Breakthrough Energy Ventures

Reviewed Updated Mar 24, 2026

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Location Kirkland, WA
Founded 2016
Fund Size $3.5B+ total committed capital; BEV I $1B (2016); BEV II ~$1B (2021); BEV III $839M (2023); Select Fund $555M
Website https://www.breakthroughenergy.org
Stage Focus
seed series-a series-b growth
Sector Focus
climate electricity transportation manufacturing agriculture buildings

Team

Rodi Guidero Executive Director & Managing Partner
Eric Toone Executive Managing Director & CTO
Carmichael Roberts Managing Partner
David T. Danielson Managing Director
Jim Cabot Managing Director
Allegra Kowalewski-Ferreira Partner
Cooper Rinzler Partner
Mary K Haas Partner
Stefan Zlatev Partner
Jim Matheson Venture Partner
Eric Stern Venture Partner

About

Breakthrough Energy Ventures (BEV) is a climate-focused venture capital firm founded by Bill Gates in December 2016 1. The firm is headquartered in Kirkland, Washington 2. BEV was created as a for-profit, private-sector investment vehicle emerging from the Breakthrough Energy Coalition, which Gates announced at the 2015 United Nations Climate Change Conference with 28 high-net-worth investors from ten countries 1.

The founding coalition includes some of the world’s wealthiest individuals: Jeff Bezos, John Doerr, Vinod Khosla, Richard Branson, Jack Ma, Mukesh Ambani, Michael Bloomberg, John Arnold, Reid Hoffman, Mark Zuckerberg, Masayoshi Son, and Abigail P. Johnson, among others 34.

The firm has raised more than $3.5 billion in committed capital across multiple funds 5. BEV Fund I launched in 2016 with $1 billion 1. BEV Fund II raised approximately $1 billion in 2021 6. BEV Fund III closed at $839 million in July 2023 7. The firm also raised a $555 million Select Fund focused on later-stage growth investments and follow-on funding for existing portfolio companies 8. Rodi Guidero serves as Executive Director of Breakthrough Energy and Managing Partner of BEV, overseeing more than $5 billion in committed capital and 160+ portfolio companies across the broader Breakthrough Energy platform 9.

The firm’s scientific leadership team was established in 2017 with the hiring of Eric Toone (former ARPA-E founding member and Duke University professor) as Executive Managing Director and science lead, and David Danielson (former DOE Assistant Secretary and ARPA-E’s first employee) as Managing Director for science 10. Carmichael Roberts co-leads the investment committee and is recognized as one of the world’s top climate-tech venture capitalists 11.

BEV is distinguished by its 20-year investment horizon — roughly double the typical venture capital timeline — reflecting the understanding that energy technology commercialization takes longer than software 121. To be eligible for BEV investment, a startup must demonstrate scientifically sound technology with the potential to reduce annual global greenhouse gas emissions by at least 500 million metric tons 1.

Stated Thesis

Breakthrough Energy Ventures publicly describes its mission as financing, launching, and scaling companies that will eliminate greenhouse gas emissions throughout the global economy 4. The firm organizes its investment focus around what it calls the “Five Grand Challenges” — the five sectors responsible for the vast majority of global emissions 4:

  1. Electricity — fusion, geothermal, grid infrastructure, energy storage, renewables
  2. Manufacturing — steel, cement, hydrogen, carbon capture, critical minerals
  3. Transportation — electric aviation, cargo ships, battery innovation, low-carbon fuels
  4. Agriculture & Food — alternative proteins, sustainable farming, methane reduction
  5. Buildings — HVAC, insulation, sustainable materials, building management

Bill Gates has stated: “It’s hard to get any new technology from the lab to the market. It’s especially hard with energy, because energy systems are so slow to change” 12. Gates has also emphasized that “BEV is also bringing together a unique mix of risk-tolerant and patient investors who are committed to accelerating the commercialization of new energy technologies” 12.

The firm states that it invests in “visionary entrepreneurs building companies that can have a significant impact on climate change at scale” and is “committed to investing patiently in developing new ways to live, eat, travel, and build” 5.

