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United States / Direct investor

Breakthrough Energy Ventures: industrial innovation.

Patient venture capital for affordable clean technologies across energy, manufacturing, agriculture, transport and buildings.

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Current primary cheque rangeNot published
ApproachSeed to scale
Fund III sold, July 2024 filing$839.37M
Current public portfolio103 companies

01 / The fund

Build better, cheaper industrial systems

Breakthrough Energy Ventures invests in technologies that can compete on cost and performance in large industrial markets. Its 2026 investor update describes a move from scientific concepts to construction and commercial-scale infrastructure across electricity, manufacturing, agriculture, transportation and buildings. It reports more than 130 companies invested historically and more than 75 investors. The current published portfolio contains 103 companies; that is a separate, narrower count.

The July 31, 2024 amended SEC filing for Fund III records $839,368,421 sold. This is a dated regulatory amount, not a newly verified 2026 final close. The latest vehicles have different purposes: Select Fund II’s February 18, 2026 filing offers $600M with no sales yet reported in that filing; Special Situations I’s August 11, 2026 filing offers $100M with no sales yet reported. Those are targets at their filing dates, not completed fundraises, and are not added to Fund III.

No current primary-source numeric first-cheque range was independently verified. Third-party directories quote broad ranges, but these are not presented as firm-confirmed terms. The firm combines technical evaluation, patient capital and company-building support, with affordability and reliable performance central to its current stated approach.

2026 investor update ↗ · Fund III filing ↗ · Select II filing ↗ · Special Situations I filing ↗

02 / Portfolio

Explore by sector

103 unique companies in the official public portfolio source, separate from the 2026 investor letter’s 130-plus historical investments. All five official economy sectors checked. DTT groups below describe technology, not the fund’s own sector taxonomy. This is not a claim that every listed company remains an independent private business or is currently raising. Acquisitions and public-market status do not prove a complete fund cash exit.

BioTech 10

Alpine Bio logo
Alpine Bio ↗

Uses plants to produce ingredients such as casein, a protein normally found in dairy.

Holding source ↗
ArkeaBio logo
ArkeaBio ↗

Develops vaccines intended to reduce methane produced by livestock.

Holding source ↗
C16 Biosciences logo
C16 Biosciences ↗

Uses fermentation to make alternatives to palm oil and other fats.

Holding source ↗
DMC Biotechnologies logo
DMC Biotechnologies ↗

Engineers microbes and fermentation processes to manufacture chemicals and ingredients.

Holding source ↗
GALY logo
GALY ↗

Grows plant-derived materials such as cotton from cells rather than conventional farming.

Holding source ↗
Nature's Fynd logo
Nature's Fynd ↗

Uses fermentation to grow fungal protein for food ingredients.

Holding source ↗
Pivot Bio logo
Pivot Bio ↗

Uses microbes to supply crop nitrogen and reduce dependence on conventional fertilizer.

Holding source ↗
Prolific Machines logo
Prolific Machines ↗

Uses light to control cells and improve production of biological products.

Holding source ↗
Rumin8 logo
Rumin8 ↗

Develops livestock feed supplements intended to reduce methane emissions.

Holding source ↗
Windfall Bio logo
Windfall Bio ↗

Uses methane-consuming microbes to turn waste methane into useful agricultural products.

Holding source ↗

Energy & Materials 73

44.01 logo
44.01 ↗

Stores carbon dioxide underground by turning it into stable rock through mineral reactions.

Holding source ↗
Aeroseal logo
Aeroseal ↗

Seals leaks in air ducts and building envelopes to reduce wasted heating and cooling.

Holding source ↗
Airloom logo
Airloom ↗

Develops lower-cost wind power using a different mechanical arrangement from conventional tall turbines.

Holding source ↗
Antora Energy logo
Antora Energy ↗

Stores electricity as high-temperature heat for industrial processes and power generation.

Holding source ↗
Arnergy logo
Arnergy ↗

Combines solar power and battery storage to replace fossil-fuel generators.

