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Idealab Reloaded (FORTUNE)

One of the high-tech bubble's top innovators is playing with solar power. Actually, he's not playing. This is getting serious.

Bill Gross was in high school in Van Nuys during the energy crisis of 1973. As his first entrepreneurial adventure he started a business that sold solar energy products. At 15, he sold his own design for a parabola-shaped dish that used solar energy to cook hot dogs.

In college he started another company with his brother, now a partner in Malibu Capital, which invests in renewable energy.

Fast forward to the high-tech bubble. Gross, at the helm of the first "incubator," Idealab, was responsible for some big winners and losers. Among the winners were Overture (sold to Yahoo for US$1.6 million), Citysearch and Picasa. We won't get into the losers.

Today he is the CEO of a 30-person firm called Energy Innovations, maker of a solar collector. The company's "Sunflower" concentrates light on a solar module using an array of tracking mirrors. It's designed to get more energy from expensive (and scarce) silicon-based photovoltaic cells.

"I started thinking whether I could go back to the things I did as a kid, but with more scientific resources and more capital," Gross told FORTUNE, "to see if I could solve some of our energy problems."

Earlier this year, FORTUNE Small Business explained the motivation behind Gross's renewed interest in renewables:

"He sees solar power as a solution to our dependence on Middle Eastern oil and all its inherent political and economic costs. Says this crusader: 'People have fought over energy for so long—if we could bring low-cost solar energy to the planet, I think it could reduce wars.' Gross figured that if he could dramatically cut the cost of photovoltaic cells, he could help transform a fledgling industry into one potentially worth trillions of dollars as people around the world convert to solar power."
-- "A Wall of Mirrors" Feb. 2005

Gross is still into software, and the internet, and robots, and -- well, he's a geek, and a smart one at that. The renewable energy industry should be glad to welcome another CEO with a lifelong passion for energy and a career of hard lessons about turning technology innovations into money.

Comments

This story apparently surfaces around this time each year...

"Now...Gross is plowing into solar power at a venture called Energy Innovations. Why solar power? Here, the 47-year-old serial financier tells his own tale."

http://www.businessweek.com/magazine/content/06_33/b3997080.htm?campaign_id=rss_magzn

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