Energy Roundup: Wave Power Loses Out, Another Ethanol Bankruptcy, Google's New Partners

(MoneyWatch)  Wave power developer loses majority investor -- Bad luck again for Pelamis Wave Power, which is testing out a series of ocean generators near Portugal. The company's major investor, Babcock & Brown, has filed for bankruptcy, leaving Pelamis adrift until someone else steps in to take up Babcock's stake. Late last month, Pelamis lost its UK partner E.ON, and other wave companies like Finavera have also run into speedbumps recently. [Source: Green Inc]

Canada planning $1B clean energy research stimulus -- The Canadian Federal government will spread a billion dollars across five years in pursuit of advanced clean energy research and projects. The majority of the money, $650 million, will go to carbon capture and storage demonstration projects, which could help the country develop its vast oil sands reserves. [Source: Calgary Herald]

Google announces smart meter project partners -- Built for consumers, the power usage tracking software PowerMeter that Google.org has built needs partnerships with electrical utilities to work effectively. The company has just announced the first eight, including some American notables like JEA, San Diego Gas & Electric, and TXU Energy, as well as Reliance Energy in India. [Source: Official Google Blog]

Constellation Energy gets loan guarantee -- Nuclear giant Constellation Energy Group expects to receive one of the first loan guarantees from the Department of Energy for new reactors, for a facility in southern Maryland. However, other companies hoping to enter similar loan programs have sent a letter to President Obama complaining that the process is too slow due to wrangling between the DOE and Office of Management and Budget. [Source: Baltimore Business Journal, Green Inc]

Ethanol refiner Infinity Bio-Energy files bankruptcy -- Based in Brazil, Infinity Bio-Energy has racked up almost half a billion dollars in debt over just two years. The company has filed for Chapter 11 protection, and trading in its shares has been suspended. [Source: Recharge News]

Evergreen Solar floats $60 million to finance China venture -- American thin film solar manufacturer Evergreen Solar will issue $60 million in common stock in order to finance part of a 100 megawatt manufacturing facility in China. [Source: Reuters]