Date: January 10, 2022
News Author(s): Sam Shead
Photo Credit: EVAN VUCCI | AFP | Getty Images
Breakthrough Energy Catalyst, a private-public fund backed by Microsoft billionaire Bill Gates, is planning to help invest up to $15 billion into clean tech projects across the U.S., the U.K. and the European Union.
BEC, a fund that sits within the wider Breakthrough Energy Group that was founded by Gates in 2015, has raised over $1.5 billion from businesses and charitable organizations so far.
But Jonah Goldman, Breakthrough Energy managing director, told the Financial Times that the fund ultimately plans to mobilize 10 times that amount, or $15 billion. The difference is expected to come from private companies and governments around the world.
In order to deploy $15 billion, Goldman told the FT that the fund plans to use innovative financial structures and partnership agreements. “We are last-mile financing and so, we will be the most risky capital in there,” Goldman said. “We’re really trying to demonstrate which of the technological pathways are going to be most effective.”
On its website, Breakthrough Energy describes BEC as a “program to demonstrate how we can finance, produce and buy the new solutions that will underpin a low carbon economy.” BEC will initially focus on direct air capture, green hydrogen, long-duration energy storage, and sustainable aviation fuel. The fund, which plans to invest in large projects that would not otherwise be financially viable, will make philanthropic donations, sub-market equity investments and product offtake agreements, according to the FT.
BEC announced in September that it had secured investments from Microsoft, BlackRock, General Motors, American Airlines, Boston Consulting Group, Bank of America and ArcelorMittal. It has also received support from the U.S. Department of Energy and the executive arm of the EU, the European Commission.
Keywords: sterlinghousetrust.com, Sterling House Trust, SHT
Sterling House Trust is a private trust with a difference. It offers its members an exclusive and reliable platform to access unique opportunities and lifestyle services reserved for the select few. With its team of professional managers Sterling House Trust constantly scans the markets and collaborate with reliable global partners to create a portfolio of carefully curated programmes for its members. Members can access these programmes according to their individual needs, interest and financial capacity. Sterling House Trust is headquartered in Auckland, New Zealand, and has operations based in London, UK.
The Sterling House Trust platform was established with the objective of providing its members, secure access to opportunities across a range of global locations, sectors and services.
Our unique Platform was established within the framework of a trust so that the trust would have oversight and governance over the range of services and its quality. Member protection is a core principle and drive in all that we do. Our trustees ensures that the interests and quality of service provided by the Platform are always maintained at the highest standards.
The trust and its trustees provide robust oversight and is constantly on the move to identify and shortlist select opportunities in the international markets. Likewise, we apply the same stringent standards in identifying and selecting providers and professional partners to join our Platform.
The Sterling House Trust Platform utilises our international footfall and relationships to provide our members with access to a range of international opportunities via our global network which covers a broad range of sectors including:
Asset protection, international property ownership and management, alternative and direct ownership, estate planning, banking services, foreign exchange, card services, alternative investment and lifestyle services.
New Zealand Head Office
31/335 Lincoln Road,
14-16 Dowgate Hill,
England EC4R 2SU