Breakthrough Energy Ventures Co-Leads $30 Million Series C for ESS Inc. Iron Flow Battery for Long-Duration Grid Storage
Breakthrough Energy Ventures and SoftBank's SB Energy co-led a $30 million Series C for ESS Inc., an Oregon-based developer of long-duration iron flow batteries using only iron, salt, and water as electrolyte — abundant, non-toxic, and recyclable materials. The funding enabled ESS to automate its second-generation battery manufacturing targeting grid applications requiring 4–12 hours of storage duration where lithium-ion is uneconomical. ESS subsequently listed on the NYSE in October 2021.
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Breakthrough Energy Ventures Backs $90 Million Launch of Motif FoodWorks from Ginkgo Bioworks for Precision Fermentation Meat Proteins
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March 2025
Breakthrough Energy Ventures Invests in Savor — Butter Made Directly from Carbon
Breakthrough Energy Ventures backed Savor, a startup that produces butter using carbon dioxide and hydrogen — derived from atmospheric carbon and water — without any conventional agriculture, animals, or farmland. Savor's thermochemical process generates saturated fat with an identical molecular profile to dairy butter while using an estimated 99.9 percent less water and zero agricultural land. The product launched at Michelin-starred restaurants in 2025, with supermarket availability targeted for 2027, as part of Gates's broader bet on food-system decarbonisation.
2024
Breakthrough Energy Catalyst Invests $40 Million in Deep Sky Carbon Removal
Breakthrough Energy Catalyst — Gates's industrial decarbonisation investment vehicle — committed $40 million to Deep Sky, a Quebec-based company developing commercial direct air capture facilities across Canada. The investment marked Catalyst's first in the DAC sector. Deep Sky's Alpha facility in Alberta is designed as a testing ground for multiple next-generation carbon removal technologies, with the goal of proving the cost trajectory needed to make DAC viable at planetary scale.
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