Press Release: Global Business Innovators Launch $1 Billion Investment Fund For Next Generation Energy Technologies

The following press release was published today by the Breakthrough Energy Coalition.

Media contact: [email protected]

Global Business Innovators Launch $1 Billion Investment Fund For Next Generation Energy Technologies

The Breakthrough Energy Coalition (BEC) is launching a new fund that will invest in innovative companies to deliver the next generation of reliable, affordable, and emissions-free energy, agriculture, and goods to people around the world.

SEATTLE – Today, members of the Breakthrough Energy Coalition (BEC) have committed to invest more than $1 billion in Breakthrough Energy Ventures (BEV), an investor-led fund that will finance emerging energy breakthroughs to deliver affordable and reliable energy with the goal of reducing global greenhouse gas emissions to near-zero.

“It is extremely exciting for us to launch this fund as the next step in the commitment made by the Breakthrough Energy Coalition last year,” said BEV Chairman Bill Gates. “I am honored to work along with these investors to build on the powerful foundation of public investment in basic research. Our goal is to build companies that will help deliver the next generation of reliable, affordable, and emissions-free energy to the world.”

About Breakthrough Energy Ventures

The world is demanding more energy and goods than ever before, bringing about new opportunities for economic growth, but also increasing pressure on our climate. Successfully navigating this dynamic requires a combination of new tools and solutions to help scale the most promising technologies we have today.

Breakthrough Energy Ventures will collaborate with other investors, governments, research institutions and corporate partners, bringing to the table an investor-led fund with internal scientific expertise, a longterm horizon, and a tolerance and understanding of the investment risks required to transform energy markets.

The mission, experience and global networks of BEV investors will allow it to attract the best scientists, entrepreneurs, and private sector experts to guide the fund’s trajectory. BEV is not confined to any segment of the investment pipeline—it will build companies, engage in traditional venture investment, and have the ability to invest for growth as innovations mature.

Today’s announcement continues the commitments made by these investors when the BEC was launched last year alongside Mission Innovation, an international collaboration to accelerate the pace of clean energy innovations through smart government investment. BEV will help build companies based on the promising technologies that come out of these countries’ scaled-up public research pipelines.

In addition to the formation of the BEV, the BEC today shared its “Landscape of Innovation,” which illustrates the universe of technologies that public and private investors might support in order to lead us to a world of zero carbon emissions. The Landscape will serve not only as a tool for the BEV to guide investment focus, but also as a guide for other public and private investors committed to reducing global greenhouse gas emissions. The scale of the challenge and the size of the opportunity presented by the global energy market will require investments far beyond the resources of the BEV. It will take the efforts of governments and investors from around the world.

Because of the size of the challenges and opportunities, the launch of the BEV and sharing of the landscape is just the initial step for Breakthrough Energy. In the future it will explore how the coalition can help organize an ecosystem of investment by engaging strategic corporate partners to coordinate expertise and capital to move these technologies forward. Led by our partners at the University of California, we will engage a similar network of international research institutions to develop an investment pipeline of projects as well as identify other investment partnership opportunities.

Board Of Directors Statements “Too often we let what we think we know limit what is possible. When it comes to energy, people say you cannot make money, meet demand, and also benefit the environment. But we can, and we will. This effort will combine technological innovation and scientific knowledge with the investment expertise needed to transform energy markets. Together, we’ll remind the world that visionary ideas make wonderful realities.” – Jack Ma, Executive Chairman, Alibaba Group

“BEV is a fresh, bold initiative to invest in energy breakthroughs. It is building a global network of the best scientists, innovators, investors, and business leaders. BEV’s mission is to find, fund, and accelerate the success of technologies and entrepreneurs who will create our zero carbon future.” – John Doerr, Chairman, Kleiner Perkins Caufield and Byers

“BEV is taking the bold step to support companies in a complicated market with tremendous promise for changing the world while being a strong investment. Successful investing in any market requires patience for failure and identifying the best tools for addressing the idiosyncrasies of that market. The investors leading BEV will back some of the most innovative companies.” – Vinod Khosla, Founder, Khosla Ventures

“The dearth of venture funding for clean energy technologies threatens to create a valley of death for the industry, with emerging ideas unable to find the necessary capital to reach commercialization. As an investor led effort, Breakthrough Energy Ventures is designed as a source of patient capital to spur innovation to meet the growing demand for low-cost, clean energy solutions.” – John Arnold, Co-Chair, Laura and John Arnold Foundation

“Energy is one of the critical drivers for economic growth. Several parts of the developing economies still do not have access to affordable and reliable energy. It is an immediate need to find and provide new energy sources that are affordable, clean and reliable for every person on our planet. Breakthrough Energy Ventures will help build the companies that can solve and deploy new energy solutions everywhere.” – Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited

“We need to create new companies to push the boundaries of innovation. The businesses that Breakthrough Energy Ventures will fund and grow are going to develop the disruptive technology to help satisfy the world’s energy needs while also limiting the impact on our environment.” – Hasso Plattner, CoFounder, SAP SE

About The Breakthrough Energy Coalition

The Breakthrough Energy Coalition (BEC) is an influential group of investors and institutions that is committed to investing in technology that can help solve the urgent energy and climate challenges facing the planet. The BEC was launched alongside Mission Innovation, a global initiative of 22 countries and the European Union to accelerate the pace of clean energy innovations through smart government spending that increases the rate of innovation in their domestic sectors.

