Report: Bill Gates-backed Breakthrough Energy is not pursuing additional funds for a key initiative

Bill Gates-backed Breakthrough Energy, headquartered in Seattle, has decided against pursuing additional capital for Catalyst, its initiative that funds ready-to-scale climate technology projects, Axios reported Friday.

• Catalyst raised an initial fund of $1.5 billion.
• Breakthrough Energy Ventures, a broader climate investment vehicle launched by Gates in 2015 with a who’s who of tech and business leaders, has raised more than three funds with $4 billion under management.
• Breakthrough Energy, which serves as an umbrella organization, began significantly cutting staff and programming shortly after President Trump returned to office last year.
• Gates in October posted a memo on his personal blog making clear his philanthropic focus is on global health and downplaying climate threats.

Editor’s note: This story has been updated to correct the number of funds raised and amount managed by Breakthrough Energy Ventures, and to correct Breakthrough Energy’s actions.