Jeff Bezos and Bill Gates are amongst a group of billionaires who have helped raise $1 billion to fund clean energy start-ups.
Billionaire backed clean-tech fund, Breakthrough Energy Ventures (BEV), has now raised $1 billion for the second time in four years, with money going towards helping start-ups which are capable of cutting global emissions.
This venture capital fund was originally founded in 2016, backing 45 emerging companies with the first billion raised. Now, it is planning to support between 40 and 50 emerging enterprises.
This is as per a new report about the fund from Bloomberg Green.
Although BEV is said to have a broad scope, the key focus is on ‘clean’ products and technologies. For example, greener steel and cement, long-haul transport and energy storage.
In order to be considered for funding, a start-up will need to be able to showcase scientifically sound technology with the potential to cut annual global greenhouse-gas emissions by at least 500 million tonnes per year.
Eric Toone, BEV’s technical lead, told Bloomberg News:
We have built a great technical team and our ability to close a second fund is a testament to their good work.
At the time of writing, global emissions measure an approximate 34 billion tonnes annually, partly due to global economic activity and mobility slowing down in 2020 over the course of the pandemic.
Experts have noted an increase in green technologies over the past two years. As per the latest PwC report on this subject, with venture capital money pouring into start-ups capable of cutting emissions hitting $16 billion in 2019 from just $400 million in 2013, revealing a 40-times increase.
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