Patient... and green
Breakthrough Energy Ventures has announced a raft of climate change-tackling investments. The fund, which is backed by Bill Gates, Jack Ma and Michael Bloomberg, among others, has plans to pump a plump $1bn into start-ups developing new technologies that deliver more efficient and cheaper energy.
Among the latest recipients of BEV cash are:
QuantumScape, a solid-state battery start-up
Commonwealth Fusion Systems, which is working with MIT on fusion power involving superconducting magnets
Zero Mass Water, a maker of rooftop tech – Hydropanels – that extract drinking water from the air
Pivot Bio, a developer of microbes that fix nitrogen in soil to help cereal crop growth
CarbonCure, which is working on using carbon dioxide in concrete manufacturing
Fervo Energy, a manufacturer of enhanced geothermal systems
DMC Biotechnologies, a tester of strains of microbes used to generate biofuels and other bio-products.
BEV did not disclose the levels of investments made in the start-ups, but the fund has invested $100m to date, with a deal range of under $1m to $20m.
The fund says aims to leverage innovation as broadly as possible. It doesn’t limit itself to early- or late-stage companies, nor to small, medium, or large enterprises, nor to particular geographies or technologies.
BEV has adopted a patient capital model, making its investments over a 20-year period.
“Fully deploying new technologies will take decades, not years,” says BEV. “Given this timeline, it is critical not just to respond to today’s circumstances but also to anticipate tomorrow’s urgent needs.”