The $1 billion Breakthrough Energy Ventures will invest in companies that make clean energy cheaper
.. Fellow investors include Amazon.com Inc. Chief Executive Jeff Bezos, LinkedIn Corp. Chairman Reid Hoffman, Alibaba Group Holding Ltd. Chairman Jack Ma, and retired hedge fund manager John Arnold.
.. Members include billionaires Tom Steyer, George Soros and Richard Branson, and the University of California.
.. Reducing the cost of renewable energy, such as wind and solar power, and making it cheaper to add more of this power to the grid are areas the fund would likely support, Mr. Gates said in an interview.
.. While current clean-energy technologies should be used as much as possible, the technologies that will enable the U.S. and the world’s other major economies to cut greenhouse gas emissions to zero by 2050 will be invented in the next 10 to 20 years, Mr. Gates added.
.. “By 2050, at least the large countries in the key sectors have to essentially be at zero,” he said.
.. Mr. Gates said that he and other investors want to convince the Trump administration to maintain or increase government funding for energy research and development.
.. U.S. venture-capital
equity financing has fallen for new energy and other clean technology companies,
to $2.2 billion this year through September, from $5.7 billion in 2011.. More investment in next-generation technologies, such as power storage, could help solve some of the problems that come from generating more power from wind and sunshine, some energy industry participants and analysts said.