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Tech leaders launch $1B fund for clean energy

Microsoft Corp. founder Bill Gates is leading the launch of Breakthrough Energy Ventures, a $1 billion fund aimed at developing new forms of clean energy, The Wall Street Journal reported Dec. 12.

The fund has several business leaders among its backers, including Inc. CEO Jeff Bezos, Alibaba Group Holding Ltd. founder Jack Ma and LinkedIn Corp. Chairman Reid Hoffman.

Breakthrough Energy Ventures will focus on investing in companies developing low-carbon technologies that can be applied to the power, transportation, industrial and agricultural sectors.

The fund emerged from the Breakthrough Energy Coalition, a clean-energy research and development initiative launched in 2015 that includes the founders of several tech companies.