The Breakthrough Energy Coalition (BEC), which has Mukesh Ambani and Alibaba’s Jack Ma as members, will invest more than $1 billion in Breakthrough Energy Ventures (BEV), an investor-led fund that will finance emerging energy breakthroughs for affordable and reliable energy to reduce greenhouse emissions, BECsaid in a statement.
“It is extremely exciting for us to launch this fund as the next step in the commitment made by the Breakthrough Energy Coalition last year. Our goal is to build companies that will help deliver the next generation reliable, affordable, and emissions-free energy to the world,” said Bill Gates, chairman BEV.“Breakthrough Energy Ventures will collaborate with other investors, governments, research institutions and corporate partners, bringing to the table an investor-led fund with internal scientific expertise, a long-term horizon, and a tolerance and understanding of the investment risks required to transform energy markets,” according to BEV statement.
Going ahead, BEV will also look to explore how the coalition can help organise an ecosystem of investment by engaging strategic corporate partners to coordinate expertise and capital to move these technologies forward, the statement said.
John Doerr, Chairman, Kleiner Perkins Caufield & Byers, Vinod Khosla, Founder, Khosla Ventures and John Arnold, Co-chair, Laura and John Arnold Foundation, Hasso Plattner, Co-Founder, SAP SE along with RIL‘s chairman and managing director Mukesh Ambani and Jack Ma, executive chairman of Alibaba group are on the board of directors for BEC.
“Several parts of the developing economies still do not have access to affordable and reliable energy. It is an immediate need to find and provide new energy sources that are affordable, clean and reliable for every person on our planet. Breakthrough Energy Ventures will help build the companies that can solve and deploy new energy solutions everywhere,” said Mukesh Ambani, chairman and managing director, Reliance Industries.
BEC is a group of individuals and institutions committed to investing in new energy technologies emerging out of government research institutions to provide reliable, affordable power with zero emissions. BEV is one of BEC’s investment vehicles to invest in new companies that show promise to fulfilling the BEC mission.