Type | Private |
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Industry | Energy |
Founded | 2015 |
Founder | Bill Gates |
Headquarters | |
Website | breakthroughenergy.org |
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Companies Charitable organizations
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Breakthrough Energy is the umbrella name of several organizations, founded by Bill Gates in 2015, that aim to accelerate innovation in sustainable energy and in other technologies to reduce greenhouse gas emissions. It invests in a variety of startup companies that are attempting to commercialize new concepts such as nuclear fusion, large-capacity batteries to store renewable energy, and microbe-generated biofuels. [1]
At the 2015 United Nations Climate Change Conference in November 2015, Gates announced that a coalition of 28 high net-worth investors from ten countries had committed to the Breakthrough Energy initiative. A complementary initiative of Gates, Mission Innovation, was announced at the same time. [2]
In December 2016, a group of investors collectively worth US$170 billion announced more personal commitment to funding the efforts of a US$1 billion fund "focused on fighting climate change by investing in clean energy innovation." The fund is named Breakthrough Energy Ventures fund. [3]
At its inception, Gates explained, "The renewable technologies we have today, like wind and solar, have made a lot of progress and could be one path to a zero-carbon energy future... But given the scale of the challenge, we need to be exploring many different paths." [4] Breakthrough Energy invests primarily in businesses where the risk of failure is high and the timeframe for return on investment is 20 years. Traditional venture capitalists look for a return on investment in five years, which may not be enough for the special challenges of the energy sector. [1]
The group is spearheaded by Bill Gates, who previously announced a personal $2 billion investment, [5] and includes: [6] [7] [8]
There has been criticism that the coalition was announced too early, before crucial details had been confirmed. At launch, a Gates Foundation spokesman confirmed that investment professionals had yet to be appointed, named investors—other than Gates—had not publicly stated their level of investment and a financial structure had not been confirmed. [12]
Some of the activities include how to connect producers and consumers of green hydrogen. [26]
William Henry Gates III is an American businessperson, investor, and philanthropist best known for co-founding the software giant Microsoft, along with his childhood friend Paul Allen. During his career at Microsoft, Gates held the positions of chairman, chief executive officer (CEO), president, and chief software architect, while also being its largest individual shareholder until May 2014. He was a major entrepreneur of the microcomputer revolution of the 1970s and 1980s.
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XPRIZE foundation is a non-profit organization that designs and hosts public competitions intended to encourage technological development to benefit humanity. The XPRIZE mission is to bring about "radical breakthroughs for the benefit of humanity" through incentivized competition. It fosters high-profile competitions to motivate individuals, companies, and organizations across all disciplines to develop innovative ideas and technologies that help solve the world's challenges.
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The Clean Energy Finance Corporation (CEFC) is an Australian Government-owned green bank that invests alongside private investors, innovators and industry leaders to increase the flow of finance into the clean energy sector, and to help achieve Australia's national goal of net zero emissions by 2050.
Mission Innovation is a global initiative to accelerate public and private clean energy innovation to address climate change, make clean energy affordable to consumers, and create green jobs and commercial opportunities.
Carbon Engineering Ltd. is a Canadian-based clean energy company focusing on the commercialization of direct air capture (DAC) technology that captures carbon dioxide directly from the atmosphere.
Nathaniel Simons is an American billionaire hedge fund manager and philanthropist. He is the founder of Meritage Group, an investment management firm managing over $12 billion in assets, co-founder of Prelude Ventures, a clean tech investment fund, and is the former co-chair of Renaissance Technologies, one of the largest hedge funds in the world.
Deep technology or hard tech is a classification of organization, or more typically startup company, with the expressed objective of providing technology solutions based on substantial scientific or engineering challenges. They present challenges requiring lengthy research and development, and large capital investment before successful commercialization. Their primary risk is technical risk, while market risk is often significantly lower due to the clear potential value of the solution to society. The underlying scientific or engineering problems being solved by deep tech and hard tech companies generate valuable intellectual property and are hard to reproduce.
Climeworks AG is a Swiss company specializing in direct air capture (DAC) technology. The company filters CO2 directly from the ambient air through an adsorption-desorption process. At its first commercial direct air capture and storage plant, Orca, in Hellisheidi, Iceland, the air-captured CO2 is handed over to storage partner Carbfix, who injects it deep underground where it mineralizes and turns into stone. Climeworks’s machines run on renewable energy or energy-from-waste and re-emit less than 10% of the carbon dioxide they capture.
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