Microsoft co-founder Bill Gates is celebrating the official launch of Breakthrough Energy Ventures Europe, an investment fund that aims to boost clean-energy innovation in Europe to the tune of 100 million euros. That translates to $112 million at the current rate of exchange.
Half of the money is coming from the European Commission’s Horizon 2020 program, via a financing channel known as InnovFin. The other half is coming from Breakthrough Energy Ventures, the $1 billion fund backed by Gates and other heavyweight investors including Amazon CEO Jeff Bezos, Softbank Group CEO Masayoshi Son, Virgin Group founder Richard Branson and Alibaba Group executive chairman Jack Ma.
Breakthrough Energy Ventures was created in 2016 to invest in zero-carbon energy technologies, and it’s laid down bets on 15 ventures since then. But most of those ventures are based in the U.S. and Canada. Breakthrough Energy Ventures Europe, or BEV-E, will make sure Europe is well-represented on the clean-energy frontier.