  • roseland67

    They’re real at least,
    Let’s see if Rossi is.

  • Bernie Koppenhofer

    This will make these billionaires many more billions.

    • Ciaranjay

      Some days I think we are lucky to have these billionaires with their big vision projects to save the world.
      Other days I think what they are best at is enriching themselves further and leaving some crumbs for the rest of us.

      • Bernie Koppenhofer

        There are good billionaires and bad billionaires, our government must regulate. There are also good regulations and bad regulations.

      • radvar

        Depends on the size of the crumbs. Sometimes they’re pretty small. Other times, like rural electrification, pretty big.

        • HS61AF91

          Sounds like a boondoggle getting public money to make monopolistic controlled acquisitions of LENR- related technologies, and to squeeze out whatever profit can be had. I feel our Doctore had enough experience with such initiatives; and he is already ahead of this kind of extravaganza. Keep on that golden course for us all on this beleaguered planet. Our earth can once again come to full bloom with a unfettered LENR driver to pave that way.

  • theBuckWheat

    How much have they actually closed on at this point.

  • Omega Z

    Nothing new here.

    Breakthrough Energy Ventures had over 6 Billion$ to apply to creating new technology before the 2008 crash. Many entities did partake from this VC fund as well as from Government grants, take credits and other investors money. It didn’t fair well.

    Silicon Valley learned a hard lesson. Exploiting exiting technology to gain great wealth is easy. Creating a new technology from scratch not so much…

    • Ciaranjay

      As you say, getting the money is relatively easy. Directing it efficiently rather than spraying it around like a fire hose is the more difficult bit.

  • Bob Greenyer

    When developing software, the answer is always yes – it can always be done – even what may appear to be AI. Software developers often have a real difficulty understanding why the whole world does not work in such a deterministic way.

    Hardware is a very different story – there may be physical limits to semi-conductors, materials, ability to effect momentum change etc. The answer may actually be no.

    Hardware that challenges accepted laws of physics is on another plane – you are trying to thread 13 needles at once in one smooth movement.

    Also, you not only have to find people that are capable, you have to find people that have will and vision and to be prepared to be disappointed or ridiculed. The people that you find, are they ‘into’ it, or are they just doing it for the money, is the investment coming from truly noble intentioned people or are they just doing it for a big pay off.

    There will be winning technologies, if a developer has little confidence in their path, they should accept the money as their technology will be sidelined either within or without the investors sphere of influence. If they have high confidence that their technology will ‘compete’, then staying independent is the only way they will have a chance of their research becoming product that changes lives.

    I personally agree with Piantelli that funding should come from governments, research conducted openly and the fruits be owned by the people in this case – though I would say that having business minded and industrialist people alongside researchers to help ensure delivery would be wise. This way, all can benefit fastest and the inventor / researchers gets to see their work realised, not made a strategic or corporate secret.

    • Gerard McEk

      I hope this fund allows for open research and is not aimed to profit. The fruit of their investment should go to all the people in the world. Patents should be forbidden.

      • Allan Shura

        In reality the only ones who can support themselves for free are those who donate their own
        money, time, education and ability. Few can in reality afford this. For example there are earth batteries with no patent but before the internet the only way to convey the information
        was in print that cost money or by word of mouth. In the case of the earth battery the technology was more or less known the investment was sunk already and they were not spending to break new ground without visible support.

        • Gerard McEk

          Hi Allan, when you mean an ‘Earth Battery’ as discribed in e.g. Wikipedia, than I think it is not the right way forward. With those batteries the most base metal dissolves. Considering that it took a lot of energy to make the metal that dissolved (e.g. Aluminium), then the process is surely not economical or just ‘green energy’.

          • Allan Shura

            The mention was to show an example of a technology that does not require a
            full time support since the research is mainly known.

            Eventually aluminum may dissolve I am unsure of the end product I know that for instance the aluminum in the Alcan hydrogen test car is reconstituted at the smelter and lead acid batteries are recycled.
            I will try the earth battery it seems a saving over shelf batteries if there is the space.
            Some of the videos show how to increase the voltage to say 12 volts and there is
            enough power induced to say run your watch but the videos have not charged them to show the amperage capacitance and that is where they would be useful.

