Chalk one up for the glass-half-full crowd. Yesterday, PG&E
The news is striking for two reasons. First, the $30 million is double what was originally earmarked. That signals an interest on the part of the company to earn more profits from renewable sources. Yeah, I know $30 million is barely a rounding error for a $20 billion company. But progress is progress. And $30 million is nothing to sneeze at when you're a start-up, or a small cap like Evergreen Solar
Second, the fund is attracting the interest of some major venture capital firms. Nth Power, Draper Fisher Jurvetson, and VantagePoint Venture Partners have all signed up to help manage the fund. And Nth Power and Draper Fisher will have skin in the game, matching funds they invest on behalf of the fund dollar for dollar, up to the $8.5 million each will have under management. That, too, signals an important commitment to the sector that should have investors salivating.
Why? Because venture investors have a history of bringing forth huge stock market winners, including current faves Apple Computer
It's not unreasonable to expect the same for clean energy. As more VCs join the party more money will flow in, creating a sturdy industry that could grow to be worth billions. Will it happen overnight? No, this is still an infantile market. But adolescence is a whole lot closer today than it was yesterday.
For related Foolishness:
- We've got more renewable energy investing ideas if you'd like to energize your portfolio.
- PG&E's dividend looks fishy. It isn't.
Fool contributor Tim Beyers counts himself fortunate that both his father-in-law and brother-in-law are electricians. He'd probably accidentally kill himself if he tried to do more than change the occasional lightbulb. Tim didn't own shares in any of the companies mentioned in this story at the time of publication. You can find out what's in his portfolio by checking Tim's Fool profile, which is here. The Motley Fool has a disclosure policy.
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