Breakthrough Energy

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Breakthrough Energy
TypePrivate
IndustryEnergy
Founded2015; 7 years ago (2015)
FounderBill Gates
Websitebreakthroughenergy.org
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Breakthrough Energy is the umbrella name of several organizations, founded by Bill Gates in 2015, that aim to accelerate innovation in sustainable energy and in other technologies to reduce greenhouse gas emissions. It invests in a variety of startup companies that are attempting to commercialize new concepts such as nuclear fusion, large-capacity batteries to store renewable energy, and microbe-generated biofuels.[1]

History[]

At the 2015 United Nations Climate Change Conference in November 2015, Gates announced that a coalition of 28 high net-worth investors from ten countries had committed to the Breakthrough Energy initiative. A complementary initiative of Gates, Mission Innovation, was announced at the same time.[2]

In December 2016, a group of investors collectively worth US$170 billion announced more personal commitment to funding the efforts of a US$1 billion fund "focused on fighting climate change by investing in clean energy innovation." The fund is named Breakthrough Energy Ventures fund.[3]

Strategy[]

At its inception, Gates explained, "The renewable technologies we have today, like wind and solar, have made a lot of progress and could be one path to a zero-carbon energy future... But given the scale of the challenge, we need to be exploring many different paths."[4] Breakthrough Energy invests primarily in businesses where the risk of failure is high and the timeframe for return on investment is 20 years. Traditional venture capitalists look for a return on investment in five years, which may not be enough for the special challenges of the energy sector.[1] Some of the activities include how to connect producers and consumers of green hydrogen.[5]

Members[]

The group is spearheaded by Bill Gates, who previously announced a personal $2 billion investment,[6] and includes:[7][8][9]

Criticism[]

There has been criticism that the coalition was announced too early, before crucial details had been confirmed. At launch, a Gates Foundation spokesman confirmed that investment professionals had yet to be appointed, named investors—other than Gates—had not publicly stated their level of investment and a financial structure had not been confirmed.[12]

See also[]

References[]

  1. ^ a b "Billionaire-Backed Breakthrough Energy Ventures Makes 7 More Investments". www.greentechmedia.com. Retrieved 2020-11-23.
  2. ^ "Announcing: "Mission Innovation"". whitehouse.gov. Retrieved 30 November 2015 – via National Archives.
  3. ^ Delaney, Kevin (12 December 2016) Bill Gates and investors worth $170 billion are launching a fund to fight climate change through energy innovation Quartz, Quartz Media, Inc. Retrieved 1 January 2019
  4. ^ Milman, Oliver (30 November 2015). "Zuckerberg, Gates and other tech titans form clean energy investment coalition". The Guardian. Retrieved 1 December 2015.
  5. ^ Collins, Leigh (11 January 2022). "How to make expensive green hydrogen commercially viable today — without subsidies | Recharge". Recharge | Latest renewable energy news. Archived from the original on 11 January 2022.
  6. ^ Chhabra, Esha. "Bill Gates Rallies With Tech Leaders To Launch A Multi-Billion Dollar Energy Fund". Forbes. Retrieved 30 November 2015.
  7. ^ Lapowsky, Issie. "Tech Billionaires Team Up to Take On Climate Change". Wired. Condé Nast Publications. Retrieved 30 November 2015.
  8. ^ Bellware, Kim. "World's Tech Giants Team Up For Mega Investment In Clean Energy". The Huffington Post. The Huffington Post Media Group. Retrieved 30 November 2015.
  9. ^ Cooper, Anderson. "Bill Gates: How the World Can Avoid a Climate Disaster". 60 Minutes. CBS News. Retrieved 17 February 2021.
  10. ^ Green, Emily (29 November 2015). "UC joins Bill Gates' clean-energy investment initiative". San Francisco Chronicle. Hearst Corporation. Retrieved 30 November 2015.
  11. ^ "Mukesh Ambani's RIL to invest $50 mn in Bill Gates' Breakthrough Energy Ventures". The Financial Express. 2020-11-13. Retrieved 2020-11-23.
  12. ^ Primack, Dan. "Bill Gates' Clean Energy Plan Isn't Ready for Primetime". Fortune. Time, Inc. Retrieved 2 December 2015.

External links[]

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