Google announces renewable-energy plan

[motivez]

Online search engine operator Google Inc. said Tuesday it will invest in developing ways to generate electricity from renewable energy sources that will be less expensive than electricity generated from coal.

In a statement, the company predicted spending "tens of millions" in research and development and other renewable-energy investments in 2008. Google added that it expects to invest "hundreds of millions of dollars" in renewable-energy projects.

"Our goal is to produce one gigawatt of renewable energy capacity that is cheaper than coal. We are optimistic this can be done in years, not decades," Google co-founder Larry Page said in the statement.

The initiative is dubbed "Renewable Energy Cheaper Than Coal," and Google said it will look at environmentally friendly energy sources such as advanced solar thermal power, wind power and enhanced geothermal systems.

The work will be done through Google's philanthropic unit, Google.org.

Google.org is currently working with solar thermal power company eSolar Inc. and wind power company Makani Power Inc.

Page is scheduled to speak in a conference call at noon EST Tuesday to talk about the plan's launch, along with company executives Larry Brilliant and Bill Weihl.

Google shares rose $4.54, to $670.54.

Google announces renewable-energy plan

Definitely a good idea from a business and public relations perspective, there's a growing desire for many Americans to see that they're using energy efficient products, and if google can get a stake in some other companies it stands to benefit quite nicely in the years to come IMO..

Aside from the business / profit potential, this definitely helps in crafting a "responsible" corporate image for the public to see, and might make some people care a little less about their concerns over google's retention and use of personal, private information it collects.

On another note, holy stock price, batman. Up nearly 600% since it became available.

[Roonie]

That doesn't suprise me at all and I was actually waiting for this to happen. The main reason is because Al Gore became a senior adviser to the Internet search engine back in February 2001, and is a close friend of CEO Dr. Eric Schmidt. He is also one of the primary stock holders in the company since it was founded. Other then his documentary and public speaking tours Gore primarily works with google. I think it is a good thing.

[JaJae]

Originally Posted by Roonie

That doesn't suprise me at all and I was actually waiting for this to happen. The main reason is because Al Gore became a senior adviser to the Internet search engine back in February 2001, and is a close friend of CEO Dr. Eric Schmidt. He is also one of the primary stock holders in the company since it was founded. Other then his documentary and public speaking tours Gore primarily works with google. I think it is a good thing.

Definitely a good thing. It's nice to see Google use their capital in such ways.