When Google pledged to spend hundreds of millions of dollars on clean energy R&D and cleantech startups back in November, we all wondered how the search engine giant would spend those funds given its lack of experience in the energy industry. Down in Palm Springs, Calif. at the Clean Tech Investor Summit, Google.org’s Director of Climate and Energy Initiatives, Dan Reicher shed some light on their investing strategy, saying Google plans on funding “high risk” clean energy projects that have proved difficult to finance, while at the same time looking to invest in more cleantech startups in areas like solar thermal and plug-in vehicles.
Reicher said that there have been two large gaps in renewable energy funding, including a lack of investment in clean energy R&D, and a shortage of funding in high-risk innovative clean energy technologies and projects. Google has the capital that can take on those high risk projects, explained Reicher, who also asked the audience that was filled with entrepreneurs and investors, to “send us your business plans.”
What kind of startups and projects is Google looking for? Google has already invested $10 million in Bill Gross’ solar thermal company eSolar, along with an undisclosed investment in high-altitude wind company Makani. Reicher told the audience that Google is “looking at a number of other companies in the solar thermal area,” and over the next couple of months Google will also make a series of investments in plug-in electric vehicle related companies....
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