Breakthrough Energy Ventures, an investor-led venture fund backed by Jeff Bezos, Tom Steyer and Bill Gates, among others, has invested in Baseload Capital, the private investment company owned in part by Climeon, to speed up the global deployment of low temperature geothermal heat power.
Courtesy of Climeon
“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,” said Thomas Öström, CEO of Climeon.
Breakthrough Energy Ventures was created to accelerate the transition to clean energy. The team funds cutting-edge companies with the potential to eliminate a half gigaton of greenhouse gas (GHG) emissions per year and invests across five grand challenges: electricity, transportation, agriculture, manufacturing and buildings. These are the broad areas of activity that contribute most to GHG emissions. The Fund’s investment team has identified low temperature geothermal heat power as one of the most significant opportunities available to address GHG emissions in the production of electricity.
“Geothermal energy from low temperatures has the potential to transform the energy landscape,” stated Carmichael Roberts, Breakthrough Energy Ventures.
The first prototype of Climeon’s Heat Power system that turns hot water into clean electricity was developed in 2011. Since then, Climeon has delivered Heat Power systems to customers in several countries and the company is now focused on scale-up and global deployment.
Breakthrough Energy Ventures has invested $12.5 million in Baseload Capital and in doing so, joins Climeon, Blue, Gullspång Invest and LMK as a shareholder of the company. Climeon now owns 15.7 percent of Baseload Capital.
“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,” concluded Öström.