Breakthrough Energy Ventures, the climate-focused investment firm founded by Microsoft co-founder Bill Gates, has secured a significant $839 million for its third flagship fund. The firm, which counts Amazon founder Jeff Bezos and Alibaba Group founder Jack Ma among its notable investors, is nearing its $1 billion target for this new fund.
The fund will primarily focus on fueling innovation in climate technology. Breakthrough Energy Ventures will be supporting startups committed to reducing emissions across various sectors. This investment strategy aligns with the firm’s existing portfolio of over 110 companies, including prominent names like QuantumScape, a leading developer of electric vehicle batteries, and ZeroAvia, a company pioneering electric aircraft.
In addition to its new fund, Breakthrough Energy Ventures recently co-led a $31.4 million funding round for Reactive Technologies, a company specializing in grid stability measurements. The firm also participated in financing rounds for companies like Koloma, focused on carbon-free hydrogen production, and Xcimer, a fusion technology startup.
This recent fundraising success underscores Bill Gates’ unwavering commitment to addressing climate change through strategic investments. In June, he pledged billions of dollars to TerraPower, a nuclear energy company, highlighting the crucial role of nuclear power in meeting future energy demands. Earlier this year, Breakthrough Energy Ventures invested $107 million in Heart Aerospace, a company developing hybrid-electric airplanes. This investment aligns with the aviation industry’s ambitious goal of achieving net-zero emissions by 2050.
While actively promoting climate-friendly solutions, Gates has also addressed the increased energy consumption associated with artificial intelligence, stating that the benefits of AI ultimately outweigh its higher energy usage. He emphasizes the importance of not overreacting to the energy demands of emerging technologies.
Furthermore, Gates has publicly encouraged influential figures like Elon Musk to engage more actively in climate change discussions, highlighting the collective effort needed to combat this global challenge.
