Breakthrough Energy Ventures Europe (BEV-E), a new €100 million investment fund was established by the European Commission, the European Investment Bank and Breakthrough Energy Ventures during the Fourth Mission Innovation Ministerial meeting in Vancouver, Canada.
The fund will help develop innovative European companies and bring radically new clean energy technologies to the market. It will support Europe’s best clean energy entrepreneurs whose solutions can deliver significant and lasting reductions in greenhouse gas emissions.
The fund will invest in five major energy-related sectors where efforts are essential in fighting climate change: electricity, transportation, agriculture, manufacturing and buildings. Investments are expected to start in the second half of 2019, at which time EU Member States and countries associated with Horizon 2020 will be eligible to apply for BEV-E funding.
This new financial instrument will contribute to fulfilling the EU’s commitments outlined in the Commission’s “Clean Energy for All Europeans” package, including proposals designed to support clean energy innovation, increase energy efficiency, boost renewable energy usage and reform the European energy market. The European Parliament and the Council of the EU have adopted all proposals from the package.