Breakthrough Energy Ventures to invest $1 billion in clean energy technology

Published on December 14, 2016 by Daily Energy Insider Reports

Ernest Moniz

The Breakthrough Energy Coalition (BEC) has announced the creation of a new fund that will invest more than $1 billion in early stage and growth companies utilizing and developing clean energy technology.

The investment vehicle provided by the launch of the new fund, called Breakthrough Energy Ventures, offers an investment model for addressing the challenges and opportunities of investing in energy innovation.

The Breakthrough Energy Coalition is a group of entrepreneurs, business leaders, and institutional investors who last November in Paris announced their commitment to help bring new zero-emissions energy technologies to market.

“Because of the United States’ longstanding commitment to technology innovation, we have a head start on developing next-generation clean energy technologies,” said U.S. Secretary of Energy Ernest Moniz.

“However, if the United States chooses to back away from a redoubled commitment to innovation, it will be American entrepreneurs, manufacturers, and workers who will be put at competitive disadvantage in developing breakthrough technologies and creating jobs,” he added.

U.S. Sen. Maria Cantwell (D-WA), ranking member of the Senate Energy and Natural Resources Committee, praised the business community’s partnership with the Department of Energy to invest in innovative solutions to today’s climate challenges.

“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,” Cantwell said.

The BEC’s initial commitment was made in parallel to the launch of Mission Innovation, a proposal by countries to double clean energy research and development.

“One year after the landmark Paris climate agreement was agreed upon, creating a multi-trillion-dollar global market for clean energy innovation, the establishment of the Breakthrough Energy Coalition fund highlights the opportunity for countries participating in Mission Innovation to capture this investment potential, and then establish a strong position in that massive market.” Moniz said.