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May 2005 Fueling the FutureAlternative energy “has been the technology of tomorrow every day for the past 20 years,” Andrew Beebe, president of Energy Innovations, told an audience at the inaugural Stanford Business School Energy Conference. The search for alternatives to fossil fuels could rival the Internet boom of the 1990s in terms of opportunities for investors and entrepreneurs, Beebe said. “First of all, this is a business in which you’re making products. It’s a very tangible business with revenues that are relatively easy to track, unlike many of the Internet companies that sprouted up in the 1990s.” Even conventional extraction companies are looking for unconventional resources such as coal bed methane, oil sands, and deepwater oil and gas. “Unconventional energy resources will become the conventional resources of the future,” predicted Charles Williamson, chairman and CEO of Unocal Corp. “I can’t think of an industry where more complex commercial and technical issues come into play,” he said. “This is an old industry, and we desperately need innovators in this business to replenish the talent we’re losing.” “We’re finding ourselves in uncharted territory where energy is concerned,” said Matthew Simmons, chairman and CEO of Simmons & Co., a Houston-based investment banking firm focused exclusively on the global energy industry. “If we don’t meet this challenge,” he warned, “the world will be a darker place, and we’ll wonder why on earth we waited so long.” |
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