Holding source ↗
Baseload Capital logo
Baseload Capital ↗

Develops geothermal power projects that turn underground heat into electricity.

Holding source ↗
Bloom Biorenewables logo
Bloom Biorenewables ↗

Turns plant materials into chemicals and fuels that can replace fossil-based ingredients.

Holding source ↗
Blue Frontier logo
Blue Frontier ↗

Develops air conditioning with built-in energy storage to reduce electricity demand.

Holding source ↗
Blue World Technologies logo
Blue World Technologies ↗

Makes high-temperature fuel cells that turn methanol into electricity for industrial uses.

Holding source ↗
Boston Metal logo
Boston Metal ↗

Uses electricity to produce metals with lower emissions than conventional production.

Holding source ↗
Brimstone Energy logo
Brimstone Energy ↗

Develops processes to make cement and recover useful minerals with lower emissions.

Holding source ↗
CarbonCure logo
CarbonCure ↗

Adds captured carbon dioxide during concrete production so some carbon becomes mineral material.

Holding source ↗
Circ logo
Circ ↗

Recycles mixed-fibre textiles so their materials can be used in new clothing.

Holding source ↗
Commonwealth Fusion Systems logo
Commonwealth Fusion Systems ↗

Develops magnetic-confinement fusion systems intended to produce commercial electricity.

Holding source ↗
CubicPV logo
CubicPV ↗

Develops advanced solar materials and tandem cells that combine layers to capture more sunlight.

Holding source ↗
Dandelion Energy logo
Dandelion Energy ↗

Installs ground-source heating and cooling systems for homes.

Holding source ↗
Dioxycle logo
Dioxycle ↗

Uses electricity to convert carbon dioxide into chemicals and other useful products.

Holding source ↗
Ecocem logo
Ecocem ↗

Develops lower-carbon cement materials that reduce the need for high-emission clinker.

Holding source ↗
Electra logo
Electra ↗

Uses electricity and lower-temperature processing to make iron for steel production.

Holding source ↗
Electric Hydrogen logo
Electric Hydrogen ↗

Makes large electrolyzer systems that use electricity to split water and produce hydrogen.

Holding source ↗
Enverid Systems logo
Enverid Systems ↗

Removes contaminants from indoor air so buildings need less energy-intensive fresh-air conditioning.

Holding source ↗
Equilibrium Energy logo
Equilibrium Energy ↗

Combines software, power trading and clean-energy supply to serve electricity customers.

Holding source ↗
ESS Inc. logo
ESS Inc. ↗

Makes iron-based flow batteries for long-duration electricity storage.

Holding source ↗
Fervo Energy logo
Fervo Energy ↗

Uses modern drilling and sensing methods to develop geothermal electricity projects.

Holding source ↗
Fleetzero logo
Fleetzero ↗

Develops battery-electric propulsion and energy systems for cargo ships.

Holding source ↗
Form Energy logo
Form Energy ↗

Develops iron-air batteries intended to store electricity for several days.

Holding source ↗
Fourth Power logo
Fourth Power ↗

Stores electricity as very high-temperature heat and converts it back to power when needed.

Holding source ↗
Graphitic Energy logo
Graphitic Energy ↗

Develops processes that split natural gas into hydrogen and solid carbon materials.

Holding source ↗
Graphyte logo
Graphyte ↗

Stores carbon from plant material by drying, containing and burying it to slow decomposition.

Holding source ↗
H2Pro logo
H2Pro ↗

Develops water-splitting technology to produce hydrogen using electricity.

Holding source ↗
H2Site logo
H2Site ↗

Uses membranes to separate hydrogen from gas mixtures or produce it from carriers such as ammonia.

Holding source ↗
Heart Aerospace logo
Heart Aerospace ↗

Develops electric and hybrid-electric regional aircraft.

Holding source ↗
Heirloom logo
Heirloom ↗

Uses limestone-based chemistry to capture carbon dioxide from ambient air.

Holding source ↗
Heron Power logo
Heron Power ↗

Develops power electronics that control and convert electricity for modern grids.

