Solar energy is not a new technology. Scientists, engineers, and businesses have been toying with it for some time now. The only problem was storing the energy as electrical storage technology did not keep pace with the ability to collect the sun’s energy. Electrical storage systems were too costly, inefficient, environmentally unsafe, or a combination of all three.

Thermal storage systems, on the other hand, are sophisticated, mature, and inexpensive technologies. (Because people want to stay warm during winter months and because they want to drink hot/warm liquids on cold days, much thought has been put into storing heat.) A few businesses are leveraging these thermal storage technologies to deliver electricity. Instead of storing electrical current from solar energy, they are storing the heat for later use. Using Sodium Sulfate, a salt, solar power companies are storing heat from the sun’s rays to generate electricity as needed (on demand). A great graphic from the New York Times illustrates how this process works after the jump.

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Although renewable energy is a popular idea these days, I am not so sure that relying solely on one type of renewable energy is the path to a sustainable future as some might have us think. The reason I say this is because of what has happened to corn prices as a result of ethanol production in the Midwest region of the United States. Because of increased ethanol production in this region, prices for corn, the primary raw material for ethanol, have dramatically increased. In addition, it has put a strain on other industries as farmers use their farmland to produce more corn instead of other less profitable crops.

This highlights the need for careful consideration of any new so-called “renewable” energy source and the effect it will have on resources whether it be human or natural. For example, solar and wind energy could put a tremendous strain on the raw materials needed to produce the equipment/machinery needed to generate electricity. As such, it is a good idea for governments to adopt a policy of diversified energy sources and for consumers to demand diverse energy sources.

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A company called Covanta is generating electricity and disposing of people’s waste in an environmentally friendly way. I think this is a great example of a company that is tackling two problems and solving each of them well. Covanta takes trash from communities and burns the trash in incinerators which create steam that turns turbines that generate electricity. The electricity created is renewable and the garbage after it is burned is more easily disposed.

You might think that air pollution is created when the garbage is burned, but that is not the case. Covanta manages all of its emissions and ensures that their environmental output is minimal. Their emissions are so clean that they even have a plant in Honolulu, Hawaii where people really care about protecting the environment. If you are interested in finding out more about Covanta, you can watch a CNNMoney video about it.

Covanta is a publicly traded company and they have a solid valuation. They are listed on the NYSE under the ticker CVA.

We are all excited about ethanol, fuel cell, solar and wind technology, but here is an example of a technology that is making an impact today. This brings new meaning to the phrase, “one person’s trash is another person’s treasure”!

Disclosure: At the time of the writing of this post, I have no financial relationships with any of the organizations mentioned.
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About the Author

Jonathan Chang is interested in new technologies which help individuals and organizations make a positive impact on society and the environment. He is also a proponent of long term thinking, supports the creation of renewable resources, and is an ardent advocate of social entrepreneurship. He is involved with and a member of Net Impact and the Commonwealth Club. (Net Impact is an international nonprofit organization whose mission is to make a positive impact on society by growing and strengthening a community of new leaders who use business to improve the world. The Commonwealth Club is the nation’s oldest and largest public affairs forum which organizes events on topics ranging across politics, culture, society and the economy.) Jon received his MBA from Babson College and his BA from Columbia University.