EIB and Breakthrough Energy Ventures Launch EUR 100m Clean Energy Fund

EIB and Breakthrough Energy Ventures Launch EUR 100m Clean Energy Fund

Date: May 31st 2019

Author: Peter Palčec

Category: Startup

Topic: Energy policy , New technologies

Breakthrough Energy Ventures Europe (BEV-E), a new EUR 100 million investment fund was established by the European Commission, the European Investment Bank (EIB) and Breakthrough Energy Ventures during the Fourth Mission Innovation Ministerial meeting in Vancouver, Canada, states a press release from the Commission.

The fund will help develop innovative European companies and bring radically new clean energy technologies to the market. It will support Europe's best clean energy entrepreneurs whose solutions can deliver significant and lasting reductions in greenhouse gas emissions. The first of its kind, Breakthrough Energy Ventures Europe will cater to the capital intensity and long development horizons that energy technologies need.

Maroš Šefčovič, Vice-President of the Commission for the Energy Union, said: “Business as usual is not an option. We need to boost our investments with more than EUR 500 billion each year to achieve a carbon neutral economy by 2050.” 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.”


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