Google Inc (NASDAQ:GOOG) has a vision for the future of technology, and they want to make positive changes in the energy sector. Google made an announcement on Thursday morning that they made an equity investment totalling $75M on a 50MW Wind Farm near Des Moines, Iowa. The search engine giant also announced their plans to contribute nearly $1 billion to the renewable energy business.
The company recently explained their reasoning behind their investment, “In 2007, we announced plans to construct a data center in Council Bluffs. Then in the spring of 2012, we announced that we would be building a second facility. Over time, we’ve invested over $900 million and have established a long-term commitment to the region and state. We’ve created over 130 jobs on site so far, and we work hard to support the communities in which our employees live and work. Since 2008, we’ve awarded more than $608,000 to local schools and nonprofits. Additionally, in October 2011, we partnered with the City of Council Bluffs to launch a free Wi-Fi Network for anyone in and around three Council Bluffs areas: Downtown Council Bluffs, Mid America Center, and the Harvey Recreational Complex.”
At this year's SALT New York conference, Jean Hynes, the CEO of Wellington Management, took to the stage to discuss the role of active management in today's investment environment. Hynes succeeded Brendan Swords as the CEO of Wellington at the end of June after nearly 30 years at the firm. Wellington is one of the Read More
Google Inc (NASDAQ:GOOG)’s investments are a sign that the company is ready to move forward with that plan in the future. Many tech companies are trying to use clean energy for both business and environmental reasons. This move could benefit Google Inc (NASDAQ:GOOG) in the long run, depending on future energy legislation.
This recent investment isn’t the first time that Google has tried to create a more energy efficient business. Last year the company spent $280 million on home rooftops in SolarCity. Additionally, in 2011, Google spent $100 million on a wind farm in Oregon. They have also made more large energy investments throughout the nation, in states such as including Oklahoma and California.
Google Inc (NASDAQ:GOOG)’s energy investments is a sign that big changes are just around the corner.