Breakthrough Energy Ventures has invested $12.5 million (£9.45m) in a geothermal energy business.
The investment firm, which is backed by financiers such as Jeff Bezos and Bill Gates, is investing in Baseload Capital, a project investment firm that provides funding to develop geothermal energy power plants using technology developed by Climeon, its parent company.
Climeon turns geothermal energy into electricity using its cubic modules, which can produce 150kW of electricity, enough to power roughly 250 households – their modular design makes it easy to scale up or decommission plants.
Breakthrough Energy Ventures will help finance and develop these small-scale power plants around the world.
The investment in Baseload Capital is Breakthrough Energy’s second investment into the geothermal industry, after it backed Fervo Energy last year.
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 greenhouse gas-free electricity at large scale, economically and efficiently.”