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(Nasdaq:NGTC) subsidiary

(25%) has conducted a private placement over the weekend, raising money from

at a pre-money valuation of $350 million,


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PowerTrust will invest $10 million in, which develops software and hardware to transmit broadband communications over power lines. PowerTrust is also buying 50% of's American subsidiary, which will promote's products in the United States, for $25 million.

The allocation to PowerTrust takes place six weeks after issued 6% of its stock for German electric company

MVV Energie

, giving it an option to buy 4% of its stock at $120 million pre-money company valuation.

Like MVV, PowerTrust is a strategic investor as far as is concerned. PowerTrust provides communication and billing services to electric companies,'s potential customers. In addition, PowerTrust markets energy services, including natural gas, heating oil and cooking gas. The company will soon market low-cost electricity. was founded July 1999, with 60% of the stock held by the three entrepreneurs Moshe Efrati, Shaike Zalitsky and Rafi Ben-Atar. Nogatech holds another 25%, MVV holds 10% and Powertrust holds 2.8% of the stock. has developed the Plus system, allowing electric companies to provide various communication services, including Internet, telephony and remote meter reading using the Automatic Meter Reading technology. The Plus technology is based on a hi-speed data communication technology over electric lines.