Google is Giving Away $10 Million, Can You Plug-In?

In a follow-up to their big promotion on plug-in vehicles back in June, Google.org is setting up the $10 million it promised in RFPs. If you have a technology or service that will help promote the commercialization of plug-in hybrid cars, Google wants to hear from you.

Google.org is seeking companies with technologies, products and services that will accelerate widespread commercialization in the following fields:

* Plug-in hybrid electric vehicles (PHEVs)
* Electric vehicles (EVs)
* Vehicle-to-grid solutions (V2G)

Some examples of companies or individuals that might want to apply:

* An early stage technology venture coming out of a university or lab looking to develop and commercialize a product (a new type of battery, for example)
* An innovative services business that can play a key role in the widespread adoption of PHEVs, EVs and/or V2G solutions
* A company focused on one of these markets which can use additional investment capital to scale up adoption of its products
* A company active in the automotive or power space that could modify an existing product that addresses a key need in one of these markets

Google is awarding the money on a rolling basis, so it should be better to get your proposal in earlier. They will stop accepting submissions on October 22, 2007.

This open RFP process is a new approach to mission-focused investing, and we're interested to see what we can learn from it, both in terms of opportunities and gaps that exist in this space today, as well as ways that we can improve on this solicitation process for future investments. Our focus on learning is the primary reason we decided to narrow this first RFP to investments in private companies, rather than a combination of grants and investments.

Google recognizes that $10 million is a drop in the bucket when it comes to the necessary funding to get the plug in vehicles mass produced, which is why they are looking for anyone who can multiply the effect their money can produce.

Google Sources: RechargeIT.org and Drivers, start your batteries!