Breakthrough Energy Ventures joins funding vehicle for small-scale geothermal plants
Breakthrough Energy Ventures, an investor-led venture fund backed by some of the world’s top business executives, has invested in Baseload Capital, the private investment company which Climeon owns part of, to speed up the global deployment of low temperature geothermal heat power.
Breakthrough Energy Ventures is an investor-led fund 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.
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 USD 12.5 million in Baseload Capital and in doing so, joins Climeon, Blue, Gullspång Invest and LMK as a shareholder of Baseload Capital. After Breakthrough Energy Ventures’ investment in Baseload Capital, Climeon owns 15.7 percent of Baseload Capital. Climeon’s equity share will be valued at SEK 48.1 million, compared to the 37.7 communicated in the Year-end report in February 2019.
Climeon, Breakthrough Energy Ventures and Baseload Capital will collaborate on the global deployment of low temperature geothermal heat power. /Source: Think Geoenergy/
March 3, 2019