Mukesh Ambani is collaborating with Jeff Bezos, Jack Ma and Bill Gates amongst others to set up a $1 billion Breakthrough Energy Ventures (BEV) fund, which would fight climate change through innovation in clean energy.
Jeff Bezos, the founder and chief executive officer of US-based online retailer Amazon, Jack Ma is executive chairman and founder of China-based Alibaba group and Bill Gates is the co-founder of Microsoft. BEV will also collaborate with other governments, investors, research institutions and corporate partners to bring an investor-led fund with internal scientific expertise, Reliance Industries said in a statement.
"Energy is one of the critical drivers for economic growth. Several parts of developing economies still do not have access to affordable and reliable energy. It is an immediate need to find and provide new energy sources that are affordable, clean and reliable for every person on our planet. Breakthrough Energy Ventures will help build the companies that can solve and deploy new energy solutions everywhere," Mukesh Ambani said.
The Reliance statement added that BEV is not confined to any segment of the investment pipeline—it will build companies, engage in traditional venture investment, and have the ability to invest for growth as innovations mature.
"It is extremely exciting for us to launch this fund as the next step in the commitment made by the Breakthrough Energy Coalition last year," BEV Chairman Bill Gates said.
The Breakthrough Energy Coalition (BEC) is an influential group of investors and institutions that is committed to investing in technology that can help solve the urgent energy and climate challenges facing the planet.