Breakthrough Energy
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]
Company type
History[edit]
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[edit]
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]
The group is spearheaded by Bill Gates, who previously announced a personal $2 billion investment,[5] and includes:[6][7][8]
Criticism[edit]
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]
Some of the activities include how to connect producers and consumers of green hydrogen.[26]