High-profile investors launch breakthrough energy coalition

• 8 years ago (2015-12-03)

North America 1004

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The core idea behind the group is to pump seed money into ideas that have been neglected by a largely reluctant energy sector.

While discussing the group’s plans, Bill Gates discussed the potential of artificial photosynthesis, which sees the use of sunlight to produce liquid hydrocarbons.

“If it works, it would be magical,” Gates said. “Because with liquids you don’t have the intermittency problem of batteries. You can put the liquid into a big tank and burn it whenever you want… There are dozens of things like that that are high risk but huge impact if they are successful.”

Richard Branson said: “We must produce an abundance of clean, renewable energy and drive further innovation to make the next generation of energy more efficient. It will benefit the environment, our society and the economy.”

The group’s portfolio is thought to be at $1 billion, to which Gates announced that he will invest an extra $1 billion. His readiness to invest has convinced 20 governments to commit to doubling their own research and development investments within five years.

Gates said further that it will take about a decade to develop two or three breakthrough technologies, and then another two decades will be needed to bring the technology into the core of the energy system.