Google announced a new strategic inititaive for development of electricity from renewable energy sources. Electricity produced this way would be cheaper than electricity produced from coal. The initiative, refered to as RE<C, is to be focused on advanced solar power, wind power, enhanced geothermal systems and other breakthrough technologies. Engineers are getting hired as well as energy experts to lead research and development work for the RE<C. In 2008 Google expects to spend tens of millions on research and development in renewable energy resources. They are also contemplating investing hundreds of millions in renewable energy projects that will generate positive returns.

Larry Page, Google co-founder, said:

There has been tremendous work already on renewable energy. Technologies have been developed that can mature into industries capable of providing electricity cheaper than coal. Solar thermal technology, for example, provides a very plausible path to providing renewable energy cheaper than coal. We are also very interested in further developing other technologies that have potential to be cost-competitive and green. We are aware of several promising technologies, and believe there are many more out there.

Read more about this on Google Press Center.

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