Gates, Bezos and Zuckerberg investing in Swedish Climeon

iceland geothermal

writer icon Peter Karlsson     ISB   |   Business     🕐 07. Mar. 2019

Tech billionaires Bill Gates, Jeff Bezos and Mark Zuckerberg are investing 115 million Swedish kronor (SEK) in Swedish geothermal energy company Climeon, through their fund, Breakthrough Energy Ventures.

"We are thrilled to be joining forces with such an experienced team and of course very proud to have our technology acknowledged by Breakthrough Energy Ventures. Through this collaboration, we will get to work with some of the world's most knowledgeable professionals within the fields of energy, technology and finance, which is exactly what we need to achieve our vision" says Climeon CEO, Thomas Öström, in a press release

Breakthrough Energy Ventures (BEV) was founded through an initiative by Bill Gates as part of the Breakthrough Energy Coalition, an "investor-led fund with more than $1 billion in committed capital" established to invest across electricity, transportation, agriculture, manufacturing, and buildings finance innovations, to counter the effects of climate change.

Geothermal heating could make a bigger impact than solar or wind
"Geothermal energy from low temperatures has the potential to transform the energy landscape. We believe that the combination of Baseload's implementation expertise and Climeon's Heat Power technology has the ability to unlock the large potential of low temperature geothermal resources and result in the deployment of significant quantities of renewable electricity", says Carmichael Roberts, investment manager at BEV.

BEV is now entering into a collaboration with Climeon to help the energy company develop and deploy their technology, and reach a global market. It is also investing another SEK 155 million into Baseload Capital as a joint shareholder alongside Climeon, Blue, Gullspång Invest and LMK.

"Working together with Breakthrough Energy Ventures and Baseload Capital we can now take leaps, rather than steps, toward our vision of becoming the number one climate solver", says Thomas Öström, CEO of Climeon.

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