Holding source ↗
I-ROX logo
I-ROX ↗

Uses short electrical pulses to break rock for mineral processing with less mechanical crushing.

Holding source ↗
KoBold Metals logo
KoBold Metals ↗

Uses scientific computing and geological data to find deposits of critical minerals.

Holding source ↗
Koloma logo
Koloma ↗

Uses geological data and exploration technology to find naturally occurring underground hydrogen.

Holding source ↗
Lilac Solutions logo
Lilac Solutions ↗

Uses ion-exchange materials to extract lithium from brines.

Holding source ↗
LuxWall logo
LuxWall ↗

Makes vacuum-insulated glass intended to reduce heat loss through windows.

Holding source ↗
M2X logo
M2X ↗

Develops modular systems that turn otherwise stranded gas into methanol.

Holding source ↗
MagLev Aero logo
MagLev Aero ↗

Develops magnetically levitated electric propulsion for aircraft.

Holding source ↗
Malta logo
Malta ↗

Develops grid-scale storage that converts electricity into heat and cold before regenerating power.

Holding source ↗
Mangrove Lithium logo
Mangrove Lithium ↗

Uses electrochemical processing to refine lithium into battery-grade material.

Holding source ↗
Mantle8 logo
Mantle8 ↗

Uses geological science and exploration technology to find natural hydrogen resources.

Holding source ↗
Mariana Minerals logo
Mariana Minerals ↗

Uses software and automation to develop and operate mineral-production projects.

Holding source ↗
Mission Zero logo
Mission Zero ↗

Develops modular equipment to capture carbon dioxide directly from air.

Holding source ↗
Molten Industries logo
Molten Industries ↗

Splits methane using heat to produce hydrogen and solid graphite materials.

Holding source ↗
Natel Energy logo
Natel Energy ↗

Develops hydropower turbines designed to let fish pass more safely.

Holding source ↗
Our Next Energy logo
Our Next Energy ↗

Develops battery storage systems for transport and stationary applications.

Holding source ↗
Planted Solar logo
Planted Solar ↗

Uses software and automation to design and build solar power plants.

Holding source ↗
QuantumScape logo
QuantumScape ↗

Develops solid-state lithium-metal battery technology for electric vehicles.

Holding source ↗
Quidnet Energy logo
Quidnet Energy ↗

Stores energy by pumping water underground and recovering pressure to generate electricity.

Holding source ↗
Reactive Technologies logo
Reactive Technologies ↗

Measures and analyses grid behaviour to help operators manage changing electricity systems.

Holding source ↗
RedoxBlox logo
RedoxBlox ↗

Stores industrial energy through reversible chemical reactions in high-temperature materials.

Holding source ↗
Redwood Materials logo
Redwood Materials ↗

Recycles batteries and makes recovered materials for new battery supply chains.

Holding source ↗
ReMo Energy logo
ReMo Energy ↗

Develops smaller-scale ammonia production using clean electricity for agricultural supply.

Holding source ↗
Rondo Energy logo
Rondo Energy ↗

Stores electricity as heat in brick-based batteries for industrial use.

Holding source ↗
Savor logo
Savor ↗

Produces fats from non-agricultural feedstocks rather than livestock or conventional crops.

Holding source ↗
SparkMeter logo
SparkMeter ↗

Provides metering and grid-management software for electricity utilities.

Holding source ↗
Still Bright logo
Still Bright ↗

Develops processes to extract copper from ores with lower-cost, lower-emission methods.

Holding source ↗
Stratus Materials logo
Stratus Materials ↗

Develops cathode materials, the positive-electrode ingredients used in lithium-ion batteries.

Holding source ↗
Sustaera logo
Sustaera ↗

Develops modular systems with reusable capture materials to remove carbon dioxide from air.

Holding source ↗
Terabase logo
Terabase ↗

Uses software and construction automation to build large solar power plants.

Holding source ↗
TerraCO2 logo
TerraCO2 ↗

Develops lower-carbon materials that can replace part of conventional cement.

Holding source ↗
TS Conductor logo
TS Conductor ↗

Makes advanced electricity conductors intended to carry more power on transmission lines.

