Actually we were one of the first company's to submit an application. We thought we would be a perfect fit as well. Especially since we beat them at out of the gate by demonstrating a live power monitoring app using their own charting API. A few days after we made waves with our demo, Google announced their Power Charting initiative by hastily assembling a blog post and basically copying what we did. (Except ours actually worked, and theirs was just a static image.)
Their goal is to collect massive energy usage data sets and sell them to interested 3rd parties. In the end Google didn't think we were large enough or had enough users.
and yes I've switched to Bing