Google will be investing up to $10 million in “green” startups, the company said today. Specifically, they are looking to invest $500k – $2 million in multiple for-profit startups that are focusing on electric/hybrid transportation. Details are here.

But startups don’t have much time to fine tune their pitches – proposals requesting funding must be submitted to Google by October 22 2007.

This inches Google ahead in the race with Yahoo and other tech companies to show who cares most about the environment.