The European Commission, the European Investment Bank and the Breakthrough Energy Ventures fund, created American billionaire Bill Gates, announced on Wednesday the launch of a a new 100-million-euro investment fund for clean energy.
The public-private fund will help develop innovative European companies and introduce radically new clean energy technologies into the market, the European Investment Bank said in a statement.
The BEV-E funding will include a € 50 million contribution from the European Investment Bank, guaranteed by InnovFin, a financial instrument financed by the European Union’s Research and Innovation Program, as well as a € 50 million contribution from Breakthrough Energy Ventures, an investor-led fund to support leading energy companies.
The fund will invest in five major energy-related sectors where efforts are essential in fighting climate change: electricity, transportation, agriculture, manufacturing and buildings.
Investments are expected to start in the second half of 2019, at which time EU Member States and countries associated with Horizon 2020 will be eligible to apply for BEV-E funding.
Carlos Moedas, Commissioner for Research, Science and Innovation, said: “By setting up the Breakthrough Energy Ventures Europe fund in record time, we are delivering on our commitment to boost public-private investments in clean energy innovation. It is only through joining forces across sectors and continents that we can tackle climate change and build a sustainable future.”
Bill Gates, Chairman of Breakthrough Energy Ventures, said: “Breakthrough Energy Ventures-Europe is a great example of driving innovative ways for the private and public sectors to collaborate, deploy capital, and build companies. We have the resources to make a meaningful difference, and the flexibility to move quickly. That’s a rare and powerful combination.”