Latest news with #BreakthroughEnergyVentures
Yahoo
5 days ago
- Business
- Yahoo
Bill Gates comes to Utah to help Sen. Curtis in his efforts to preserve clean energy
WASHINGTON — As Sen. John Curtis, R-Utah, pushes to preserve clean energy tax credits and boost domestic energy production, the junior Utah senator is getting an assist from a well-known figure: Bill Gates. Curtis met with Gates in the Beehive State last week as the pair toured Cape Station, a newly developed geothermal site run by energy company Fervo Energy in southwest Utah. The visit came at a crucial time: While Republicans look to enhance energy production, many federal tax credits incentivizing alternative resources are on the chopping block in President Donald Trump's tax bill. 'Utah is at the forefront of energy innovation, and the Cape Station Geothermal project in Beaver is a powerful example of that progress,' Curtis said in a statement. 'I believe America's energy future can be affordable, reliable, and clean—and geothermal will be a critical part of making that vision a reality." Fervo Energy, a green energy supplier based in Houston, is pouring more than $2 billion into the rural Utah site for what is expected to become the world's largest enhanced geothermal project. The undertaking is being backed by Breakthrough Energy, which was founded by Gates in 2015 to boost sustainable energy production. 'Enhanced geothermal is one of the most promising solutions for delivering reliable, low-carbon power, especially as demand for affordable energy grows,' Gates said in a press release. 'Breakthrough Energy Ventures invested in Fervo early because we believed in this vision, and it's exciting to see that potential becoming reality here in Utah.' The geothermal site is expected to become fully operational by 2028 — although that timeline could be delayed if Republicans in Congress vote to repeal clean energy tax credits established by the Biden administration. Without those subsidies, which incentivize clean energy production, completing the geothermal project could be punted to the next decade. 'The difference is, will we bring gigawatts on the grid this decade or will it be next decade?' Tim Lattimer, CEO and co-founder of Fervo Energy, told the Wall Street Journal, which was the first to report on the trip. 'And that's what the tax credits mean.' Gates has long pushed for deeper investments in geothermal energy, arguing federal support is necessary to keep production costs affordable to produce the alternative energy source. Much of that support comes from credits in the Inflation Reduction Act, former President Joe Biden's signature clean energy bill. The IRA created significant tax credits for renewable energy projects such as solar, wind and geothermal. These Investment Tax Credits are meant to incentivize households and businesses to install renewable energy systems by allowing them to deduct a percentage of the cost from federal taxes. Cape Station has benefited from those tax credits, lowering its operational costs over the last two years since its inception. However, some Republicans and conservative organizations argue the federal subsidies actually raise prices while reducing the reliability of power systems. As a result, several Republicans are pushing to repeal the law in full as part of Trump's massive tax reconciliation package making its way through Congress. Curtis is among those pushing to preserve some of those policies, particularly those dealing with nuclear energy, net-zero emissions, battery storage and geothermal. The first-term senator has long centered his climate policies on clean energy solutions, suggesting last week he will push for those changes as the Senate considers the bill. Geothermal energy is a rare renewable energy source that has garnered bipartisan support over the last several years. Unlike wind and solar energy, which Republicans have often criticized as being unreliable, geothermal energy can generate constant power. Most of the resources necessary to produce geothermal energy are located on federal land, prompting Republicans and Democrats to team up on legislation expanding access to those resources. The Senate is set to vote on the reconciliation package in the coming weeks, with Republican leaders pushing to get the bill to Trump's desk before the Fourth of July.
Bloomberg
24-04-2025
- Business
- Bloomberg
US Green Steel Startup Raises $129 Million Amid Trump Tariff Uncertainty
Colorado-based Electra has raised $129 million in a new funding round to continue developing technology that can produce iron needed for steel at temperatures below boiling water and without planet-warming emissions. The startup, which came out of stealth in 2022, has raised a total of $214 million from investors including Bill Gates-led Breakthrough Energy Ventures, Singapore-based Temasek Holdings, and Capricorn Investment Group.
