Bill Gates backs US cleantech startup

Bill Gates has backed a US cleantech startup with $13 million (£10m) in funding. Two other firms – 3M Ventures and Khosla Ventures – joined the Microsoft billionaire for the investment. […]

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By Jacqueline Echevarria

Bill Gates has backed a US cleantech startup with $13 million (£10m) in funding.

Two other firms – 3M Ventures and Khosla Ventures – joined the Microsoft billionaire for the investment.

Last year, Mr Gates launched the ‘Breakthrough Energy Coalition’, a global group of private investors who support companies which are taking innovative clean energy ideas into the marketplace.

Varentec is a firm that help utilities improve their electric grid efficiency with real-time advanced power electronics and software needed to manage peak demand, reduce consumer electricity bills and host a large amount of renewable distributed energy resources.

The firm will receive the money to expand its activities internationally.

Guillaume Dufosse, Varentec Chairman and CEO said: “This Series C funding, with the backing of 3M Ventures, Bill Gates and Khosla Ventures, further demonstrates the engagement of our shareholders to bring a new concept of grid efficiency to market.”