Google Ventures into Renewable Energy Mapping, Targets $100M Revenue with New API Offerings

Alphabet Inc GOOG GOOGL Google looks to license new sets of mapping data to companies to help build products around renewable energy and targets a revenue of up to $100 million in its first year.

It eyes the sale of access to new APIs (application programming interfaces) with solar and energy information and air quality, CNBC reports.

Also Read: Watch Out, Alphabet - Meta, Microsoft, Amazon Join Forces to Create Open Maps Data Alternative to Google and Apple

Solar installers like Sunrun Inc RUN and Tesla Inc's TSLA Tesla Energy and solar design companies like Aurora Solar Technologies Inc AACTF could tap Google's new offerings like Solar API.

Google also sees opportunities from real estate companies like Zillow Group, Inc ZG, Redfin Corp RDFN, hospitality companies like Marriott International MAR Marriott Bonvoy, and utilities like Pacific Gas & Electric Co PCG.

Some of the data from the Solar API will come from a consumer-focused pilot called Project Sunroof, a solar savings calculator.

Google also eyes the sale of API access to individual building data and aggregated data for all buildings in a particular city or county. It has data for over 350 million installations, up significantly from the 60 million facilities it cited for Project Sunroof in 2017.

There is also a potential to connect the APIs with Google Cloud products. Google also wants to announce an Air Quality API to let customers request air quality data, like pollutants and health-based recommendations for specific locations. 

It will also include digital heat maps of the data, hourly air quality information, and an air quality history of up to 30 days.

Google's move comes amid efforts to monetize its maps products as it struggles to produce revenue amid a broader economic slowdown.

In 2021, Morgan Stanley analyst Brian Nowak estimated Google Maps would earn $11.1 billion as new travel products and promoted pins began to boost ad revenue.

In July, Alphabet reported second-quarter revenue growth of 7% year-over-year to $74.604 billion, which beat the consensus of $65.42 billion. The company reported quarterly earnings of $1.44 per share, which beat analyst estimates of $1.20 per share.

Search revenue came in at $42.628 billion, Cloud revenue totaled $8.031 billion, and YouTube ads revenue hit $7.665 billion in the quarter. 

Price Action: GOOG shares traded higher by 0.61% at $132.60 in the premarket on the last check Tuesday.