"Members of the Breakthrough Energy Coalition (BEC) have committed to invest more than USD 1 billion in Breakthrough Energy Ventures (BEV), an investor-led fund that will finance emerging energy breakthroughs to deliver affordable and reliable energy with the goal of reducing global greenhouse gas emissions to near-zero," said Breakthrough Energy Coalition a press release.
The coalition is group of investors and institutions committed to investing in technology to solve urgent energy and climate challenges.
"It is extremely exciting for us to launch this fund as the next step in the commitment made by the Breakthrough Energy Coalition last year," said BEV Chairman Bill Gates.
The BEC was launched alongside Mission Innovation, a global initiative of 22 countries and the European Union to accelerate the pace of clean energy innovations through smart government spending that increases the rate of innovation in their domestic sectors as per the statement.