Breakthrough Energy Catalyst (BEC) will invest in four key areas: green hydrogen, direct air recovery, aviation fuels, and energy storage technology. Speaking to the Financial Times, managing director of BEC Jonah Goldman said that by leveraging innovative financial structures and partnership agreements, the fund will mobilise $15 billion.
The fund is part of the Breakthrough Energy Group, launched by Gates in 2015. The new BEC fund will provide three types of capital: submarket equity investments, product off-take contracts, charitable donations, and it will also fund large projects that wouldn't otherwise be feasible.
The fund aims to create markets for green products and technologies and to reduce the cost of manufacturing materials such as green hydrogen and green steel.
In the past, Gates has backed a number of green projects. In November, the billionaire announced support for an experimental nuclear power plant project headed for a city in Wyoming, one of the US’s top coal mining states.
