The $1 billion fund recently revealed seven more startups it will invest in to help solve energy problems. The fund features investments from Bill Gates, Jeff Bezos, and Michael Bloomberg. (Photo from Getty Images)
Some of the biggest and most lucrative names in technology and business are teaming up for a major investment. Bill Gates, Jeff Bezos, Michael Bloomberg and more are investing in nine energy startups that aim solve the biggest energy problems via their new $1 billion fund, Breakthrough Energy Ventures (BEV).
Last year, BEV announced that one of its main focuses would be energy storage. Part of their mission is to provide “patient capital.” This means BEV is willing to bypass returns on investments for up to 20 years, so scientists and engineers at the startups have enough time to develop their technologies. Back in June, BEV announced its first two investments: Form Energy, which is working on two new types of battery chemistries capable of storing weeks and months worth of energy, and Quidnet Energy, which is creating a technology to replicate the benefits of hydropower by pumping water into the subsurface shale formations.
Recently, BEV announced their other seven investments, which include startups working on alternative geothermal energy systems, collecting clean water from the air, building fusion reactors, producing biofuels with microbes, and more. While we won’t get to know all of the companies BEV invested in, some of them don’t want to be named, BEV will announced the others at a later stage.
The newly invested startups include:
- QuantumScape: A startup building a solid-state battery, which could be essential to reducing the cost of electric cars.
- Commonwealth Fusion Systems: A firm working to develop a fusion-reactor that uses high-temperature superconductors and wants to be the first fusion system to create net-positive energy.
- Pivot Bio: Biotech startup developing a microbial solution that can replace nitrogen-based fertilizers, reduce nitrogen runoff, and erase the related production of nitrous oxide, which would limit environmental pollution.
- CarbonCure: a startup developing technology to inject recycled carbon dioxide into concrete, in order to produce stronger concrete and reduce the carbon footprint of cement production. This results in saving money and carbon reductions for the concrete industry.
- Fervo Energy: a startup working on developing cheaper, more efficient methods of geothermal energy production, borrowing technology from horizontal drilling and modern computer models. Their goal is to cut the cost of geothermal power by fifty percent.
- DMC Biotechnologies: Biotech startup working with microbes to produce biofuels more cheaply.
- Zero Mass Water: a startup selling solar panels and batteries that can harvest clean drinking water directly from the air.
Each company BEV invests in will receive between $200,000 and $20 million, out of a total of $100 million the firm has invested so far. BEV is looking to fund projects that will reduce emissions from five sectors: electricity, transportation, agriculture, manufacturing, and buildings, which all seven companies met. To be eligible for their investment, startups have to show off viable technology that has the capability to reduce annual global greenhouse gas emission by at least 500 million metric tons.
It’s great to see some of the world’s richest people come together and agree to put their money towards a good cause. Hopefully, it’ll will lead to a better and greener future.
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