Inferred Thesis

Based on 30 verified portfolio investments (of 120+ total portfolio organizations per Crunchbase 5), BEV’s actual investment behavior reveals the following patterns:

Sector distribution: The portfolio is heavily concentrated in energy and industrial decarbonization. Based on the verified investments: electricity/energy generation (fusion, geothermal, grid) accounts for approximately 10 of 30 verified investments (33%); manufacturing/materials (steel, batteries, recycling) accounts for 7 of 30 (23%); transportation (aviation, EVs) accounts for 5 of 30 (17%); agriculture/food accounts for 3 of 30 (10%); buildings accounts for 2 of 30 (7%); carbon capture/removal accounts for 3 of 30 (10%). This sample represents roughly 25% of the full portfolio; percentages should be treated as directional.

Stage distribution: BEV invests across the full venture lifecycle, from seed through growth. Check sizes range from $500K to $50M 13. The firm primarily invests at Series A, with significant seed and Series B activity 5. The $555 million Select Fund targets later-stage follow-on investments for portfolio companies requiring capital for demonstration projects and scale-up 8.

Geographic focus: The portfolio is overwhelmingly US-based, with particular concentration in the Boston/Cambridge, MA cluster (Commonwealth Fusion Systems, Boston Metal, Verdox, Form Energy) and the San Francisco Bay Area (Heirloom, Lilac Solutions, Antora Energy). The firm also has a European presence through Breakthrough Energy Ventures-Europe, a partnership with the European Investment Bank and European Commission 14. Heart Aerospace (Sweden) represents international portfolio exposure 15.

Deep-tech bias: BEV invests almost exclusively in hardware-intensive, science-based companies. The portfolio includes fusion energy (Commonwealth Fusion Systems, Pacific Fusion, Zap Energy), next-generation batteries (QuantumScape, Form Energy), novel steel production (Boston Metal, Electra), hydrogen production (Electric Hydrogen), and geothermal (Fervo Energy). Software-only or marketplace companies are largely absent.

Mega-round participation: BEV participates in some of the largest rounds in climate tech, including Pacific Fusion’s $900 million Series A 16 and Commonwealth Fusion Systems’ $1.8 billion Series B 17.

Co-investor patterns: Frequent co-investors include Khosla Ventures, Lowercarbon Capital, DCVC, General Catalyst, Capricorn Investment Group, and Prelude Ventures. BEV, Khosla Ventures, and DCVC launched a $300 million coalition to back climate tech 18.

Notable gaps: Despite claiming “alternative proteins” as an investment area, verified investments in food/agriculture are relatively few compared to energy and manufacturing. The firm’s strongest revealed preference is for hard physics and chemistry-based solutions to energy production and industrial processes.

Portfolio

This table represents approximately 25% of BEV’s 120+ portfolio organizations. Only investments with verified sources are included.

