Google plans funds for alternative energy

WELLINGTON, New Zealand, Feb. 18 (UPI) -- U.S. Internet search giant Google is planning to invest hundreds of millions of dollars in alternative energy.

Google said it is committed to finding cheaper, cleaner alternative energy sources, the New Zealand Herald reported.

"We arrived at these three technologies because we think they have real promise; number one to move down the cost curve and to be competitive with coal and number two to get to large scale," said Dan Reicher, director of climate and energy initiatives for the company's philanthropic arm, Google.org.

Reicher said Google has already invested $20 million in start-up firms that research and develop solar, thermal and wind power, and they're looking at geothermal firms as well.

Google said in November it planned to spend hundreds of millions of dollars to help drive the cost of electricity made from renewable sources below the price of power generated from coal-fired plants.

The company has pledged $10 million to Pasadena, Calif.-based eSolar, $10 million in Alameda, Calif.-based Makani Power, which is developing high-altitude wind technologies, and it's looking for a geothermal company to invest in.