Breakthrough Energy Ventures invests $12.5 million in geothermal energy initiative

Energy is perhaps the most important commodity and one that drives development. However, it is also one of the biggest causes of pollution and greenhouse emissions. Switching over to renewable sources of energy is a crucial step towards improving our planet’s ecosystem and reducing pollution. While many governments are making dedicated efforts towards adopting clean energy sources, certain private individuals have also taken it upon themselves to accelerate the switch to non-polluting means of power generation. These people are none other than billionaires who have vast amounts of money to spend on energy production, which used to be the business of nations.

Breakthrough Energy Ventures, the investment firm aims to pour money into technologies that are renewable and commercially feasible. It is financed by billionaires like Bill Gates and Jack Ma. Breakthrough Energy Ventures has now invested $12.5 million in a geothermal project called Baseload Capital. It is a subsidiary of a Swedish company named Climeon which develops geothermal energy power plants. The company’s devices are about 2 cubic meters and produce 150 kilowatts of electricity, which is enough to power about 250 average homes in Europe.

Geothermal energy is a clean and renewable source of energy that is cost-effective, highly reliable and sustainable. It is the thermal energy that originates from the earth’s core, caused by the planet’s formation. The temperature at the boundary of the core and mantle reach up to 4000 degree Celsius. 

Finding a means of tapping into it for electricity is an excellent way to commercialize clean energy.