Company Stage Year Sector Status
Commonwealth Fusion Systems Series A, B, B2 2019 Fusion Energy Active 17
QuantumScape Early Stage ~2018 Solid-State Batteries Public (NYSE: QS) 19
Impossible Foods Early Stage ~2017 Alternative Protein Active 5
IonQ Early Stage ~2018 Quantum Computing Public (NYSE: IONQ) 5
Form Energy Early Stage ~2018 Iron-Air Batteries Active 20
Boston Metal Series A ~2019 Green Steel Active 21
ZeroAvia Series A 2020 Hydrogen Aviation Active 22
Redwood Materials Early Stage 2020 Battery Recycling Active 23
Fervo Energy Early Stage ~2020 Enhanced Geothermal Active 24
ESS Early Stage ~2019 Iron Flow Batteries Public (NYSE: GWH) 5
Pacific Fusion Series A (USD 900M+, participant; General Catalyst led with Hemant Taneja; syndicate includes Andrew Forrest, Elad Gil, Eric Schmidt, John Doerr, Ken Griffin, Lachy Groom, Leitmotif, Lightspeed, Lowercarbon Capital, Mustafa Suleyman, Patrick Collison, Reid Hoffman, Richard Merkin, Trousdale Ventures; milestone-based tranches) 2024-10-25 Fusion Energy Active 1638394041
Lilac Solutions Early Stage ~2019 Lithium Extraction Active 20
Pivot Bio Series B ~2019 Sustainable Agriculture Active 25
Heirloom Early Stage ~2021 Direct Air Capture Active 15
Verdox Early Stage ~2020 Carbon Removal Active 15
Electric Hydrogen Early Stage ~2021 Green Hydrogen Active 5
Zap Energy Early Stage ~2020 Fusion Energy Active 15
Heart Aerospace Early Stage ~2021 Electric Aviation Active 15
Antora Energy Early Stage ~2021 Thermal Batteries Active 15
VEIR Series B (USD 75M oversubscribed; Munich Re Ventures led; Microsoft Climate Innovation Fund, Tyche Partners, Piva Capital, National Grid Partners, Dara Holdings, SiteGround new; BEV, VXI Capital, Congruent Ventures, Engine Ventures, Fine Structure Ventures, Galvanize Climate Solutions returned) 2025-01-28 Superconducting Transmission Active 5323334
75F Series B ~2022 Smart Buildings Active 26
Electra Early Stage ~2021 Green Steel Active 15
Mill Early Stage ~2022 Food Waste Recycling Active 15
Koloma Series B (USD 245.7M; Khosla Ventures led; Amazon Climate Pledge Fund + United Airlines Sustainable Flight Fund new; BEV + Energy Impact Partners returning; BEV was returning investor from Koloma’s July 2023 round) 2024-02-09 Geologic Hydrogen Active 27353637
Terabase Energy Series C ($130M; SoftBank Vision Fund 2 led; BEV participated as existing investor alongside Prelude Ventures, Fifth Wall, SJF Ventures, EDP Ventures) 2025-03-13 Solar Infrastructure Active 26424344
44.01 Series A ($37M; Equinor Ventures + Shorooq Partners co-led; BEV participated as existing investor recommitting alongside Air Liquide Venture Capital, Alumni Ventures, Amazon Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, Sumitomo Corporation; +$5M extension 2025-02-05 from Nysnø + Jasoor bringing total Series A to $42M) 2024-07-15 Carbon Mineralization Active 26454647
NitroVolt Seed (€3.5M; BackingMinds + EIFO co-led; Breakthrough Energy Fellowship followed on from 2023 grant with equity; EQT Foundation, Satgana, Division Q participated) 2024-11-13 Green Ammonia Active 5484950
Savor Early Stage ~2024 Food Tech Active 5
Yard Stick Early Stage ~2022 Soil Carbon Active 15
Bloom Biorenewables Series A (participated; CHF 13M / ~USD 15M co-led by Anaïs Ventures and Valquest Partners; Lombard Odier Investment Managers, Capital Risque Fribourg, Btomorrow Ventures, Amcor Ventures, Rosebrook, King Baudouin Foundation via R&Co4Generations also participated) 2025-04-03 Sustainable Materials / Bio-based Chemicals Active 515253

Note: Many year entries are approximate (~), based on company founding dates or earliest known BEV involvement. BEV has 120+ portfolio organizations per Crunchbase 5; this table represents roughly 25% of verified investments.

In Their Own Words

Bill Gates, on BEV’s founding rationale: “It’s hard to get any new technology from the lab to the market. It’s especially hard with energy, because energy systems are so slow to change” 12.

Bill Gates, on the investor coalition: “BEV is also bringing together a unique mix of risk-tolerant and patient investors who are committed to accelerating the commercialization of new energy technologies” 12.

Bill Gates, on industry partnerships: “Industry partners like Total understand the energy business better than anyone else. They know how to deliver energy solutions reliably and affordably at scale” 12.

John Arnold (BEV board member), on the scientific team: “BEV’s vision to transform the energy market requires the deep in-house scientific expertise that Eric and David provide” 10.

Eric Toone, on BEV’s approach: “It’s a little bit different. With a moonshot, you have a singular goal in mind, and then you build those technologies to make that goal. At BEV, there isn’t a singular goal like clean tech. We invest in a number of different technologies” 28.

Eric Toone, on the scale of the challenge: “It’s time to start accepting reality and that we’re not going to be able to do this fast enough, the ship is too big, it’s too hard to steer” 29.

Eric Toone, on energy: “Energy is Prosperity” 30.