Yahoo
14-04-2025
- Business
- Yahoo
Bill Gates-backed Arnergy to expand solar access in Nigeria with $18M as demand surges
Demand for solar energy in power-starved Nigeria has soared in the last decade thanks to worsening grid reliability and rising fuel costs. That's drawn investor interest to Arnergy, a cleantech startup meeting that need. The company just raised a $15 million Series B extension (on top of a $3 million B1 round last year), bringing its total for the round to $18 million. That surge in demand for solar systems follows significant policy shifts, most notably the removal of Nigeria's decades-old fuel subsidy in May 2023 (the government's decision—long debated—ended its practice of covering the gap between global and local fuel prices). Since then, petrol prices have jumped nearly 500%, making power generators, once seen as the more affordable alternative to unreliable grid power and solar systems despite environmental hazards, far costlier to run. Arnergy's pitch has changed with the times. 'When we started the business, we used to position solar as a way to get uninterrupted power, not necessarily to save money. It wasn't part of a commercial conversation,' founder and CEO Femi Adeyemo told TechCrunch. 'Now it is, because we can clearly show customers how our systems save them monthly whether using petrol, diesel, or even the grid.' Adeyemo launched Arnergy in 2013 to provide solar systems to homes and businesses across sectors like hospitality, education, finance, agriculture, and healthcare. What began as a resilience play is now a cost-savings strategy changing the economics of adoption for the cleantech backed by Bill Gates's Breakthrough Energy Ventures (the firm led Arnergy's $9 million Series A in 2019.) That adoption is clearest in the company's lease-to-own product, Z Lite, which became a core focus following Arnergy's first Series B tranche last year. While outright purchases comprised 60% to 70% of revenue in 2023, they accounted for just 25% of sales last year. On the other hand, lease-to-own, where customers pay fixed monthly fees over 5 to 10 years before owning the system, has gained more traction. One reason for this change is affordability when compared to electricity tariffs. Until recently, many people viewed long-term leases as costlier than running diesel or petrol generators. But with diesel prices soaring post-subsidy removal and grid tariffs climbing—especially after a new government policy last April that tripled electricity consumption costs for customers with the most stable power—lease-to-own solar is becoming popular among customers, says Adeyemo. 'Imagine paying ₦200,000 (~$125) every month for power. With our product, that drops to ₦96,000 (~$60). Over five years, it's a no-brainer what you'll save,' said the CEO. He added that many existing customers are returning to double their solar capacity or switch completely off-grid as a result. Arnergy tripled its lease customer base between 2023 and 2024 and expects to grow it 4–5x this year. Naira revenues have climbed accordingly and are on track to quadruple by the end of the year. Dollar revenues, on the other hand, have remained flat due to currency devaluation, but Adeyemo said the company is building FX revenue through dollar-denominated B2B2C partnerships and potential expansion into Francophone Africa. Arnergy, which provides solar power systems to homes and businesses in Nigeria, raises $3M So far, Arnergy has deployed over 1,800 systems across 35 Nigerian states, totaling 9MWp of solar and 23MWh of battery storage. Arnergy plans to use its new funding led Nigerian private equity firm CardinalStone Capital Advisers (CCA) to install more than 12,000 systems by 2029. Breakthrough Energy Ventures as well as British International Investment, Norfund, EDFI MC, and All On participated in the round. But hitting that target requires a strategic shift. For nearly a decade, Arnergy handled sales in-house. Now, it's adopting a partnership-driven model with business clients and physical retail outlets outside Lagos to reach more customers in Nigeria's power-starved market. The Lagos-based cleantech is in talks to raise additional local debt from banks and DFIs to support these projects including energy-as-a-service (EaaS) solutions for multinationals, says Adeyemo. Yet as Arnergy prepares to scale, a proposed policy could threaten its momentum. Last month, Nigeria's government announced plans to ban solar panel imports to boost local manufacturing. The move has drawn backlash from stakeholders who argue that domestic capacity is far from ready. Adeyemo agrees with the goal, but not the approach. He warned that a premature ban could stall an industry that's only just getting off the ground. According to the CEO, Nigeria needs to create an environment with the right infrastructure, policy stability, and access to capital so that local factories can ramp up over the next 3 to 5 years. Only after that should the country start thinking about phasing out imports. 'We're advocates for local manufacturing. But let's build capacity before shutting the door on imports. Otherwise, we risk doing more harm than good, both to the industry and to the millions of Nigerians who now rely on solar as their primary energy source,' he remarked. Sign in to access your portfolio
Yahoo
20-03-2025
- Business
- Yahoo
Bill Gates reveals why he can't bear to part with his sprawling $130 million mansion: 'That is a luxury'
In a surprising statement, Bill Gates stated that he doesn't intend to part with his 66,000-square-foot mansion, despite living alone. Gates named his mansion "Xanadu 2.0" in reference to the movie Citizen Kane. With six kitchens, a 60-foot pool, and 24 bathrooms, it's the definition of excess. He originally bought it for $2 million in 1988, and then spent about $63 million on its unique amenities. Today, the property is worth over $130 million. "My house in Seattle, I admit, is gigantic," the billionaire told The Times in an interview shared by the New York Post. However, he has made no plans to move. According to him, while his sisters have downsized, he can't because he "likes the houses that [he has]." His decision to keep the mansion may not be all for investment reasons. Gates' kids like to visit, of which he said, "That is a luxury." Gates is one of the richest people in the world. But his fame extends to his advocacy for sustainability, combating rising global temperatures, and promoting environmental responsibility. Some of his notable work includes Breakthrough Energy Ventures, TerraPower, WASH Program, and Gates Ag One. Breakthrough Energy Ventures funds startups working on reducing planet-warming gas emissions across industries. TerraPower