European Commission and Bill Gates-led Breakthrough Energy launch €100 million clean energy investment fund
Brussels, 17 October 2018
Today the European Commission and Breakthrough Energy have signed a Memorandum of Understanding to establish Breakthrough Energy Europe (BEE) – a joint investment fund to help innovative European companies develop and bring radically new clean energy technologies to the market.
With this initiative, the Commission takes action to continue leading in the fight against climate change and to deliver on the Paris Agreement – giving a strong signal to capital markets and investors that the global transition to a modern and clean economy is here to stay.
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.
Source: The European Commission
Illustration Photo: SRNS Remote Operators Matthew Easley (left) and Tony Craps take readings at one of 87 MicroBlowers™ used to passively remove chemical solvents from beneath the Savannah River Site, as SRNS Senior Scientist Branden Kramer explains the solar powered system to intern Sydney Goodlove. (credits: Savannah River Site / Flickr Creative Commons Attribution 2.0 Generic (CC BY 2.0))