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$20 Billion for 100 Ad Companies....   Google Love-Fest Goes On
Aug 19 2008 3:49PM EDT

Energy Crisis? Google To The Rescue!

Sam Gustin says: Yeah, we get it guys, you're not evil.

Google's philanthropic arm, Google.org, today announced a $10.25 million investment in "breakthrough geothermal energy technology."

So-called Enhanced Geothermal Systems (EGS) technology entails fracturing hot rock, and then pouring water through the cracks to create steam to power engines.

"EGS could be the 'killer app' of the energy world. It has the potential to deliver vast quantities of power 24/7 and be captured nearly anywhere on the planet," said Dan Reicher, director of climate and energy initiatives for Google.org.

And the tech titan couldn't resist taking a swipe at politicians currently mulling off-shore oil drilling as a way to ween the country off foreign oil.

"While the U.S. debates drilling in the ocean for oil," Google said in a statement, "we are focused on drilling for renewable energy -- and lots of it -- right beneath our feet."

The recipients of the $10 million investment include: AltaRock Energy, ($6.25 million), and Potter Drilling, ($4 million).

The new investment builds on Google's philanthropic initiative, formally launched earlier this year, which is run by Larry Brilliant.

At the time, the company quoted its founders, Larry Page and Sergey Brin, as saying they wanted to "make Google an institution that makes the world a better place."

Full release here.

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