focuses on nuclear energy as a clean energy solution. The Water, Sanitation & Hygiene (WASH) program creates sanitation solutions in low-income countries. Gates Ag One, meanwhile, helps farmers adapt to a warming climate. Through Breakthrough Energy Ventures alone, Gates has helped grant $2 billion to at least 100 companies, while his Gates Foundation has invested over $5 billion since 2006. Due to his dedication to pushing forward sustainability efforts, his choice to keep his massive abode is surprising. Due to their tedious upkeep, luxury houses like Gates' Washington home generate 25% more planet-warming gases than the average low-income households, according to a study published in the Proceedings of the National Academy of Sciences, shared by CNN. Do you think billionaires spend their money wisely? Definitely No way Some do Most do Click your choice to see results and speak your mind. And wealth correlates with higher household energy consumption. The town of Atherton in California, known for its luxury residences, has an annual energy consumption triple the state average, as the San Francisco Chronicle reported. While Gates has invested billions in sustainability, his own lifestyle (which includes a massive estate and multiple private jets) seems to contradict his message. This contrast raises discussions on whether sustainability efforts should extend to personal lifestyle choices. Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
Boston Globe
12-03-2025
- Business
- Boston Globe
Climate group funded by Bill Gates slashes staff in major retreat
Advertisement 'Bill Gates remains as committed as ever to advancing the clean energy innovations needed to address climate change,' a spokesperson for Gates said in a statement when asked about the cuts. 'His work in this area will continue and is focused on helping drive reliable, affordable, clean energy solutions that will enable people everywhere to thrive.' Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Gates, a cofounder of Microsoft and one of the richest men in the world, has poured billions of dollars from his own fortune into efforts to combat climate change. With books, public appearances, and a high-profile campaign to support clean energy entrepreneurs over the past decade, he has established himself as one of the leading voices pushing businesses and governments to address the threats of a rapidly warming world. Winding down much of the Breakthrough Energy team's work is a sharp reversal for Gates and reflects a rapidly shifting landscape in politics, philanthropy, climate change, and global development. President Trump is dismantling the federal government's capacity to address climate change, and he is significantly cutting support for clean energy while promoting the consumption of gas, oil, and coal, the burning of which is dangerously heating the planet. Instead of trying to influence policy, Gates is now focused on building clean energy companies through the Breakthrough Energy Catalyst program, Breakthrough Energy Ventures, and the Breakthrough Energy Fellows, the people familiar with the matter said. Those efforts, which fund startup companies and entrepreneurs working on a range of renewable technologies, were not affected by the cuts. Advertisement The emphasis on clean energy production could be in line with Trump's interest in 'American energy dominance.' Trump declared a 'national energy emergency' on his first day in office, and his administration says it wants to expand American energy production at a moment when demand for electricity is rising sharply. Gates, who resisted partisan politics for almost his career, was deeply concerned about the 2024 election and how a victory by Trump could set back progress on climate and global health. Gates donated about $50 million to a political nonprofit supporting Kamala Harris's presidential bid. 'I support candidates who demonstrate a clear commitment to improving health care, reducing poverty, and fighting climate change in the US and around the world,' Gates told The New York Times last year. 'I have a long history of working with leaders across the political spectrum, but this election is different, with unprecedented significance for Americans and the most vulnerable people around the world.' After Trump's win, Gates has tried to make amends. Like other tech billionaires, he traveled to Trump's Mar-a-Lago resort in Florida for a three-hour dinner during the transition period and said publicly he was 'impressed' by Trump's interest in his global-health priorities, although he did not say if they discussed climate change during the meeting. But Gates has been caught off guard by Trump's dismantling of the US Agency for International Development, which provided medical assistance to vulnerable people around the world, according to one person familiar with his thinking. Advertisement Gates's foundation shares many grant recipients with USAID, and he has predicted 'millions of deaths' if the cuts are not restored. Appeals have been made to Gates to try to use his foundation, which has a budget of almost $9 billion, to fill the vacuum being left by the aid agency, which disburses about $40 billion a year. But the foundation has warned its grant recipients that it cannot make up such a large gap. But on climate change, Gates has not been as outspoken. Like other billionaires and chief executives who once spoke up loudly about climate change, Gates went silent in the face of Trump's early efforts to reduce federal support for clean energy, promote fossil fuels, and dismantle the government programs aimed at addressing climate change. Philanthropists and donors are concerned that Trump might come after their foundations. Gates has been viciously attacked by Elon Musk, one of Trump's closest advisers. Gates's personal life and philanthropy have seen some upheaval since his divorce from Melinda French Gates, who ran the foundation with him but stepped down from the post last year. Warren Buffett, the billionaire founder of Berkshire Hathaway who has worked closely with Gates on charitable efforts, resigned from the foundation in 2021. There had been recent signs of turmoil at Breakthrough Energy. Last month, Heatmap News reported that the group was slashing its grant-making budget. There were also a smaller number of staff cuts in recent months, including employees who ran the Breakthrough Energy Summit, a lavish event that took place last year in London. Breakthrough Energy is also looking for a new funding source for Cipher News, a clean energy news site it launched, according to a person familiar with the situation who was not authorized to discuss it publicly. Advertisement This article originally appeared in
