U.S. Secretary of Energy Ernest Moniz released the following statement regarding the announcement by the Breakthrough Energy Coalition (BEC) that the investor group has officially established a new investment fund. The fund, called Breakthrough Energy Ventures (BEV), will invest more than $1 billion of patient capital in early stage clean energy.
The Breakthrough Energy Coalition is a group of entrepreneurs, business leaders, and institutional investors who last November in Paris announced their commitment to help bring promising new zero-emissions energy technologies to market. BEC’s original commitment was made in parallel to the launch of Mission Innovation, an initiative by countries to double clean energy R&D.
The investment vehicle provided by the launch of Breakthrough Energy Ventures, involving 20 BEC members, offers an investment model for addressing the challenges and opportunities of investing in energy innovation.
Below is the statement of U.S. Secretary of Energy Ernest Moniz:
“One year after the landmark Paris climate agreement was agreed upon, creating a multi-trillion-dollar global market for clean energy innovation, the establishment of the Breakthrough Energy Coalition fund highlights the opportunity for countries participating in Mission Innovation to capture this investment potential, and then establish a strong position in that massive market.
“Because of the United States’ longstanding commitment to technology innovation, we have a head start on developing next-generation clean energy technologies. However, if the United States chooses to back away from a redoubled commitment to innovation, it will be American entrepreneurs, manufacturers, and workers who will be put at competitive disadvantage in developing breakthrough technologies and creating jobs.
“I want to thank the Breakthrough Energy Coalition for their dedication to this global effort to reduce clean energy technology costs that will deliver the deep decarbonization we need to keep global warming in check.
“Mission Innovation countries continue to be highly engaged one year after the initiative’s launch, and here in the United States support for clean energy R&D continues to attract broad support. This combination of public and private investment will be vital to creating the scientific and technological breakthroughs we need to strengthen our economic, environmental, jobs, and national security.”