Breakthrough Energy Coalition (BEC) has launched a new $1 billion investment fund that will invest in the next generation energy technologies, including low-cost ocean energy technologies.
The members of BEC, which include Bill Gates, Michael Bloomberg, Mark Zuckerberg, and other influential investors, have yesterday, December 12, committed to invest more than $1 billion through the establishment of Breakthrough Energy Ventures (BEV).
BEV is an investor-led fund that will finance emerging energy breakthroughs to deliver affordable and reliable energy with the goal of reducing global greenhouse gas emissions to near-zero.
The fund will collaborate with other investors, governments, research institutions and corporate partners, to transform energy markets, BEC informed.
In addition to the formation of the BEV, the BEC shared its ‘Landscape of Innovation’, illustrating the technologies that public and private investors might support, which includes ocean energy generation technologies.
Jack Ma, Executive Chairman at Alibaba Group and BEC’s Member of the Board, said: “When it comes to energy, people say you cannot make money, meet demand, and also benefit the environment. But we can, and we will. This effort will combine technological innovation and scientific knowledge with the investment expertise needed to transform energy markets. Together, we’ll remind the world that visionary ideas make wonderful realities.”
Maria Cantwell, Ranking Member of the Senate Energy and Natural Resources Committee in US, welcomed the commitment saying: “The direct investment Bill Gates, Jeff Bezos and other business leaders are making in companies developing innovative and carbon-free technologies will deliver reliable, affordable, clean energy to consumers.
“This isn’t just the right thing to do—it’s the smart thing to do, given the global energy market is $6 trillion and growing. I applaud their continued leadership, in partnership with the Department of Energy, to invest in innovative solutions to today’s climate challenges.”
BEC is a group of entrepreneurs, business leaders, and institutional investors who last year in Paris announced their commitment to help bring promising new zero-emissions energy technologies to market.
Take a look at the image below showcasing BEC’s ‘Landscape of Innovation’.