Google has just issued a press release and announced a new strategic initiative to develop electricity from renewable energy sources that will be cheaper than electricity produced from coal.
The newly created initiative, known as “Renewable Energy Cheaper Than Coal,” will focus initially on:
- advanced solar thermal power,
- wind power technologies,
- enhanced geothermal systems,
- and other potential breakthrough technologies.
Renewable Energy Cheaper Than Coal is hiring engineers and energy experts to lead its research and development work.
You have to love the title here of the head: Bill Weihl, Green Energy Czar, Google Inc.; Larry Page (co-founder) and Larry Brilliant (executive director, Google.org) will be presenting this new initiative at NOON EST and 9:00 AM Pacific Time today.
In 2008, Google said it expects to spend tens of millions of dollars on R&D and related investments in renewable energy, and it anticipates investing hundreds of millions of dollars in breakthrough renewable energy projects which generate positive returns. Here is the full release.
Jon C. Ogg
November 27, 2007
Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.