Bill Gates is set to lead a $1 billion fund focused on combating climate change through investments in cleantech innovation.
The Breakthrough Energy Ventures Fund has backing from 20 investors, including Alibaba Chairman Jack Ma and Khosla Ventures’ Vinod Khosla.
The fund, designed to run for 20 years, will fund companies at all stages “that will help deliver the next generation of reliable, affordable and emissions-free energy to the world,” according to Gates.
The combined net worth of the fund’s directors is nearly $170 billion.
BDC Capital last month launched a similar fund. BDC Capital Industrial, Clean and Energy Technology Venture Fund II will invest a combined $135 million in up to 20 high-impact Canadian startups that demonstrate efficiency and strong scalability in the energy and clean tech sectors.