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Al Gore profits big on 'smart grid' technology
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Last week, we told you about how Oklahoma Gas & Electric received $130 million dollars in "stimulus" funds to install new "smart grid" electricity meters. (We have yet to figure out how this saves or creates a job yet!) But thanks to the New York Times (of all places!) we do know of one person's bank account that is being stimulated quite handsomely:
WASHINGTON — Former Vice President Al Gore thought he had spotted a winner last year when a small California firm sought financing for an energy-saving technology from the venture capital firm where Mr. Gore is a partner.
The company, Silver Spring Networks, produces hardware and software to make the electricity grid more efficient. It came to Mr. Gore’s firm, Kleiner Perkins Caufield & Byers, one of Silicon Valley’s top venture capital providers, looking for $75 million to expand its partnerships with utilities seeking to install millions of so-called smart meters in homes and businesses.
Mr. Gore and his partners decided to back the company, and in gratitude Silver Spring retained him and John Doerr, another Kleiner Perkins partner, as unpaid corporate advisers.
The deal appeared to pay off in a big way last week, when the Energy Department announced $3.4 billion in smart grid grants. Of the total, more than $560 million went to utilities with which Silver Spring has contracts. Kleiner Perkins and its partners, including Mr. Gore, could recoup their investment many times over in coming years. Read more...
Record early snowfalls, unseasonably cool summers and we're still listening to this guy!
