Cleantechs: a prestigious new investment fund

  In light of COP21 which starts today in Paris and ends on December 11^th, Bill Gates yesterday announced the creation of the Breakthrough Energy Coalition, an agreement among more than 20 billionaires who have agreed to invest in cleantech , methods of producing clean and efficient energy. Bill Gates, who initiated the project, stated that " Our primary goal with the Coalition is as much to accelerate progress on clean energy as it is to make a profit. " Bill Gates is not alone in this mission, the former CEO of Microsoft is joined by other prestigious personalities from the business sector such as Mark Zuckerberg (Facebook), Jeff Bezos (Amazon), Reid Hoffman (LinkedIn), Richard Branson (Virgin), Xavier Niel, head of Illiad, the parent company of Free.   “The existing system of basic research, clean energy investment, regulatory frameworks, and subsidies fails to sufficiently mobilize investment in truly transformative energy solutions for the future. We can’t wait for the system to change through normal cycles” states the coalition’s website. However, the level of funding available for start-ups in their development phase as targeted under the terms of the project was not disclosed.   This private project was launched as a corollary to another public initiative, entitled "Mission Innovation," a project officially launched at COP21 which unites 20 countries committed to doubling their investments in research for clean energy. It is expected that the funding raised by the joint investment will reach €20 billion by 2020.