Bill Gates energy fund, which is also backed by a number of other heavy tech giants, has now made a substantial investment in the financing company.
Climeon utilizes waste heat from, among other things, steel mills and cruise ships and converts it into electricity. It has also looked at extracting electricity from deep boreholes.
Now the energy fund Breakthrough Energy Ventures (BEV) has started a collaboration with Cliemeon and invested SEK 115 million/ USD 1.6 million in its financing company Baseload Capital.
It was Microsoft founder Bill Gates who in 2016 took the initiative to BEV. Since then, Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos and Alibaba’s Jack Ma have invested money in the BEV. The fund will invest SEK 9 billion/USD 960 million in new technology that can counter climate change.
“Potential to deliver CO2-free electricity on a large scale”
Baseload Capital also invests in companies that build geothermal power plants. BEV’s investment manager, Carmichael Roberts, believes that geothermal power plants can create change in a way that the intermittent power of sun and wind cannot.
“Baseload Capital, together with Climeon’s innovative technology, has the potential to deliver carbon dioxide-free electricity on a large scale, economically and efficiently,” he says in a statement.
Source: Ny Teknik