The fund, named as Breakthrough Energy Ventures (BEV), will support companies that will innovate to deliver the next generation of clean and sustainable energy, agriculture and goods globally.
BEV will invest in energy startups that will provide breakthrough technologies to generate affordable and reliable energy intended to eliminate greenhouse gas emissions.
BEV Chairman Bill Gates said: "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."
Other BEV board of directors include Alibaba Group executive chairman Jack Ma, Reliance Industries chairman and managing director Mukesh Ambani, Khosla Ventures founder Vinod Khosla, SAP SE co-founder Hasso Plattner, Laura and John Arnold Foundation Laura and John Arnold Foundation co-chair John Arnold and Kleiner Perkins Caufield and Byers chairman John Doerr.
Ambani said that energy is one of the critical elements in driving economic growth and that various parts of the emerging economies are yet to have access to affordable and reliable energy.
He added: “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.”
BEC was formed in 2015 alongside another international collaboration dubbed Mission Innovation which is intended to speed up innovations in clean energy using smart government investment.
The BEV investors are said to attract the scientists, private sector experts and entrepreneurs using their mission, global networks and experience to lead the fund’s direction.
Image: Breakthrough Energy Ventures to support clean energy technologies worldwide. Photo: courtesy of dan/FreeDigitalPhotos.net.
