Smart grid infrastructure and software company Current has secured funding deals worth $13m and also unveiled a new management team.

The funding has come from new investors including Business Media China and venture capital firm Espírito Santo Ventures as well as existing investors such as Goldman Sachs and EnerTech capital.

The Maryland-headquartered company plans to use the finance to drive a further expansion into the European and Asia-Pacific markets, led by new president and chide executive Tom Willie, who was previously Current’s chief product officer.

Current has also recruited John Du as chief financial officer, who joins from LCD systems firm Ocular.

The company already has several European and Asia Pacific deals in place with high-profile names such as Iberdrola, Electrica and Cable and Wireless.

A recent report by GTM Research estimates the cumulative European smart grid market will reach €3.1bn ($4.2bn) in 2012 and increase to €6.8bn in 2016.

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