Bill Gates and other wealthy investors form new energy venture

Bill Gates, Jeff Bezos, Vinod Khosla, Jack Ma, John Doerr and 15 other high-profile investors have formed a new venture firm, Breakthrough Energy Ventures, that will pour at least $1 billion (€943,000,00m) into cleantech companies over the next 20 years.

The firm’s goal, according to its own website will be: “to provide everyone in the world with access to reliable, affordable power, food, goods, transportation, and services without contributing to greenhouse gas emissions.”

BEV will invest in tech ventures at any stage, from seed through commercialisation. The deals will focus on electricity, manufacturing, agriculture, buildings and transportation.

“I am honored to work along with these investors to build on the powerful foundation of public investment in basic research," Gates said in a statement. "Our goal is to build companies that will help deliver the next generation of reliable, affordable, and emissions-free energy to the world."

Further details on the group's ambitions and investment strategy are expected to be revealed on a media call later today(12 December, 2016).