Energy Roundup: Google and Cleantech Investment, Gorbachev Gives U.S. C+ in Solar, and More

Cleantech VC investment falls, stimulus funds soar and then there’s Google – Venture investment in the cleantech industry fell 41 percent in the first quarter of the year compared to the previous quarter, according to a report by the Cleantech Group. The news isn’t all bad. Governments are injecting money into clean technology through stimulus packages and tax incentives. And then there’s Google. The Mountain View, Calif.-based company will invest $100 million over the next year in U.S.-based start-ups in a variety of sectors including cleantech through its new venture fund. The company has already invested money in Silver Spring Networks, which uses technology to improve power-grid efficiency. [Source: Cleantech Group, Greentech Media]

Gorbachev grades nations on solar investment — Former Russian President Mikhail Gorbachev urged the private sector and governments to invest in solar energy in an effort to respond to climate change and to help the world recover from the economic crisis. He also handed out some grades. Germany received an A-, the highest score, California earned a B for its 10-year $3 billion solar rebate program and the U.S. got a C+ for extending federal financial support for solar. Russia and Poland failed and the UK received a D-. [Source: Renewable Energy World]

Pacific Ethanol running low on cash, bankruptcy looms — Sacramento-based Pacific Ethanol, once considered one of the fastest-growing ethanol producers, will run out of money by April 30 and might have to file for bankruptcy. The company reported $33.9 million in fourth-quarter losses and like other producers, is suffering from the spread between lower ethanol prices and the rising cost of corn, the main ingredient in ethanol. [Source: Sacramento Bee]

House unveils climate and energy bill — House Democrats introduced a climate bill Tuesday - a draft that will likely endure a battle in the Senate - that would create the first federal requirements to increase energy efficiency, generate a quarter of the nation’s electricity from renewable energy and reduce greenhouse gas emissions. The legislation seeks to provide an incentive cushion for industries hit the hardest by the emissions restrictions. [Source: Washington Post, LA Times]

BP cuts quarter of solar workforce, faces oil spill lawsuit — BP will cut 620 solar jobs, about a quarter of its workforce in that division, by shutting down two plants near Madrid and a facility in Maryland. The energy giant blamed the global credit crunch and lower cost competition. The company also learned this week it will face a civil lawsuit filed by the U.S. government over two major oil spills in 2006 in Prudhoe Bay. [Source: The Guardian, WSJ]

Duke Energy plans third wind farm in Wyoming — Duke Energy announced Wednesday plans to build a third wind farm in Wyoming that will generate 42 megawatts. The electric company has secured power purchase agreements with two regional utilities and construction is expected to begin this spring. [Source: BusinessWeek]