Google is to provide a boost to renewable energy start-up eSolar, it has been revealed.The search engine provider's philanthropic arm Google.org, along with venture capital companies Idealab and Oak Investment Partners, is to provide eSolar with $130 million.
According to eSolar, the money will be used to create and install prefabricated solar-thermal power plants near conurbations.
The company produces technology which is involved in the concentration of solar power and utilises mirrors to turn liquid into steam, which then drives electricity-generating turbines.
Commenting on the financial boost provided by Google.org and the other companies, Rob Rogan, eSolar's executive vice president of corporate development, said: "eSolar's long-term [goal] is to become a viable replacement for all fossil fuels.
"The reason Google invested in us is that [it] saw the potential of this technology to beat the cost of using coal."
He added: "The key attribute of our technology is that it's economical at [a] smaller size. We can build massive developments, but we also can build smaller developments closer to where power is consumed."
Google.org invests in both non money-making ventures and for-profit endeavours. It also lobbies for policies that support its philanthropic aims.
According to company statistics, Google.org, along with the Google Foundation - a private organisation which is managed by Google.org - had committed more than $75 million in grants and investments as of January this year.
