While Form Energy is working on low-cost, long-term, and high-density batteries, Quidnet is endeavouring to store power in the form of highly compressed water.
Breakthrough Energy Ventures (BEV), backed by Bill Gates and Jeff Bezos has revealed the fund’s first investments, 18 months after being found. The fund will be placing its bets in the power storage industry space.
As per a report by Quartz, BEV will be investing in two startups – Form Energy and Quidnet Energy. Both these companies are deploying radical methods for power storage. While Form Energy is working on low-cost, long-term, and high-density batteries, Quidnet is endeavouring to store power in the form of highly compressed water.
The BEV was founded with a clear vision of ‘building cutting-edge companies that will help stop climate change’. The investors of BEV call their $1 billion-fund ‘patient capital’ and they plan to invest it in companies working on technologies that have the ability to cut global carbon emissions by at least 500 million metric tonnes per year. They are willing to live with a no-return period on investment of up to 20 years.
Solar panels and wind turbines can only generate energy either when the sun is shining or the wind is blowing. Energy storage can overcome this hurdle of modern renewable power by storing it efficiently for days when solar/wind energy cannot be generated. Both Form Energy and Quidnet are working towards making efficient and cost-effective power storage solutions.
Bill Gates had invested in two promising energy-storage startups before BEV. However, the investors in both these companies ran out of steam and neither of them achieved much success. With BEV, however, it will be different because the fund plans to stick around for a long time.BEV does not limit itself to early or late-stage companies, small or medium enterprises or particular geographies. With a clear vision of stopping climate change and making the world a better place to live in, hope that their ventures can help the planet.