Breakthrough Energy Ventures, the climate-focused initiative launched by Microsoft co-founder Bill Gates, is raising its third fund.
A new SEC filing reveals a $839 million fund. A spokesperson for Breakthrough confirmed that the firm is working on a new fund, but did not share details about timing or total capital raised.
“The investment focus for the fund will be similar to BEVI and BEVII, encompassing climate innovations in five key investment areas: Electricity, Transportation, Manufacturing, Buildings, and Food and Agriculture,” a spokesperson said in a statement.
Breakthrough Energy launched in 2015 with a coalition of more than two-dozen industry leaders including Gates, Amazon’s Jeff Bezos, Salesforce CEO Marc Benioff, Meta’s Mark Zuckerberg and Alibaba CEO Jack Ma who all pledged to contribute to a climate investment fund.
The venture arm raised $1 billion a year later. The effort has since invested nearly $2 billion into more than 100 companies.
Breakthrough has other programs, including Breakthrough Energy Catalyst, which funds companies that are ready to scale their technologies, and Breakthrough Energy Fellows, which supports basic research and new startups, as well as efforts promoting climate-related policy and government engagement, public outreach and in-house science.
In 2022 Breakthrough hosted an invite-only three-day climate tech summit in Seattle that drew speakers including Microsoft President Brad Smith; John Kerry, former U.S. Special Presidential Envoy for Climate; and Jennifer Granholm, U.S. secretary of energy.
Gates has other climate-related endeavors, including TerraPower, which recently broke ground at a nuclear power plant in Wyoming.
https://ift.tt/PqLNj35 August 01, 2024 at 11:10PM GeekWire
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