Reliance Industries Limited (RIL) has invested $50 million in Breakthrough Energy Ventures, a climate change company owned by Microsoft co-founder Bill Gates. The investment will be made in tranches over the next eight to ten years, RIL confirmed in a filing to the stock exchange.
It will invest the funds raised, to support innovation in clean energy solutions. “The investment will be made in tranches over the next 8-10 years,” the filing read.
“The capital contribution commitment of $50 million constitutes 5.75 per cent of the size of the fund contemplated at present,” the company said. The transaction is subject to approval from the Reserve Bank of India. The oil-telecom-to-retail conglomerate said it has “entered into a definitive agreement, for making a capital contribution, up to $50 million, in Breakthrough Energy Ventures II, LP (BEV), a limited partnership, newly incorporated under the Delaware State Laws, United States of America.” Breakthrough Energy Ventures emphasised as it attempts to find solutions to the climate crisis incorporating breakthrough energy and agriculture technologies.
The filing by BEV added that it is seeking to find solutions to the climate crisis via flexible investments to develop breakthrough energy and agriculture technologies. “BEV will invest the funds raised from the investors to support innovation in clean energy solutions,” the firm affirmed.