Carmichael Roberts, on fusion energy: “Achieving commercial, affordable fusion power would be one of the most transformative milestones in human history — delivering clean, limitless energy to help strengthen energy security and improve global living standards” 11.

Carmichael Roberts, on Commonwealth Fusion Systems: “CFS is advancing fusion at a pace and scale that can turn this future into reality — providing a unique opportunity to shape the energy landscape, especially as AI and data centers are driving unprecedented demand” 11.

Carmichael Roberts, on urgency: “It takes a while for the planet to cool down. That’s the harsh reality and the motivation — that we are running out of time” 29.

What Founders Say

Val Miftakhov, CEO of ZeroAvia, on choosing BEV as an investor: “They’re working on some of the hardest problems that exist in the world on the sustainability agenda… we really wanted to bring them in as an investor and we found a match there. So we’re really grateful to Breakthrough Energy Ventures” 31.

No additional independently sourced founder testimonials found. The firm’s portfolio companies frequently acknowledge BEV’s investment in press releases, but detailed founder accounts of the working relationship are scarce in public sources.

Sources

  1. Caldwell Partners, “Breakthrough Energy Ventures (BEV),” accessed March 2026. https://www.caldwell.com/executive-search-industry-insights/breakthrough-energy-ventures-bev/↩↩↩↩↩

  2. Republic of Green, “Breakthrough Energy Ventures in Kirkland,” accessed March 2026. https://directory.republicofgreen.com/washington/kirkland/breakthrough-energy-ventures↩

  3. Philanthropy News Digest, “Breakthrough Energy Coalition Launches $1 Billion Ventures Fund,” accessed March 2026. https://philanthropynewsdigest.org/news/breakthrough-energy-coalition-launches-1-billion-ventures-fund↩

  4. Breakthrough Energy website, “Breakthrough Energy Ventures,” accessed March 2026. https://www.breakthroughenergy.org/our-work/breakthrough-energy-ventures/↩↩↩

  5. Crunchbase, “Breakthrough Energy Ventures Company Profile,” accessed March 2026. https://www.crunchbase.com/organization/breakthrough-energy-ventures↩↩↩↩↩↩↩↩↩↩↩↩

  6. GeekWire, “Gates-led Breakthrough Energy Ventures raises another $1B for investing in climate innovation,” accessed March 2026. https://www.geekwire.com/2021/gates-led-breakthrough-energy-ventures-raises-another-1b-investing-climate-saving-innovation/↩

  7. New Private Markets, “Bill Gates’ Breakthrough Energy Ventures raises $839m for Fund III,” accessed March 2026. https://www.newprivatemarkets.com/bill-gates-breakthrough-energy-ventures-raises-839m-for-fund-iii/↩

  8. MIT Technology Review, “Bill Gates’ energy venture fund is expanding into climate adaptation and later-stage investments,” accessed March 2026. https://www.technologyreview.com/2022/10/19/1061958/bill-gates-energy-venture-fund-is-expanding-into-climate-adaptation-and-later-stage-investments/↩↩

  9. The Org, “Rodi Guidero — Executive Director, Breakthrough Energy & Managing Partner, Breakthrough Energy Ventures,” accessed March 2026. https://theorg.com/org/breakthrough-energy/org-chart/rodi-guidero↩

  10. PR Newswire, “Breakthrough Energy Ventures Hires Eric Toone and David Danielson as Scientific Leadership Team,” 2017, accessed March 2026. https://www.prnewswire.com/news-releases/breakthrough-energy-ventures-hires-eric-toone-and-david-danielson-as-scientific-leadership-team-300413548.html↩↩

  11. CFS press release, “Commonwealth Fusion Systems Raises $863 Million Series B2 Round to Accelerate the Commercialization of Fusion Energy,” accessed March 2026. https://cfs.energy/news-and-media/commonwealth-fusion-systems-raises-863-million-series-b2-round-to-accelerate-the-commercialization-of-fusion-energy/↩↩↩

  12. TotalEnergies, “Interview with Bill Gates, Breakthrough Energy Ventures,” accessed March 2026. https://totalenergies.com/news/news/breakthrough-energy-ventures-bill-gates-talks-about-fund↩↩↩↩↩↩

