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Bill Gates, Jeff Bezos, and other influential billionaires are investing in 2 startups that could solve the biggest problem with renewable energy
Jun 15, 2018
<h5>Bill Gates, Jeff Bezos, Mark Zuckerberg, and a host of their uber-rich compatriots are investing in two energy startups that could solve one of the biggest problems with renewable energy.<br/></h5>
<p></p><p>BUSINESS INSIDER -- They are investing through a $1 billion fund, <a href="http://www.b-t.energy/" style="background-color: transparent;">Breakthrough Energy Ventures</a>, known as BEV, which announced last year that energy storage would be one of its main focuses.</p><p><br/></p><p>Launched in 2016, the fund is also supported by LinkedIn's founder, Reid Hoffman; Alibaba's CEO, Jack Ma; and David Rubenstein, the executive chairman of the private-equity giant Carlyle Group.</p><p><br/></p><p>Part of BEV's mission is to provide &#34;patient capital.&#34; That means BEV is willing to forgo returns on investment for up to 20 years to give the scientists and engineers at startups a reasonable lead time to develop world-changing technologies.</p><p><img src="https://amp.businessinsider.com/images/5b1fd8081ae6623c008b514e-960-640.jpg"/>​</p><p>ll Gates is part of a group committing up to $1 billion to develop new energy-storage technologies.</p><p>​</p><p></p><p>On Tuesday, <a href="https://qz.com/1302711/to-hit-climate-goals-bill-gates-and-his-billionaire-friends-are-betting-on-energy-storage/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosgenerate&amp;stream=top">Quartz</a> revealed BEV's first two investments: <a href="https://www.formenergy.com/">Form Energy</a> and <a href="http://www.quidnetenergy.com/">Quidnet Energy</a>.</p><p><br/></p><p>The two startups have developed different techniques to store energy — one of the<a href="http://www.businessinsider.com/top-25-renewable-energy-companies-thomson-reuters-2017-11">biggest bottlenecks</a> in the widespread adoption of renewable-energy sources.</p><p><br/></p><p>Quidnet Energy's technology uses water to store energy in a novel way. Using excess electricity, Quidnet pumps water into repurposed or unused oil-and-gas wells within shale rock formations. When the liquid is pumped in, the water fills cracks in the rock, creating pressure.</p><p><br/></p><p>To generate electricity, Quidnet releases the water, and the pent-up pressure is used to run turbines and generate electricity.</p><p><br/></p><p>Form Energy — which counts an MIT professor and a former Tesla engineer among its leadership — is working on developing a super-efficient battery that could store large amounts of energy for long periods of time.</p><p><br/></p><p>Batteries' costs are generally measured by how much it costs to store a kilowatt-hour of energy. Form Energy is developing battery technology that could cost as little as $10 per kWh — the cheapest batteries today are about $200 per kWh, Quartz reports.</p><p><br/></p><p>That ultimately has the potential to bring down the cost of electric vehicles and to extend their range. It could also make it more cost-effective to power homes with solar energy.<font color="#111516"></font></p><p><br/></p><h5 style="font-size: 14px;text-align: left;">Thank you to our friends at <i>BUSINESS INSIDER</i><i> </i>for providing the original articles below:</h5><p><font color="#111516"></font></p><p style="font-size: 20px;">​</p><p></p><p></p>

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