    • LION

      Hi BOB you might find this interesting.

      • Bob Greenyer

        Thanks – yes, interesting

    • radvar

      Better analogy to SW is BioTech.
      The investment community has a lot experience with that.

  • Bernie Koppenhofer

    Take a look at Trump’s cabinet picks, the US is going to have one source of energy: OIL

  • Observer

    I always wonder if these sector investment funds planning on a broad portfolio are just designed to dump pre-existing investments that fall short when a leader emerges from the pack.

    • Pekka Janhunen

      Sorry, my financial brain department is a bit underdeveloped.. Do you mean that someone misleads other investors by setting up and advertising a sector fund which looks good on paper because wide portfolio but which purposefully lacks the real winner?

      • cashmemorz

        If Darden claims that Rossi’s E-Cat year long test is unsubstantiated then that is exactly the type of portfolio the E-Cat is sitting in.

  • sam
  • sam
  • cashmemorz

    President-elect Donald Trump named the head of Exxon Mobil Corp, Rex
    Tillerson, as his choice for U.S. secretary of state on Tuesday and won
    backing from some Republican foreign policy figures.–finance.html

    He also appointed Oklahoma Attorney General and climate change denier Scott Pruitt to the U.S. Environmental Protection Agency, a governmental organization he’s (Scott Pruitt) currently suing.

    With retrograde policies that these guys will put into place, coal and oil will become employment type resources for the USA power and transportation segments. If so, there may not be any need for LENR, cold fusion, hydrinos and the like for a few more years. Pollution will be allowed to continue and grow, if employment and business interests in that sector are given full swing. If LENR and or hydrino based solar cells aren’t perfected by the end of Trumps first session as POTUS, I don’t understand what is going on. And I have been following the physics of establishment science since high school in the 1960’s, LENR for about five years, the environmental movement and climate change since the 1970’s.]

    Trump promised to listen to Obama for advise. How much of that will translate into Obama like policy is the real question here.

    • Pekka Janhunen

      If E-cat is cheaper than coal and oil, it will gain market share anyway.

      • cashmemorz

        My money is going where Everyone is convinced it works. Therefore I am waiting for Rossi or Brillouin or anyone else to prove it publicly in several known business installations and then cross checked by known testers like MIT. I’m not rich enough to take any chances with my money. That is why investments look like a rich man’s game to me.

    • we want LENR Fusione Fredda

      Showdown times…

    • Allan Shura

      There are oil and gas companies recently who want to join the shift to green. The difference is I
      sense some umbrella funds by them want to maintain control of the transition so that they are
      poised. The process is by committee and meetings and vetting where the timetables are controlled by calendar rather than the merits of the particular technology and I think some could move along fairly quickly if some of the barriers are removed. In short there is a risk to the inventor who does not have pockets for a drawn out negotiating process with multiple parties not to mention that now government is catching on to the imperative for climate action but tends to favor toward larger organizations and business and also from the conventional renewables known for decades.

      • cashmemorz

        So with the barriers being potentially put up by Trumps administration is one more reason why new tech such as LENR will take a longer time than necessary to get into market. Despite Rossi’s best efforts. Those who would find it attractive to have LENR powering their business hardware will look to others for the correct climate business wise for when it would be ok business wise to implement LENR. Any shortcoming, no matter how in significant could be used to say its not time to implement LENR at “this time”. SUch appear to be the “ins” and “outs” of how new tech is accepted by the workings of business.

  • Bernie Koppenhofer

    Trump and his new oil cabinet can make it very difficult if not impossible for the US solar industry. Follow the money!

    • Omega Z

      Trump, Is a business man.

      Cheap energy is good for business.

      Trump would offer tax credits for manufacturing LENR products in the U.S..
      This makes LENR products cheaper.

      Little fact lost on most people.
      Business doesn’t pay tax. It passes it on in product and services provided.

      • Bernie Koppenhofer

        The problem is business tax inequity. Small businesses pay 35% large multi national business pay 0-15%. Tax code is written by lobbyists of Multi Nationals.

        Oil is not cheap, it is heavily subsidized, part of the 0% lobbyist tax rate above. Exxon paid 0% tax rate, guess who picks up the slack. We do!

        Trump and his oil cabinet would never propose anything that would jeopardize oil profits.

  • sam
  • Omega Z

    Quit believing the Propaganda.

    Coal mines continue to operate.

    They’re still drilling for natural gas and oil.

    China is still building Coal power plants as are others.

    The growth has slowed down, but so has the world economy.

  • sam
  • Bernie Koppenhofer

    Republicans have a big problem, there is too much revenue coming from “S” and small corporations and with all the spending they are proposing the deficits are going to explode. Who is going to take the hit? Given the history of the Republican Party it is going to be the folks at the bottom, selling the same old idea “trickle down economics”. Suckers!

  • sam

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.