Breakthrough Energy Ventures, the climate-focused initiative launched by Microsoft co-founder Invoice Gates, is elevating its third fund.
A brand new SEC filing reveals a $839 million fund. A spokesperson for Breakthrough confirmed that the agency is engaged on a brand new fund, however didn’t share particulars about timing or whole capital raised.
“The funding focus for the fund will likely be just like BEVI and BEVII, encompassing local weather improvements in 5 key funding areas: Electrical energy, Transportation, Manufacturing, Buildings, and Meals and Agriculture,” a spokesperson mentioned in an announcement.
Breakthrough Power launched in 2015 with a coalition of greater than two-dozen trade leaders together with 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 local weather funding fund.
The enterprise arm raised $1 billion a 12 months later. The trouble has since invested practically $2 billion into more than 100 companies.
Breakthrough has different applications, together with Breakthrough Energy Catalyst, which funds firms which can be able to scale their applied sciences, and Breakthrough Power Fellows, which helps primary analysis and new startups, in addition to efforts selling climate-related coverage and authorities engagement, public outreach and in-house science.
In 2022 Breakthrough hosted an invite-only three-day climate tech summit in Seattle that drew audio system together with Microsoft President Brad Smith; John Kerry, former U.S. Particular Presidential Envoy for Local weather; and Jennifer Granholm, U.S. secretary of vitality.
Gates has different climate-related endeavors, together with TerraPower, which just lately broke ground at a nuclear energy plant in Wyoming.
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