Bill Gates leads US$1 billion investment in clean energy

Facebook
Twitter
LinkedIn
Reddit
Email
Breakthrough Energy Ventures, an investor-led fund, will finance emerging energy breakthroughs that can deliver affordable and reliable zero carbon emissions. Source: Flickr/OnInnovation

A consortium of investors led by tech entrepreneur and philanthropist Bill Gates is backing a new US$1 billion fund for clean energy technology.

The high-profile investors include Richard Branson, Amazon founder Jeff Bezos, LinkedIn co-founder Reid Hoffman and Jack Ma – the founder of Chinese e-commerce group Alibaba.

The fund, known as Breathrough Energy Ventures, (BEV) will filter investment into “anything that leads to cheap, clean, reliable energy,” Gates told news outlet Quartz. Quartz suggests that, with the group's combined total wealth of US$170 billion, it could be the “richest group of investors ever assembled”.

“The Breakthrough Energy Coalition is a partnership committed to broad investment in new energy technologies,” a post on the BEV website reads. “We are investing our own capital and are working with over 20 countries around the world who have committed to significantly increase their investments in the basic research that leads to breakthrough innovations.

“To provide reliable and affordable power without contributing to climate change we need to address emissions in five key areas: electricity, transportation, agriculture, manufacturing, and buildings.”

With the backing of some of the world’s biggest names in business, the launch of BEV is a serious force to tackle the perennial issue of climate change through investment in clean technologies. However, the former Microsoft CEO has been vocal about being less than a fan of solar energy; one of the largest growing sources of alternate energy generation; even saying in a recent address in South Africa that solar is not the solution the continent seeks and maintains that it will do little to solve the overarching problem of global warming.

Regardless, the 20-year fund that was founded in November 2015 states that its missions will be procure public and private investment to foster major advances in clean energy production, transport and agriculture.

“I am honoured to work along with these investors to build on the powerful foundation of public investment in basic research,” Gates said in a statement. “Our goal is to build companies that will help deliver the next generation of reliable, affordable, and emissions-free energy to the world.”

15 September 2022
Bifacial PV modules will be the dominant solar PV technology globally within one or two years; in the utility-scale sector, their market share is already above 70%. This webinar will provide a clear view on the successful implementation of bifacial technology, maximizing system performance and minimising LCoE.
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

August 10, 2022
OMERS Private Equity has acquired a minority stake in the Arizona-headquartered solar operations & maintenance (O&M) provider NovaSource Power Services.
August 10, 2022
US solar tracker manufacturer FTC Solar has cut its net losses compared with last quarter and Q2 2021 but has seen its revenue collapse, blaming a hostile solar environment in the US that has seen project delays and cancellations, which it said it now hoped was coming to an end.
August 9, 2022
The Public Service Commission of the District of Columbia (DCPSC) has approved a 15-year power purchase agreement (PPA) with renewables developer Invenergy for 73MW of solar power to meet a 5% renewables target for district’s default electricity supply.
August 8, 2022
The Inflation Reduction Act (IRA), which includes US$369 billion in energy security and climate change programmes over the next ten years, passed in the US Senate on Sunday, paving the way for its movement to the House of Representatives and subsequent signing by President Joe Biden.
August 8, 2022
Energy technology company AES Corporation is still on track to reach its target of 4.5-5.5GW in long-term renewables and energy storage contracts in 2022, having already signed 1,618MW in the year to date, according the firm’s Q2 financial report.
August 5, 2022
Canadian renewables company Revolve Renewable Power has received approval to build a 250MW solar-and-storage project on land managed by the US Bureau of Land Management (BLM) in Arizona.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
London
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event