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Bill Gates has joined forces with some of the richest people in the world, including Sir Richard Branson and Amazon CEO Jeff Bezos, to create a £800 million ($1 billion) fund.
The initiative, named Breakthrough Energy Ventures, plans to invest in green energy over 20 years.
Its funders hope that this long-term approach will help to deliver the next generation of reliable and affordable energy to the world.
Having already given more than £22 billion ($28 billion) towards initiatives that predominantly focus on health, education, and economic development in developing countries, Bill Gates is one of the world's leading philanthropists.
Speaking to Quartz, Gates said: 'Anything that leads to cheap, clean, reliable energy we're open-minded to.'
The fund is predicted to invest in efficient transportation and storage of energy, as well as production.
A full list of investors has not yet been announced, but a small list of names has been released:
Directors
- Jack Ma (Founder of Alibaba)
- Mukesh Ambani (Chairman of Reliance Industries
- John Doerr (venture capitalist)
- Vinod Khosla (venture capitalist),
- John Arnold (former energy hedge fund manager)
- Hasso Plattner (SAP cofounder)
Other investors
- HRH Prince Alwaleed Bin Talal (Kingdom Holding Company)
- Jeff Bezos (founder of Amazon)
- Richard Branson (founder of Virgin)
- Ray Dalio (founder of Bridgewater Associates)
- Patrice Motsepe (founder of African Rainbow Minerals)
- Xavier Niel (founder of Iliad Group)
- Masayoshi Son (founder of SoftBank)
- Zhang Xin and Pan Shiyi (founders of SOHO China)
DETAILS
http://www.b-t.energy/
The initiative, named Breakthrough Energy Ventures, plans to invest in green energy over 20 years.
Its funders hope that this long-term approach will help to deliver the next generation of reliable and affordable energy to the world.
Having already given more than £22 billion ($28 billion) towards initiatives that predominantly focus on health, education, and economic development in developing countries, Bill Gates is one of the world's leading philanthropists.
Speaking to Quartz, Gates said: 'Anything that leads to cheap, clean, reliable energy we're open-minded to.'
The fund is predicted to invest in efficient transportation and storage of energy, as well as production.
A full list of investors has not yet been announced, but a small list of names has been released:
Directors
- Jack Ma (Founder of Alibaba)
- Mukesh Ambani (Chairman of Reliance Industries
- John Doerr (venture capitalist)
- Vinod Khosla (venture capitalist),
- John Arnold (former energy hedge fund manager)
- Hasso Plattner (SAP cofounder)
Other investors
- HRH Prince Alwaleed Bin Talal (Kingdom Holding Company)
- Jeff Bezos (founder of Amazon)
- Richard Branson (founder of Virgin)
- Ray Dalio (founder of Bridgewater Associates)
- Patrice Motsepe (founder of African Rainbow Minerals)
- Xavier Niel (founder of Iliad Group)
- Masayoshi Son (founder of SoftBank)
- Zhang Xin and Pan Shiyi (founders of SOHO China)
DETAILS
http://www.b-t.energy/