Bill Gates' Breakthrough Energy partners with EC to drive innovation

The European Commission and Microsoft founder Bill Gates' Breakthrough Energy Catalyst are to mobilize $1 billion between 2022-2026 to demonstrate clean energy technologies at scale, the EC said in a statement June 2.

The program of grants and funds is to focus on four sectors: green hydrogen; sustainable aviation fuels; direct air capture, and long duration energy storage.

"Decarbonizing the global economy is the greatest opportunity for innovation the world has ever seen. Europe will play a critical role, having demonstrated an early and consistent commitment to climate and longstanding leadership in science, engineering, and technology," said Gates, founder of Breakthrough Energy.

Support is to take the form of financial instruments and grants.

Breakthrough Energy would join forces with EU programs such as Horizon Europe and the Innovation Fund to finance the partnership.

The program would be run by the European Investment Bank and other financial institutions under the InvestEU program, the EC said.

A call for expressions of interest for InvestEU partners is currently open until June 30. The EC is to organize a public information session before this deadline to present the Catalyst partnership, it said.

"Europe has the great opportunity to become the continent of climate innovation," said President of the European Commission, Ursula von der Leyen.

"For this, the European Commission will mobilize massive investments in new and transforming industries over the next decade," she said.

Established in 2015 by Bill Gates and a coalition of private investors, Breakthrough Energy supports the innovations that will lead the world to net-zero emissions.