ImpactAlpha, May 30 – The billionaire-backed clean energy venture fund has launched a €100 million complementary fund to invest in European ventures. Breakthrough Energy Ventures Europe (BEV-E) is capitalized with €50 million from the European Investment Bank and €50 million from BEV’s investor partners.
The original BEV was initiated last year to catalyze $1 billion through an investor consortium that includes Bill Gates, Jeff Bezos, Jack Ma, Mukesh Ambani, Richard Branson and others. The fund’s purpose is to provide “patient, risk-tolerant capital so that more clean energy innovations get to market faster.” It has backed 16 companies since launching.
BEV-E has a similar investment thesis to BEV and will work to support the the European Union’s commitment to reduce its carbon emissions by at least 40% by 2030. “Europe must continue to take the lead in tackling climate change head on, at home and across the world,” E.U. President Jean-Claude Juncker said when the fund was announced last October. “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.”
The plan to launch BEV-E was developed late last year.
