17 October, Brussels - The European Commission has signed a memorandum of understanding with Bill Gates-led Breakthrough Energy Ventures to create a €100 million investment fund for clean energy technologies.
‘Breakthrough Energy Europe’ will pool public funding from InnovFin with private investment from Breakthrough Energy Ventures – an investor led fund with more than $1 billion in committed capital.
The fund will provide capital to European companies working on breakthrough innovations. It will focus on technologies that reduce greenhouse gas emissions and promote energy efficiency in the areas of electricity, transport, agriculture, manufacturing, and buildings. The fund is expected to be operational in 2019.
Breakthrough Energy Ventures – of which Bill Gates is Chairperson – was created in 2016 by the Breakthrough Energy Coalition – a group of investors and institutions committed to developing technologies to help solve climate change.
InnovFin (EU Finance for Innovators) is a joint initiative launched by the European Investment Bank in cooperation with the European Commission under Horizon 2020.
Read the Commission press release here.