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Google to Invest $10M in Companies That Speed Up PHEV Use

As part of its RechargeIT initiative announced in June, Google's philanthropic arm wants to invest $10 million in companies that help speed up widespread use of plug-in hybrid vehicles, electric vehicles and vehicle-to-grid technologies.

As part of its RechargeIT initiative announced in June, Google's philanthropic arm wants to invest $10 million in companies that help speed up widespread use of plug-in hybrid vehicles, electric vehicles and vehicle-to-grid technologies.

Google issued a request for investment proposals Wednesday to for-profit companies for amounts between $500,000 and $2 million. Google encouraged companies -- such as an early stage technology venture that wants to develop and commercialize a new type of battery or one that can adapt an existing product to address one of these markets -- to apply.

"We are inviting entrepreneurs and companies to show us their best ideas on how they can contribute to this important cause," Google's Kirsten Olsen wrote in a blog Wednesday. "We need catalytic investments to support technologies, products and services that are critical to accelerating plug-in vehicle commercialization. That is why we have structured this RFP to offer investment dollars to for-profit companies to promote social and environmental change. The severity of global warming requires solutions from NGOs, governments, individuals and (very importantly) the private sector."

Proposals will be judged on potential for mass commercialization of the product or service and team assessment. Other factors include: potential impact on industry-wide commercialization of these markets, quality of planning and understanding of market, potential for raising additional funding and potential of reducing greenhouse gas emissions.

Proposals of less than five pages must be submitted by Oct. 22.

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