Tuesday, October 28, 2008

Google looking to invest in energy sector

(Reuters) - Internet search and advertising leader Google Inc is increasingly looking at the energy sector as a potential business opportunity, the New York Times reported.

Engineers at Google are hoping to soon unveil tools that could help consumers make better decisions about their energy use, the paper said.

To support these efforts, Google has hired engineers who are conducting research in renewable energy, former government energy officials, scientists and even a former NASA astronaut, whose experience with electronic gadgets is being put to use to develop energy tools for consumers, the Times said.

It added that the company's philanthropic unit, Google.org is considering large investments in projects that generate electricity from renewable sources.

"We want to make money, and we want to have impact," Dan Reicher, director for climate change and energy initiatives at Google.org told the Times.

But with a recession looming and oil prices dropping, investors might pressure Google to curtail its clean energy ambitions, the paper said.

Calls to Google seeking comment were not immediately returned.

No comments: