Breakthrough Energy Ventures: Bill Gates' Patient Capital for Climate Breakthroughs

Climate start-ups that need patient, long-horizon capital have one name at the top of their list: Breakthrough Energy Ventures (BEV). Founded by Bill Gates in 2015, BEV is a fund whose investors are committed to net-zero emissions technology and affordable, reliable, clean energy for all. Its guiding principle is simple and demanding: clean technologies must be affordable and reliable if they are ever going to reach global scale — and the fund partners with leading innovators to turn breakthrough technologies into great businesses.

BEV invests across five sectors: electricity, manufacturing, transportation, agriculture, and buildings. The firm typically backs early-stage companies from Series A onward, and operates on an unusually long horizon of roughly 20 years — a structure deliberately built for deep-tech climate companies that need far more time than a standard venture fund cycle allows.

The fund size is publicly stated and serialised across three vintages. BEV I closed at $1 billion in 2016; BEV II raised $1.25 billion in 2021; and BEV III raised $839 million in 2024, described by press coverage at the time as the largest climate fund closed that year. Gates had indicated the third fund would target around $1 billion, similar to its predecessors.

The portfolio reads like a roll-call of climate deep tech's heaviest hitters. On energy generation: Commonwealth Fusion Systems (compact fusion power) and Fervo Energy (enhanced geothermal power). On storage: Form Energy (long-duration iron-air battery storage). On industrial decarbonisation: Boston Metal (emissions-free steel via molten oxide electrolysis) and Redwood Materials (closed-loop lithium-ion battery recycling). The list extends to Electric Hydrogen (low-cost green hydrogen electrolysers), ZeroAvia (electric and hydrogen aviation), and Pivot Bio (biological nitrogen fertiliser for agriculture).

Leadership combines the founder with deep technical bench. Rodi Guidero is Managing Partner of BEV (and Executive Director of Breakthrough Energy), Eric Toone is Managing Partner and the science lead, Carmichael Roberts co-heads the BEV Investment Committee, and David Danielson is a Managing Director on the science side.

Beyond the venture fund, Breakthrough Energy runs dedicated programmes for founders. The Breakthrough Energy Fellows programme supports early-stage climate tech companies with R&D funding, mentorship, and commercialisation support — its sixth cohort was announced in September 2026. Breakthrough Energy Catalyst is the platform's programme for companies that are ready to scale their technologies. No founder credit or perks programme is publicly stated.