  13. F4 Fund, “Breakthrough Energy Ventures — Investment Thesis & Preferences,” accessed March 2026. https://f4.fund/firms/breakthrough-energy-ventures↩

  14. European Investment Bank, “Breakthrough Energy Ventures Europe,” accessed March 2026. https://www.eib.org/en/products/equity/funds/breakthrough-energy-ventures-europe↩

  15. Boring Business Nerd, “Breakthrough Energy Ventures,” accessed March 2026. https://www.boringbusinessnerd.com/venture-capital/breakthrough-energy-ventures↩↩↩↩↩↩↩↩↩

  16. The Fusion Report, “Pacific Fusion — Big Names and $900M Round A,” accessed March 2026. https://thefusionreport.substack.com/p/pacific-fusion-big-names-and-900m↩↩

  17. CFS press release, “Commonwealth Fusion Systems Raises $1.8 Billion in Funding to Commercialize Fusion Energy,” accessed March 2026. https://www.cfs.energy/news-and-media/commonwealth-fusion-systems-closes-1-8-billion-series-b-round/↩↩

  18. Private Equity Insights, “Breakthrough Energy, Khosla Ventures and DCVC launch $300m coalition to back climate tech,” accessed March 2026. https://pe-insights.com/breakthrough-energy-khosla-ventures-and-dcvc-launch-300m-coalition-to-back-climate-tech/↩

  19. GeekWire, “QuantumScape pursues ‘breakthrough’ in lithium battery tech,” 2020, accessed March 2026. https://www.geekwire.com/2020/quantumscape-pursues-breakthrough-lithium-battery-tech-advice-bill-gates/↩

  20. Tracxn, “Breakthrough Energy — 2026 Investor Profile, Portfolio, Team & Investment Trends,” accessed March 2026. https://tracxn.com/d/venture-capital/breakthroughenergy/__WApicdE7mL916-jiCpeXtDFq0YIpwYVjpFYgI3SOEl↩↩

  21. Mintz, “Boston Metal ‘Steels’ the Show with $20M Series A Led by Breakthrough Energy Ventures,” accessed March 2026. https://www.mintz.com/industries-practices/case-studies/boston-metal-steels-show-20m-series-led-breakthrough-energy↩

  22. TechCrunch, “ZeroAvia’s hydrogen-powered vision for aviation nets $21.4 million from Amazon, Shell and Bill Gates-backed fund,” 2020, accessed March 2026. https://techcrunch.com/2020/12/16/zeroavias-hydrogen-powered-vision-for-aviation-nets-21-4-million-from-amazon-shell-and-bill-gates-backed-fund/↩

  23. pv magazine USA, “Clean energy funding: Ex-Tesla CTO raises $40 million to recycle batteries, plus nuclear fusion and fission,” 2020, accessed March 2026. https://pv-magazine-usa.com/2020/08/31/clean-energy-funding-ex-tesla-cto-raises-40-million-to-recycle-batteries-plus-nuclear-fusion-and-fission/↩

  24. Fervo Energy press release, “Fervo Energy Raises $462 Million Series E,” accessed March 2026. https://fervoenergy.com/fervo-energy-raises-462-million-series-e-to-accelerate-geothermal-development-and-meet-surging-energy-demand-with-clean-firm-power/↩

  25. Breakthrough Energy, “Pivot Bio,” accessed March 2026. https://www.breakthroughenergy.org/lookbook/pivot-bio/↩

  26. VCBacked, “Breakthrough Energy Ventures Portfolio Companies,” accessed March 2026. https://www.vcbacked.co/directory/investors/breakthrough-energy-ventures?page=2↩↩↩

  27. Breakthrough Energy, “Meet the Breakthrough innovators at COP28,” accessed March 2026. https://www.breakthroughenergy.org/bev-cop28/↩

  28. Building Moonshots Substack, “Funding Moonshots at Breakthrough Energy Ventures,” accessed March 2026. https://buildingmoonshots.substack.com/p/funding-moonshots-at-breakthrough↩

