(29 May 2019) - Breakthrough Energy Ventures Europe (BEV-E), a new €100 million investment fund was established by the European Commission, the European Investment Bank and Breakthrough Energy Ventures during the Fourth Mission Innovation Ministerial meeting in Vancouver, Canada.
The fund will help develop innovative European companies and bring radically new clean energy technologies to the market. It will support Europe's best clean energy entrepreneurs whose solutions can deliver significant and lasting reductions in greenhouse gas emissions.
Funding for BEV-E will include a €50 million contribution from the European Investment Bank guaranteed by InnovFin, a financial instrument funded through the EU's research and innovation programme, and a €50 million contribution from Breakthrough Energy Ventures, Bill Gates's fund committed to supporting cutting-edge companies in the energy sector.
The fund will invest in five major energy-related sectors where efforts are essential in fighting climate change: electricity, transportation, agriculture, manufacturing and buildings.
Investments are expected to start in the second half of 2019, at which time EU Member States and countries associated with Horizon 2020 will be eligible to apply for BEV-E funding.