European Commission and Bill Gates launch €100 million clean energy investment fund

Oct 20 2018


Breakthrough Energy Europe is a joint investment fund to help innovative European companies develop and bring radically new clean energy technologies to the market.

Breakthrough Energy Europe links public funding with long-term risk capital so that clean energy research and innovation can be brought to market faster and more efficiently. With a capitalisation of €100 million, the fund will focus on reducing greenhouse gas emissions and promoting energy efficiency in the areas of electricity, transport, agriculture, manufacturing, and buildings. It isa pilot project that can serve as a model for similar initiatives in other thematic areas.

Breakthrough Energy Europe is expected to be operational in 2019. Half of the equity will come from Breakthrough Energy and the other half from InnovFin – risk-sharing financial instruments funded through Horizon 2020, the EU's current research and innovation programme.

President Jean-Claude Juncker said: “Europe must continue to take the lead in tackling climate change head on, at home and across the world. We must push for the modernisation of Europe's economy and industry in order to meet the ambitious targets put in place to protect our planet. Pooling public and private investment in new, innovative clean energy technology is key to enabling long-term solutions to reduce greenhouse gas emissions. If Europe is to have a future that can guarantee the well-being of all its citizens, it will need to be climate-friendly and sustainable.”

Bill Gates, Chairman of Breakthrough Energy Ventures, said: “We need new technologies to avoid the worst impacts of climate change. Europe has demonstrated valuable leadership by making impressive investments in R&D. The scientists and entrepreneurs who are developing innovations to address climate change need capital to build companies that can deliver those innovations to the global market. Breakthrough Energy Europe is designed to provide that capital.”

Breakthrough Energy
InnovFin


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Issue 65 - Sept - Oct 2018

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