Breakthrough Energy Ventures, the company financed by Jeff Bezos, Bill Gates, and Jack Ma announced on Monday that it is going to invest $12.5 million in Baseload Capital, a geothermal project development company, according to a report by TechCrunch.
Baseload Capital is a project development firm that provides companies necessary investment to develop geothermal power plants using the technology developed by its parent company, Climeon. Climeon builds standardized machines to develop geothermal energy and its main aim is to turn geothermal energy into electricity.
Climeon came into existence in 2011 and it formed Baseload capital a year ago to build special vehicles which can be used to build power plants based on Climeon’s technology. The main aim of Breakthrough Energy Ventures through its investment in Baseload Capital is to develop these small power plants globally.
In an e-mail to TechCrunch, a spokesperson of Climeon said, “We sell our machines to the [maritime industry] where we turn the waste heat from the engines into electricity, to industries such as steel where they also have a lot of waste heat and then to companies that develop and operate geothermal power plants.”
This latest investment in Baseload Capital is Breakthrough Energy’s second outing in the geothermal space. In a similar move last year, the company invested in Fervo Energy, the firm which uses technologies to foster the development of geothermal energy at a cost of 5 to 7 cents per kilowatt-hour.
Speaking about this latest decision to investment in Baseload Capital, Carmichael Roberts of Breakthrough Energy Ventures said, “We believe that a baseload resource such as low-temperature geothermal heat power has the potential to transform the energy landscape. Baseload Capital, together with Climeon’s innovative technology, has the potential to deliver GHG-free electricity at large scale, economically and efficiently.”