Quote:
Google.org (GOOG), the search giant’s philanthropic arm, will invest $6.25 million into AltaRock Energy, a Sausalito, startup, developing EGS technology. The investment is part of $26.25 million round of funding AltaRock revealed on Tuesday. Other investors include marquee green-tech venture capitalists Khosla Ventures and Kleiner Perkins Caufield & Byers.
Potter Drilling, a Redwood City, Calif., company developing hard-rock drilling technology to be used for geothermal, scored $4 million from Google.org. Other investors include MIT.
Google.org is granting the Southern Methodist University Geothermal Laboratory $489,521 to map North America’s geothermal reserves.
The geothermal funding is the latest investment in renewable energy by Google. It has invested in solar power plant companies BrightSource Energy and eSolar as well as in high-altitude wind company Makani and various ventures related to plug-in hybrid electric cars.
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You mean to say private firms are investing their own money in a search for alternative energy sources? They're the ones helping start-ups secure the funding to eventually promote real competition to oil? All this without the helping hand of the government? Individual citizens will also be allowed to own parts of the companies that will profit from alternative energy sources in the future? This is insanity! Surely, the government should stop this development, and we should sit on our hands and wait for the government to do what it hasn't been doing for so long.
America first!