Bill Gates led a group of the world’s most influential business leaders, entrepreneurs, and venture capitalist in forming a fund which will invest up to $1 billion in the development of next generation energy solutions. The fund will support companies engaged in energy-related research and development at various stages, from startups through companies already seeking to commercialize their solutions. The Breakthrough Energy Ventures Fund (BEV), which includes the founders of Amazon and Alibaba among its members, is part of the work Gates began a year ago with founding of the Breakthrough Energy Coalition (BEC) at the Paris U.N. climate summit which led to the formation of the Paris Agreement. At the Paris COP, Gates drew commitments from some 20 nations to double their spending on clean-energy research and development with a plan called Mission Innovation

Covering efforts in the fields of electricity generation and storage, transportation, industrial systems, agriculture, the fund is designed to offer a supplementary source of funding to the increased support offered by these 20 nations. Over the course of 20 years, the fund will collaborate with other organizations, both public and private sector, in the interest of securing long-term funding for these essential technologies and solutions which will take years to develop.

Alongside the launch of the BEV fund, Gates and his fellow investors also published the Landscape of Innovation, an overview of the five Grand Challenges that require particular attention, as well as list of the central ‘Technical Quests’ in each area, and four determining criteria used in selecting which projects or solutions to fund in the interest of ensuring maximum potential.

Read more about Bill Gates’s views on climate research upon the launch of the new fund.

Read more about the Coalition and the Innovation Landscape at the BEC’s website.

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