Some big name companies are expressing an interest in marine renewables, reports CNN.
What’s interesting, however, is that the companies aren’t investing in marine renewable technology, per se, but rather in projects that which either facilitate delivery to market, in the case of GE and its investment in Smart Grid technologies) or utilize marine renewables, in the case of Google, with its proposed offshore data storage centers that will use the Pelamis wave energy device to supply power (though Google has made a direct investment in geothermal technology). [For more on Google's neat offshore data storage center, see here...full disclosure: my husband works at Google, though not on any energy related projects.]
Rounding out the celebrity A-list of marine renewables supporters is US based investment bank, Morgan Stanley, which has increased its stake in a Singapore based tidal power company, says Reuters. There’s more information on the company and its technology here.
But how long will financial interest in marine renewables last, particularly in light of the recent credit crunch. Over at Tech Crunch, there’s a sobering analysis of the impact of the credit crunch on the availability of venture capital. And if credit does in fact dry up, even larger companies may want to keep a reserve for a rainy day instead of investing it in other ventures. Let’s hope that turmoil on Wall Street settles soon, so that the green energy industry doesn’t go into the red, or fade to black.