Holding source ↗
Turntide logo
Turntide ↗

Develops electric motors, power electronics and control systems for more efficient equipment.

Holding source ↗
Type One Energy logo
Type One Energy ↗

Develops stellarator fusion systems, which use shaped magnetic fields to confine hot plasma.

Holding source ↗
Vantem logo
Vantem ↗

Develops building panels and construction methods for energy-efficient housing.

Holding source ↗
VEIR logo
VEIR ↗

Develops cooled superconducting transmission systems to carry more electricity through limited space.

Holding source ↗
Verdox logo
Verdox ↗

Uses electrically controlled capture materials to remove carbon dioxide from gas streams or air.

Holding source ↗
Xcimer logo
Xcimer ↗

Develops high-energy laser systems for inertial fusion, where laser pulses compress fuel.

Holding source ↗
Zap Energy logo
Zap Energy ↗

Develops fusion using electrical currents that compress plasma rather than large external magnets.

Holding source ↗
ZeroAvia logo
ZeroAvia ↗

Develops hydrogen-electric aircraft propulsion using fuel cells to supply electric motors.

Holding source ↗

Physical AI 6

Data Blanket logo
Data Blanket ↗

Uses AI-controlled drones to monitor and support wildfire response.

Holding source ↗
GeologicAI logo
GeologicAI ↗

Uses automated scanning and AI to analyse rock samples and understand mineral deposits.

Holding source ↗
Guidewheel logo
Guidewheel ↗

Uses factory-machine sensors and software to track production and improve equipment use.

Holding source ↗
Inevitable Tech logo
Inevitable Tech ↗

Combines plant science, robotics and AI to automate crop-growing systems.

Holding source ↗
Kodama Systems logo
Kodama Systems ↗

Develops automation and monitoring tools for forest management and wildfire-risk reduction.

Holding source ↗
Sortera Alloys logo
Sortera Alloys ↗

Uses sensors, AI and automated sorting to recover valuable metals from mixed scrap.

Holding source ↗

Quantum 1

IonQ logo
IonQ ↗

Builds trapped-ion quantum computers that use controlled atoms to process information.

Holding source ↗

Space Tech 3

Aetherflux logo
Aetherflux ↗

Develops systems to collect solar energy in space and beam power to Earth.

Holding source ↗
Albedo logo
Albedo ↗

Builds satellites designed to collect detailed visible and thermal images of Earth.

Holding source ↗
Stoke Space Technologies logo
Stoke Space Technologies ↗

Develops reusable rockets and transport systems for space launch.

Holding source ↗

Others 10

75F logo
75F ↗

Sensors and software control commercial-building heating, cooling and ventilation to reduce energy use.

Holding source ↗
Conduit Tech logo
Conduit Tech ↗

Builds software tools that help contractors design and install home heating and cooling systems.

Holding source ↗
MAX logo
MAX ↗

Provides vehicle access, financing and technology services for urban mobility in Africa.

Holding source ↗
Mill logo
Mill ↗

Makes a home device that dries and grinds food scraps for collection or reuse.

Holding source ↗
Neutral logo
Neutral ↗

Develops food products and supply-chain changes intended to reduce food-related emissions.

Holding source ↗
Pachama logo
Pachama ↗
Acquired by Carbon Direct, November 2025

Uses satellite data and AI to assess and monitor forest-carbon projects.

Specific acquisition notice. Company acquisition does not prove a complete BEV cash exit.

Holding source ↗
Rize logo
Rize ↗

Helps rice farmers adopt cultivation methods intended to lower emissions.

Holding source ↗
Source logo
Source ↗

Develops solar-powered systems that draw water from air to produce drinking water.

Holding source ↗
WeaveGrid logo
WeaveGrid ↗

Uses software to coordinate electric-vehicle charging with electricity-grid needs.

Holding source ↗
Yard Stick logo
Yard Stick ↗

Measures soil carbon with field sensors so land managers can assess carbon storage.

