Bill Gates’ Breakthrough Energy Ventures (BEV) has raised $839 million for its latest fund, BEV III, to invest in innovative climate technologies. The fund will focus on accelerating the development and commercialization of clean energy solutions across sectors like transportation, electricity, agriculture, manufacturing, and buildings.

BEV has previously backed startups working on long-duration energy storage, direct air capture, and sustainable aviation fuel. The new capital will enable the firm to continue supporting early-stage companies tackling the most difficult challenges in the transition to a net-zero economy.

This fundraise underscores the growing investor appetite for climate tech and the critical role of private capital in driving the innovation needed to address climate change.