The Breakthrough Energy Coalition composed of business leaders, entrepreneurs and institutional investors will invest more than $1 billion under a new investment fund that will look to support work for early stage clean energy.
The Energy Department said Monday the Breakthrough Energy Ventures fund will feature an investment vehicle that involves 20 BEC members and offers a model designed to discover opportunities and address challenges of 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,” said Ernest Moniz, U.S. Energy Secretary, in a statement.
Moniz added that the country’s work on clean energy research has continued to attract support and the combination of public and private investment will help pave the way to scientific and technological discoveries.
