- 1 March, 2019
- Posted by: partners
- Category: News
The European Commission and Breakthrough Energy, led by Bill Gates, have signed a memorandum of understanding to create Breakthrough Energy Europe (BEE), a joint investment fund to help innovative European companies develop and market radically new clean energy technologies. Among the billionaires of the Breakthrough Energy coalition are Jeff Bezos (Amazon), Mark Zuckerberg (Facebook), Jack Ma (Alibaba), Richard Branson (Virgin) and many other well-known faces.
Breakthrough Energy Europe therefore connects public research with long-term venture capital, in such a way that research and innovation in clean energy can access the market more quickly and effectively. With a capitalization of EUR 100 million, the fund will focus on reducing greenhouse gas emissions and promoting energy efficiency in the fields of electricity, transport, agriculture, industry and buildings. It is a pilot project that can serve as a model to inspire similar initiatives in other thematic areas.
With this initiative, the Commission takes action to maintain its leadership in the fight against climate change, comply with the Paris Agreement and promote energy efficiency, transmitting to the capital markets and investors a clear signal that the global transition towards A modern and clean economy is not something temporary.
Breakthrough Energy Europe is expected to be operational in the coming months. Half of the capital will come from Breakthrough Energy, and the other half from InnovFin, risk-sharing financial instruments financed through Horizon 2020, the current EU research and innovation program.