  29. CNBC, “Bill Gates’ climate-investment firm will put more money into adapting to climate change,” 2022, accessed March 2026. https://www.cnbc.com/2022/10/25/bill-gates-climate-tech-investing-company-bev-moving-into-adaptation.html↩↩

  30. Breakthrough Energy on X, “Energy is Prosperity,” accessed March 2026. https://x.com/Breakthrough/status/19962635688961233↩

  31. MCJ Podcast, “Episode 153: Val Miftakhov, Co-Founder & CEO of ZeroAvia,” accessed March 2026. https://mcj.vc/inevitable-podcast/val-miftakhov↩

  32. BusinessWire, “VEIR Closes $75M Series B to Deliver Superconducting Solutions for AI Data Centers and High-Capacity Power Lines, Driving Grid Resilience and Global Decarbonization,” January 28, 2025 press release. Confirms Munich Re Ventures led, with existing investors “VXI Capital, Breakthrough Energy Ventures, Congruent Ventures, Engine Ventures, Fine Structure Ventures, and Galvanize Climate Solutions” also contributing. Accessed July 8, 2026. https://www.businesswire.com/news/home/20250128084337/en/VEIR-Closes-75M-Series-B-to-Deliver-Superconducting-Solutions-for-AI-Data-Centers-and-High-Capacity-Power-Lines-Driving-Grid-Resilience-and-Global-Decarbonization↩

  33. Pulse 2.0, “VEIR Superconducting Power Company Raises $75 Million Series B,” February 4, 2025. Independent confirmation of Breakthrough Energy Ventures as returning Series B participant. Accessed July 8, 2026. https://pulse2.com/veir-superconducting-power-company-raises-75-million-series-b/↩

  34. ESG Post, “VEIR raises USD 75M to accelerate superconducting power for data centres,” January 29, 2025. Third independent source naming Breakthrough Energy Ventures among existing Series B investors. Accessed July 8, 2026. https://esgpost.com/veir-superconducting-power-data-centres/↩

  35. Forbes (Alan Ohnsman), “Bill Gates-Backed Clean Fuel Startup Raises $246 Million To Aid Plans To Drill For Hydrogen,” February 11, 2024. Accessed July 2026. https://www.forbes.com/sites/alanohnsman/2024/02/11/bill-gates-backed-clean-fuel-startup-raises-246-million-to-aid-plans-to-drill-for-hydrogen/ — Tier-1 primary press. Confirms Koloma’s $245.7M Series B round disclosed via SEC filing dated February 9, 2024, led by Khosla Ventures, with Amazon Climate Pledge Fund and United Airlines Sustainable Flight Fund as new investors and Breakthrough Energy Ventures and Energy Impact Partners as returning investors. ↩

  36. Axios Pro Climate Deals, “Geologic hydrogen startup Koloma raises $245M,” February 9, 2024. Accessed July 2026. https://www.axios.com/pro/climate-deals/2024/02/09/koloma-245-million-hydrogen-khosla-amazon-united — Same-day scoop confirming the $245M raise, Khosla lead, and Amazon + United participation. ↩

  37. Crunchbase, “Series B — Koloma — 2024-02-09,” accessed July 2026. https://www.crunchbase.com/funding_round/koloma-series-b–8bbc978e — Confirms explicit Series B designation and 2024-02-09 date (previously labeled “Early Stage ~2023” on this profile). ↩

  38. Bloomberg, “Nuclear Startup Pacific Fusion Nabs $900 Million in Funding,” October 25, 2024. Accessed July 2026. https://www.bloomberg.com/news/articles/2024-10-25/nuclear-startup-pacific-fusion-raises-900-million-in-funding — Tier-1 primary press confirms Pacific Fusion’s $900M Series A announced October 25, 2024, led by General Catalyst (Hemant Taneja), with participation from Breakthrough Energy Ventures, Andrew Forrest, Elad Gil, Eric Schmidt, John Doerr, Ken Griffin, Lachy Groom, Leitmotif, Lightspeed, Lowercarbon Capital, Mustafa Suleyman, Patrick Collison, Reid Hoffman, Richard Merkin, and Trousdale Ventures. ↩

