Amazon founder Jeff Bezos, Virgin Group founder Richard Branson and former New York City mayor Michael Bloomberg, have invested a minimum of $US50 million ($66 million) each in the organisation. The latest addition to the list is well-known Australian businessman and former CEO of Fortescue Metals Group, Andrew Forrest.
Over the past few years Dr Forrest launched several green projects towards global efforts in reducing carbon emissions, including Fortescue Metals’ commitment to produce green steel from one of its pilot plants in Western Australia. His efforts are not limited to the Pacific nation, as the billionaire philanthropist returned to New South Wales a couple of weeks ago following an international hunt for green energy projects, which is when he joined the ranks of BEV investors after being approached by the Gates team.
Breakthrough Energy Ventures’ board, which is headed by Gates, includes Alibaba founder Jack Ma and Abigail Johnson, who was ranked among the world’s richest women in May 2021.
More than 20 of the billionaire investors raised an initial venture capital of $US1.1 billion. The fund kicked off with investments in 46 businesses across various industries, including agriculture, manufacturing, transport and construction. Meanwhile, the second fund which was capped at $US1.5 billion targeted another 40 – 50 climate-technology businesses. They include companies which are seeking to cut down greenhouse gas emissions by at least half a gigatonne per year.
