Google Reins in Spending on Renewable Energy Technology
Back in July Larry Page became Google's new chief executive and immediately began a campaign to reign in Google's projects and focus their resources. This was due to the stiff competition they were facing in mobile computing and social networking from Apple and Facebook, and also investor sentiment towards increasing expenditure on non-core businesses.
One of the latest casualties of this "spring cleaning" was the big green initiative, RE<C (Renewable Energy Cheaper than Coal), which was an ambitious idea to make renewable energy cost competitive with coal-fired power plants. The plan was to build cheaper and more efficient heliostats, mirrors that reflect the sun's rays onto water-filled boilers in order to create steam and generate electricity in turbines.