  39. Crunchbase, “Series A - Pacific Fusion - 2024-10-25,” accessed July 2026. https://www.crunchbase.com/funding_round/pacific-fusion-series-a–9f02f372 — Independent confirmation of the $900M Series A on 2024-10-25, General Catalyst lead, Breakthrough Energy Ventures participant. The round is structured as milestone-based tranches. ↩

  40. General Catalyst (Hemant Taneja and Paul Kwan), “Our Investment in Pacific Fusion,” October 25, 2024. Accessed July 19, 2026. https://www.generalcatalyst.com/stories/our-investment-in-pacific-fusion — Primary investor-side source. General Catalyst confirms it “helped architect and lead” the $900M+ Series A for Pacific Fusion on October 25, 2024, with a milestone-based funding structure (entire $900M+ committed upfront, unlocked as the company achieves pre-defined milestones). Hemant Taneja, Eric Schmidt, and Patrick Collison joined Pacific Fusion’s board. ↩

  41. Neutron Bytes, “Pacific Fusion Scores $900 Million in Series A Funding,” October 27, 2024. Accessed July 19, 2026. https://neutronbytes.com/2024/10/27/pacific-fusion-scores-900-million-in-series-a-funding/ — Third independent primary press (nuclear industry) confirming $900M Series A on October 25, 2024, General Catalyst lead (Hemant Taneja), with full syndicate: Andrew Forrest, Breakthrough Energy Ventures, Elad Gil, Eric Schmidt, John Doerr, Ken Griffin, Lachy Groom, Leitmotif, Lightspeed, Lowercarbon Capital, Mustafa Suleyman, Patrick Collison, Reid Hoffman, Richard Merkin, Trousdale Ventures. Milestone-based tranches; Taneja/Schmidt/Collison joined the board. ↩

  42. Terabase Energy press release, “Terabase Secures $130 Million Series C from SoftBank Vision Fund 2 to Accelerate Construction of Utility-Scale Solar,” March 13, 2025. Accessed July 2026. https://www.terabase.energy/resources/terabase-energy-secures-130-million-series-c-from-softbank-vision-fund-2 — Primary source (company press release) confirming Terabase closed a $130M Series C on March 13, 2025 led by SoftBank Vision Fund 2, with Breakthrough Energy Ventures, Prelude Ventures, Fifth Wall, SJF Ventures, and EDP Ventures named among “notable investors to date” continuing to participate. ↩

  43. BusinessWire, “Terabase Secures $130 Million Series C From SoftBank Vision Fund 2 to Accelerate Construction of Utility-Scale Solar,” March 13, 2025. Accessed July 2026. https://www.businesswire.com/news/home/20250313729226/en/Terabase-Secures-$130-Million-Series-C-From-SoftBank-Vision-Fund-2-to-Accelerate-Construction-of-Utility-Scale-Solar — Wire distribution of the March 13, 2025 press release with same syndicate details. ↩

  44. pv magazine USA, “Terabase surpasses $200 million in funding with Series C round,” March 13, 2025. Accessed July 2026. https://pv-magazine-usa.com/2025/03/13/terabase-surpasses-200-million-in-funding-with-series-c-round/ — Tier-1 solar industry press independently confirming the $130M Series C closed March 13, 2025, SoftBank Vision Fund 2 as lead, bringing total funding above $200M. ↩

  45. 44.01 press release, “44.01 completes $37m Series A investment round,” July 15, 2024. Accessed July 2026. https://www.4401.earth/blog/44-01-completes-usd37m-series-a-investment-round — Primary source (company blog) confirming Oman-based 44.01 closed a $37M Series A on July 15, 2024, co-led by Equinor Ventures and Shorooq Partners, with Breakthrough Energy Ventures named among existing investors that recommitted to the round. ↩

  46. ESG Today, “Climate Tech Startup 44.01 Raises $37 Million to Scale Solution to Turn CO2 into Rock,” July 2024. Accessed July 2026. https://www.esgtoday.com/climate-tech-startup-44-01-raises-37-million-to-scale-solution-to-turn-co2-into-rock/ — Independent ESG-focused press confirming the $37M Series A, Equinor Ventures and Shorooq Partners as co-leads, and Breakthrough Energy Ventures as existing investor participant. ↩

