What is the NASDAQ Clean Edge Green Energy Index? We had no idea it even existed until NASDAQ sent out a release today saying that electric car pioneer Tesla Motors had been added to it (along with smart grid company PowerSecure International and Vicor Corporation, which makes electric system components). Here's how NASDAQ explains the index:
NASDAQ updates the index every six months, and the latest new additions will be added starting September 20. Companies on the list that ABG readers will likely have heard of include A123 Systems, Ballard Power and Ener1. Check that: Ballard – along with another fuel cell-centric company called FuelCell Energy – will be removed from the index the day TSLA is added. If that's not a sign o' the times, we don't know what is.The Index includes companies engaged in the manufacturing, development, distribution, and installation of emerging clean-energy technologies such as solar photovoltaics, biofuels and advanced batteries. The five major sub-sectors that the index covers are Renewable Electricity Generation, Renewable Fuels, Energy Storage & Conversion, Energy Intelligence and Advanced Energy-Related Materials.
*UPDATE: The headline of this post was changed to remove the implication that Tesla forced the other companies off.