Cleantech Could Be the Next Economic Boom

The Associated Press reported that the many technology companies are shifting to “cleantech”-based products—technology that utilizes alternative energy, more efficient power distribution, and new ways to store electricity, all with minimal impact to the environment—in what they see as the next big thing in the US economy.

As for now, large investments are being placed, such as the $150-billion pledge by the Obama administration over the next decade for energy technology, which they say could create 5 million new jobs.

Startup companies are also taking the opportunity to provide cleaner energy to consumers and industries. Cambridge, Massachusetts-based GreatPoint Energy has developed a technique of turning coal into natural gas in a cheap and efficient way than traditional methods. They plan on building a power plant in Houston beginning next year, which would cost $800 million and create thousands of jobs in the process.

Meanwhile, A123 Systems of Watertown, Massachusetts, which produces lithium-ion batteries for electric cars, had one of the most profitable public stock offerings this year amounting to $437.5 million. This is despite the fact that the company has yet to make a profit.

Despite all the positive outlook about the cleantech industry, how it will be able to save the receding American economy has yet to be seen.

Source: Associated Press, via MSNBC

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