When web search engine Google released its “Renewable Energy Cheaper than Coal” initiative a year ago, the company made an effort to lead the way in the drive for sustainable energy. The plan has since led to $50 million worth of investments in alternative energy companies. Google also invested over $10 million on enhanced geothermal energy technology with the initial investment going to Sausalito, CA. company AltaRock Energy Inc., and another $4 million distributed to Potter Drilling Inc. in Redwood City, CA. In addition, Google announced a partnership with General Electric in September to lobby in Washington D.C. for advancements in the sector such as the creation of smart electric grids and electric vehicles.
Therefore, it is no surprise that at the Web 2.0 Summit held in San Francisco on November 4, the corporation discussed long-term strategies in the renewables sector. Despite the economic downturn, Google views renewables as an investment for the future.
Google.org Executive Director Dr. Larry Brilliant said, “It is important that we make money on these investments and for the companies to make a profit…If they don’t make money, no one else will and we won’t be able to take advantage of capital flows and market forces."