
  • Leadership: The company must have visionary leadership that plays a critical role in driving the company towards reaching its goals.

The Technology Pioneers program is run by the World Economic Forum with guidance from Accel Partners, BT, KPMG and Kudelski Group. Technology Pioneers 2009 are invited to participate in the World Economic Forum Annual Meeting 2009 in Davos-Klosters, Switzerland, from January 28 to February 1, and in the Annual Meeting of the New Champions that will be held in Dalian, People’s Republic of China, in September 2009, and are integrated into the Forum’s initiatives.

About World Economic Forum (www.weforum.org)

The World Economic Forum is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.

Incorporated as a foundation in 1971, and based in Geneva, Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan or national interests.

About CURRENT (www.currentgroup.com)

CURRENT provides electric utilities a Smart Grid solution that increases the efficiency and reliability of the electric grid while reducing the environmental impact of electric usage. CURRENT’s scalable solution combines advanced sensing technology, two-way low latency communications and enterprise analysis software and related services to provide location-specific, real-time actionable data that is easily integrated into a utility’s existing IT infrastructure.

CURRENT, a privately held company based in Germantown, MD, includes investors such as EnerTech Capital, Google Inc., Goldman Sachs & Co., and Liberty Associated Partners (an investment partnership between Liberty Media Corporation and the Berkman family), among others. In addition to this award, CURRENT has been recognized by many other awards including the Dow Jones 2008 Ten Most Innovative Clean Tech Companies in Europe, the 2006 Platts’ “Global Energy Commercial Technology of the Year” for its technology in relation to emissions reduction, practicality, reliability and overall commercial success, and Red Herring’s 2006 “Top 100 North America.”

SOURCE CURRENT Group, LLC


Source: newswire



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