Breakthrough Energy Ventures (BEV), the $1 billion venture capital fund led by Bill Gates, has chosen two energy storage startups as two of its initial investments.
The investments are startups Form Energy and Quidnet Energy. Both firms develop different techniques to store energy. Quidnet Energy develops a technology that pumps water into shale formations to store energy, while Form Energy develops a sulfur-based flow battery.
BEV investors include Bill Gates, Jeff Bezos, Richard Branson, Mark Zuckerberg, Reid Hoffman, Jack Ma, David Rubenstein and George Soros.
In 2016, the fund launched to invest approximately $1 billion in the commercialization of new technologies that reduce greenhouse-gas emissions in areas including electricity generation and storage, transportation, industrial processes, agriculture, and energy-system efficiency.