  47. Carbon Herald, “44.01 Gets $37M Injection In Series A Funding Round,” July 2024. Accessed July 2026. https://carbonherald.com/44-01-gets-37m-injection-series-funding-round/ — Independent climate-tech press confirming $37M Series A co-led by Equinor Ventures and Shorooq Partners, with Breakthrough Energy Ventures explicitly named as an existing investor that also participated. Follow-on $5M extension announced February 5, 2025 from Nysnø Climate Investments and Jasoor Ventures bringing total Series A to $42M. ↩

  48. Tech.eu, “Danish startup NitroVolt secures €3.5M to decentralise and green ammonia production,” November 13, 2024. Accessed July 2026. https://tech.eu/2024/11/13/danish-startup-nitrovolt-secures-eur35m/ — Tier-1 EU tech press confirming NitroVolt closed a €3.5M seed round announced November 13, 2024, co-led by BackingMinds and EIFO (Export and Investment Fund of Denmark), with participation from EQT Foundation, Satgana, Division Q, and Breakthrough Energy Fellowship (following its 2023 grant with equity in this round). ↩

  49. EQT Group, “EQT Foundation invests in NitroVolt, revolutionizing green ammonia production,” November 13, 2024. Accessed July 2026. https://eqtgroup.com/news/eqt-foundation-invests-in-nitrovolt-revolutionizing-green-ammonia-production — Primary source (investor announcement) confirming €3.5M seed round on November 13, 2024, and the full syndicate including Breakthrough Energy Fellowship. ↩

  50. ESG Today, “NitroVolt Raises €3.5 Million to Produce Green Fertilizers for Farmers,” November 14, 2024. Accessed July 2026. https://www.esgtoday.com/nitrovolt-raises-e3-5-million-to-produce-green-fertilizers-for-farmers/ — Independent tier-1 ESG press confirming the €3.5M seed (US$3.7M) with BackingMinds and EIFO co-leading; syndicate includes EQT Foundation, Satgana, DivisionM, and Breakthrough Energy Fellowship. Note: this article lists the Breakthrough participant as “Fellowship” (a separate BEV program that funded NitroVolt as a 2023 grant recipient and follow-on equity investor), not Breakthrough Energy Ventures the venture fund. ↩

  51. ESG Today, “Bloom Biorenewables Raises $15 Million to Produce Sustainable Materials from Plants,” April 3, 2025. Accessed July 2026. https://www.esgtoday.com/bloom-biorenewables-raises-15-million-to-produce-sustainable-materials-from-plants/ — Tier-1 ESG press confirming CHF 13 million (~US$15M) Series A co-led by Anaïs Ventures and Valquest Partners, with participation from Breakthrough Energy Ventures, Lombard Odier Investment Managers, Capital Risque Fribourg, Btomorrow Ventures, Amcor Ventures, Rosebrook, and The King Baudouin Foundation (via R&Co4Generations). ↩

  52. Anaïs Ventures, “Anaïs Ventures Co-Leads Series A Investment in Bloom Biorenewables,” April 7, 2025. Accessed July 2026. https://www.a-ventures.ch/en/news/anais-ventures-co-leads-series-a-investment-in-bloom-biorenewables — Primary lead-investor announcement confirming CHF 13M Series A co-led by Anaïs Ventures and Valquest Partners; participants include Breakthrough Energy Ventures, Lombard Odier, Capital Risque Fribourg, Btomorrow Ventures, Amcor Ventures, Rosebrook, and The King Baudouin Foundation. ↩

  53. Lombard Odier Asset Management, “A petroleum alternative: investing in Bloom Biorenewables,” April 30, 2025 (originally published in Allnews April 3, 2025). Accessed July 2026. https://am.lombardodier.com/insights/2025/april/a-petroleum-alternative-investing-in-bloom-biorenewables.html — Participant-side primary source (Lombard Odier participated in the round) confirming Series A syndicate: Anaïs Ventures and Valquest Partners co-led; participants include Breakthrough Energy Ventures, Lombard Odier Investment Managers, Capital Risque Fribourg, Btomorrow Ventures, Amcor Ventures, Rosebrook, and The King Baudouin Foundation via R&Co4Generations. ↩