The race to profit from alternative energy begins
By Julie Dalla-Costa
Once branded a concern only for the Birkenstock brigade, the
environment is seeping into mainstream consciousness. And
that's not just in Hollywood, which this year awarded Al Gore
an Oscar for "An Inconvenient Truth," his documentary about
global warming. A cleaner environment has emerged as a campaign
issue in next year's U.S. Presidential elections. It has also
become a growing focus for hedge funds.
From heavyweight managers George Soros, D. E. Shaw & Co.
and Citadel Investment Group to small, dedicated groups such as
David Kurzman's Clean Tech Fund and Hilary Kramer's GreenTech
Master Fund, hedge funds see profit opportunities in the race
to provide clean sources of energy. Ethanol, solar and uranium
have emerged as the most popular plays, though funds are also
exploring such clean technologies as waste remediation, energy
efficiency and conservation and pollution abatement.