Future of Energy
Illustration: Aïda Amer/Axios
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Top climate investors are aligning on an unusual plan to scale high-risk startups after a private coastal retreat sparked a push for joint action.
Why it matters: The investors — including Bill Gates, John Arnold and Vinod Khosla — hope that synchronized investment can break through the logjam for deploying new energy projects.
- Cautious unity emerged at the retreat in the face of cooling political and economic momentum for climate action.
The intrigue: The event — dubbed All Aboard — was hosted by former TED leader Chris Anderson at the Ritz-Carlton in Half Moon Bay, California, in late September.
- Attendees included a curated group of entrepreneurs and roughly 150 high-profile investors, including Gates, Arnold Ventures co-founder Arnold and Khosla Ventures founder Khosla.
- The gathering followed the Chatham House Rule, meaning information could only be shared without attribution (unless a given speaker gave approval). Axios was invited to attend and interview attendees.
Inside the room: The vibe was "Shark Tank" crossed with a TED Talk.
State of play: The convening is part of a broader effort.
- Related endeavors include a new matching fund and a surrounding coalition of 14 investment firms, including Gates' Breakthrough Energy Ventures and Energy Impact Partners.
- All are aimed at focusing investments on a limited number of startups to generate enough capital to build expensive first-of-their-kind commercial-scale projects.
How it works: The fund aims to "anoint" the strongest startups by matching the total amount of investments made by at least three or more fellow coalition members.
- At least two of those must be new to that investment, said fund lead Stan Miranda, a veteran private equity executive.
- "That will help accelerate commercialization and winnow down what's otherwise a crowded space of different tech startups," he said in an interview after the gathering.
Catch up fast: The All Aboard Fund has an initial raise goal of $300 million, which Anderson concedes is far less than what's needed. He hopes to raise billions in future funds.
Follow the money: From the stage, Arnold pledged $50 million to the fund. He confirmed it to Axios afterwards, calling it an "interesting concept" and a way to capitalize on smart due diligence.
Reality check: Clean tech has a history of hype — and heartbreak. Despite billions invested over the past 15 years, exits or acquisitions have been scarce.
- Political tailwinds are shifting — especially under President Trump, who has dialed back climate policies, and with investors' exuberance over AI.
What's next: Anderson hopes to allay any concerns about the fund's structure with its first investments in the coming months.
Katie Fehrenbacher contributed reporting.
Disclosure: Amy Harder is a former employee of Breakthrough Energy in her role leading Cipher News, an independent news outlet supported by Breakthrough Energy.
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