Holding source ↗

03 / Team & connect

Investment team

Eric Toone

Eric Toone

Managing Partner

Scientific evaluation and technical investment leadership

LinkedIn profile ↗
Quinn Cornelius

Quinn Cornelius

Senior Director, Strategic Investments (Gates Ventures)

Strategic investments involving BEV; not presented as a BEV partner

LinkedIn profile ↗
Christian Garcia

Christian Garcia

Partner & Managing Director

Climate and industrial technology investment; Koloma board

Verified biography ↗
Christina Karapataki

Christina Karapataki

Partner

Electricity, transportation and manufacturing decarbonisation

LinkedIn profile ↗
Sila Kiliccote

Sila Kiliccote

Partner

Clean-energy investing, buildings, grid and electrification

LinkedIn profile ↗
Brian Mayers

Brian Mayers

Investor & Company Builder

Climate technology investing and portfolio board work

LinkedIn profile ↗
Peter Turner

Peter Turner

Partner

Science-driven companies across climate, biology and human health

LinkedIn profile ↗
Karl White

Karl White

Investment Professional; capital formation

Capital formation plus verified portfolio-board duties, not IR-only

LinkedIn profile ↗

Current official people records were checked against direct personal LinkedIn profiles and, where needed, portfolio-company board biographies. Rodi, Eric and Carmichael retain their verified BEV Managing Partner remit alongside wider platform jobs. Sila’s current profile says Partner, superseding an older university Venture Partner title. Quinn remains Senior Director at Gates Ventures with a separately supported BEV strategic-investment remit, not relabelled as a BEV partner. Karl leads capital formation but is included because company-primary board duties are independently supported. Discovery, grid-modeling, contrails, legal and operations-only staff are excluded. Bill Gates is shown as a historical fund backer below, not promoted into a day-to-day Connect role. Christian’s verified portfolio-company biography is used instead of a guessed LinkedIn profile.

Official people page ↗

04 / Fund network

Limited partners & fund backers

Named institutional holdings and historical individual fund backers, separated by date and vehicle. The wider Breakthrough Energy Coalition, commercial partners, company customers and Discovery donors are not automatically treated as BEV LPs. This is a verified public subset, not the full 75-plus investor register.

Andra AP-fonden (AP2)

Institutional holding: Select Fund I, year-end 2025

AP2’s own December 31, 2025 unlisted-holdings list names Breakthrough Energy Ventures Select Fund I. This establishes a holding, not a new 2026 commitment or a cash amount paid into a new vehicle.

Investor source ↗

The Klarman Family Foundation

Historical holdings: Funds II and III, year-end 2024

The foundation’s 2024 IRS return lists both BEV II and III in its other-investments schedule. Reported book and fair values are not recast as original commitments or current fund performance.

Investor source ↗

Good Ventures Foundation

Historical holding: Fund II, June 2021

The foundation’s June 2021 IRS return lists BEV II. This is dated evidence of a fund holding, not proof of a current position or support for the newest vehicles.

Investor source ↗

Bill Gates

Historical individual founding backer, 2016

Contemporaneous launch reporting explicitly names this person among the investors forming BEV. The record does not establish a new commitment to Fund III, Select II or Special Situations I.

Investor source ↗

Jeff Bezos

Historical individual founding backer, 2016

Contemporaneous launch reporting explicitly names this person among the investors forming BEV. The record does not establish a new commitment to Fund III, Select II or Special Situations I.

Investor source ↗

Vinod Khosla

Historical individual founding backer, 2016

Contemporaneous launch reporting explicitly names this person among the investors forming BEV. The record does not establish a new commitment to Fund III, Select II or Special Situations I.

Investor source ↗

Jack Ma

Historical individual founding backer, 2016

Contemporaneous launch reporting explicitly names this person among the investors forming BEV. The record does not establish a new commitment to Fund III, Select II or Special Situations I.

Investor source ↗

John Doerr

Historical individual founding backer, 2016

Contemporaneous launch reporting explicitly names this person among the investors forming BEV. The record does not establish a new commitment to Fund III, Select II or Special Situations I.

Investor source ↗