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Bill Gates-Led Fund Raises Another $1B to Invest in Clean Tech
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Breakthrough Energy Ventures, the clean-tech venture capital fund led by
Bill Gates, has raised $1 billion for a second round of investments after backing 45 startups with its first billion.
Created in 2016, BEV began funding startups just as the second wave of clean-tech investments was gaining momentum. Since then, interest in the sector has exploded. VC money flowing into startups that can help cut emissions has soared to $16 billion in 2019 from $400 million in 2013, a 40-times increase, according to a
PwC report published last year.
The first clean-tech boom was a disappointment. VCs lost more than half the $25 billion invested between 2006 and 2011. The financial crisis compounded the losses, but experts believe there were bigger problems with the underlying investment philosophy. First, VCs were looking to replicate the success they had seen in internet startups, expecting returns from clean-tech investments in less than five years. Second, the types of technologies they invested in were mostly limited to renewable electricity, biofuels and electric vehicles—all of which depended heavily on government regulations to grow.
Eric-tooneRichard-bransonBill-gatesJeff-bezosJack-maMukesh-ambaniMichael-bloombergRodi-guideroChris-hohnReliance-industries-ltdBreakthrough-energy-venturesAmazon-incBill Gates-led fund raises another $1 billion to invest in clean tech
January 19, 2021
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VC money flowing into start-ups that can help cut emissions has soared to $16 billion in 2019 from $400 million in 2013, a 40-times increase
Here’s more evidence the clean-tech boom is only getting bigger. Breakthrough Energy Ventures (BEV), the clean-tech venture capital fund led by Bill Gates, has raised $1 billion for a second round of investments after backing 45 start-ups with its first billion.
Created in 2016, BEV began funding start-ups just as the second wave of clean-tech investments was gaining momentum. Since then, interest in the sector has exploded. VC money flowing into start-ups that can help cut emissions has soared to $16 billion in 2019 from $400 million in 2013, a 40-times increase, according to a PwC report published last year.
Eric-tooneRichard-bransonBill-gatesJeff-bezosJack-maMukesh-ambaniMichael-bloombergRodi-guideroChris-hohnReliance-industries-ltdBreakthrough-energy-venturesAmazon-incZeroAvia’s hydrogen-powered vision for aviation nets $21.4 million from Amazon, Shell and Bill Gates-backed fund
ZeroAvia, the company that’s on a mission to move the world to zero-emission, hydrogen-fueled flight, has just received some corporate jet fuel in the form of a new $21.4 million cash infusion.
Aviation is a huge contributor to the carbon emissions that cause global warming, and the industry, along with shipping, will be one of the hardest to decarbonize. Electrification technologies have yet to account for ways to propel aircraft or move massive seafaring vessels, and a consensus is emerging among technologists that hydrogen will be the best solution to ensure zero-emissions flight can become a reality.
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