With the aim to build companies that develop technologies that reduce greenhouse gas emission, Bill Gates is leading a $1 billion venture with several world’s most successful businessmen. The Microsoft co-founder will invest in a newly formed Breakthrough Energy Venture (BEV) that will fund the researches that leads to breakthrough innovations by emerging affordable clean energy technology.
Reliance Industries Chairman and managing director Mukesh Ambani will be the director of the enrgy venture fund. The billionaire said that energy as one of the critical drivers for economic growth and BEV will help in encouraging new energy solutions, reported Live Mint by mentioning statement of Amabani. He further stated that several parts of developing economies still did not have access to affordable and reliable energy. Thus, it was an immediate need to find and provide new energy sources that were affordable, clean and reliable for every person on the planet earth.
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In the venture, there are other businessmen and entrepreneurs are contributing along with Mukesh Ambani. They are Alibaba founder Jack Ma, former energy hedge fund manager John Arnold, SAP founder Hasso Plattner and several venture capitalists.
Glad to launch the fund, Bill Gates said it was extremely exciting for them to launch this fund as the next step in the commitment made by the Breakthrough Energy Coalition last year, reported Live Mint.