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June 12, 2018 03:25 pm

To Hit Climate Goals, Bill Gates and His Billionaire Friends Are Betting on Energy Storage

Akshat Rathi, writing for Quartz: The world needs radical new energy technologies to fight climate change. In 2016, Quartz reported that a group of billionaires -- including Bill Gates, Jeff Bezos, Jack Ma, Mukesh Ambani, and Richard Branson -- launched Breakthrough Energy Ventures (BEV) to invest at least $1 billion in creating those technologies. Now, 18 months later, Quartz can reveal the first two startups that BEV will be investing in: Form Energy and Quidnet Energy. Both companies are developing new technologies to store energy, but taking completely different approaches to achieve that goal. The way to reach the world's climate goals is straightforward: reduce our greenhouse-gas emissions to zero within the next few decades. But the energy technologies that can help us get there tend to need lots of money and long lead times to develop. That's why many conventional investors, who are looking for quicker returns, have burned their fingers investing in clean tech. The wealthy investors of BEV want to remedy that. Their $1 billion fund is "patient capital," to be invested in only companies working on technologies capable of cutting global carbon emissions by at least 500 million metric tons annually, even if they may not provide returns on investment for up to 20 years.

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