Bill Gates, Jeff Bezos, And Jack Ma-Backed Breakthrough Energy Ventures Nears $1B Goal For Climate-Focused Fund

Breakthrough Energy Ventures, a climate-focused investment firm supported by Microsoft Corp. co-founder Bill Gates, Amazon.com, Inc. founder Jeff Bezos, and Alibaba Group founder Jack Ma, has successfully raised $839 million for its third flagship fund.

What Happened: The firm, which was established by Gates, is now close to reaching its $1 billion target for its new fund, according to a recent U.S. Securities and Exchange Commission filing. The fund will prioritize innovation in climate technology and support startups that focus on reducing emissions.

Gates established Breakthrough Energy Ventures in 2015 with notable investors including Bezos and Ma. The firm currently has over $3.5 billion in committed capital, investing in more than 110 companies.

Some of the startups in its portfolio are E.V. battery maker QuantumScape and electric plane company ZeroAvia.

Earlier this year, the firm co-led a $31.4 million funding round for Reactive Technologies, a company specializing in grid stability measurements. It also participated in financing rounds for companies like the carbon-free hydrogen-focused Koloma and fusion-tech startup Xcimer.

"We can confirm that Breakthrough Energy Ventures is working on a new fund, BEVIII," said the firm in a statement to Observer Breakthrough Energy Ventures, but it has not yet disclosed the exact size and timing of the fund. The investment focus will include green solutions in areas such as electricity, transportation, manufacturing, buildings, food, and agriculture.

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Why It Matters: The recent fundraising by Breakthrough Energy Ventures underscores Gates’ ongoing commitment to addressing climate change through innovative investments.

In June, Gates pledged to inject billions more into TerraPower‘s nuclear initiatives, highlighting the critical role of nuclear energy in meeting future electricity demands.

Earlier in February, Breakthrough Energy Ventures invested $107 million in Heart Aerospace, a company developing hybrid-electric airplanes. This investment aligns with the aviation industry’s goal of achieving net-zero emissions by 2050.

However, Gates also defended the increased energy consumption due to artificial intelligence, asserting that AI’s benefits would ultimately outweigh its higher electricity usage. He emphasized the importance of not overreacting to the energy demands of new technologies.

Moreover, Gates has been vocal about the need for influential figures like Elon Musk to discuss climate change more actively.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote