Breakthrough Energy Ventures, the venture arm of a climate-focused organization launched by Bill Gates, is raising an $839.4 million fund, a recent filing with the Securities and Exchange Commission shows.
A Breakthrough Energy spokesperson Monday said in an email the firm is working on its third fund but didn't give details on the timeframe or size of the fund.
The spokesperson added the new fund will focus on similar areas as previous funds, "encompassing climate innovations in five key investment areas: electricity, transportation, manufacturing, buildings, and food and agriculture."
Breakthrough Energy Ventures is headquartered in Boston, according to the SEC filing, but the larger organization says on LinkedIn it is based in Kirkland.
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Breakthrough Energy Ventures has more than $3.5 billion committed to invest in over 110 companies, according to the firm's website. The firm has invested in Seattle-area clean energy companies like the fusion energy company Zap Energy and the hydrogen-electric aircraft propulsion company ZeroAvia.
The firm's investors include Amazon founder Jeff Bezos, Alibaba founder Jack Ma and Virgin Group founder Richard Branson.
Breakthrough Energy was founded in 2016, according to its LinkedIn page. In addition to its venture arm, the organization has a fellows program to back inventors and researchers working to reduce carbon emissions, and it does policy and advocacy work.
Gates also co-founded the Bellevue-based nuclear power company TerraPower, which raised $830 million in 2022.
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