Noted investor Mario Gabelli is joining the green bandwagon.

The CEO of Gamco Investors said in a Bloomberg Television interview that he’s launching a hedge fund to invest in environmentally-friendly companies, the latest in a string of green ventures on the part of alternative investment firms.

“We think there’s money in alternative energy,” he said.

In recent months, such firms as Och-Ziff Capital Management, GLG Partners, GAM, ABN Amro, Ermitage Group, PCM Capital and Akeida Capital Management have launched funds to exploit opportunities in the alternative energy space.