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http://www.newsmax.com/insidecover/Gore_Energy_biz/2007/11/21/51303.html
Gore Cashing in on $6T Energy Business
Wednesday, November 21, 2007
Former vice president and environmental activist Al Gore is joining forces
with a venture capital company that's seeking to profit from the move toward
"clean technology" in the $6 trillion global energy business.
Gore is becoming a hands-on partner at Kleiner Perkins Caufield & Byers, a
major Silicon Valley venture capital firm where an old friend, John Doerr,
is a partner.
The Nobel Peace Prize winner's move comes as the company "makes a risky move
beyond information technology and healthcare investing into the fast-growing
and increasingly competitive arena of 'clean energy,'" Fortune magazine
reports.
Within several years more than a third of Kleiner's latest fund, which
totals $600 million, will reportedly be invested in technologies that seek
to reduce carbon dioxide emissions.
Among the companies the fund has already invested in are firms that make
microbes to scrub old oil wells, build large-scale solar-power farms,
develop solid-oxide fuel cells, and design equipment for use in electric car
batteries.
Doerr, meanwhile, will join the advisory board of Generation Investment
Management, the $1 billion investment company Gore began three years ago
with David Blood, former head of Goldman Sachs Asset Management, to invest
in environmentally friendly companies.
Gore, along with Doerr and Blood, insist that halting global warming will
require "a makeover of the $6 trillion global energy business," according to
Fortune.
"Coal plants, gas stations, the internal-combustion engine, petrochemicals,
plastic bags, even bottled water will have to give way to clean, green,
sustainable technologies."
Asked why he is combining his environmental advocacy work with a profit
motives, Gore - who is already an advisor to Google and a director at Apple
Inc. - told Fortune: "We all believe the market must play a central role."
Gore Cashing in on $6T Energy Business
Wednesday, November 21, 2007
Former vice president and environmental activist Al Gore is joining forces
with a venture capital company that's seeking to profit from the move toward
"clean technology" in the $6 trillion global energy business.
Gore is becoming a hands-on partner at Kleiner Perkins Caufield & Byers, a
major Silicon Valley venture capital firm where an old friend, John Doerr,
is a partner.
The Nobel Peace Prize winner's move comes as the company "makes a risky move
beyond information technology and healthcare investing into the fast-growing
and increasingly competitive arena of 'clean energy,'" Fortune magazine
reports.
Within several years more than a third of Kleiner's latest fund, which
totals $600 million, will reportedly be invested in technologies that seek
to reduce carbon dioxide emissions.
Among the companies the fund has already invested in are firms that make
microbes to scrub old oil wells, build large-scale solar-power farms,
develop solid-oxide fuel cells, and design equipment for use in electric car
batteries.
Doerr, meanwhile, will join the advisory board of Generation Investment
Management, the $1 billion investment company Gore began three years ago
with David Blood, former head of Goldman Sachs Asset Management, to invest
in environmentally friendly companies.
Gore, along with Doerr and Blood, insist that halting global warming will
require "a makeover of the $6 trillion global energy business," according to
Fortune.
"Coal plants, gas stations, the internal-combustion engine, petrochemicals,
plastic bags, even bottled water will have to give way to clean, green,
sustainable technologies."
Asked why he is combining his environmental advocacy work with a profit
motives, Gore - who is already an advisor to Google and a director at Apple
Inc. - told Fortune: "We all believe the market must play a central role."
