Gates-backed Breakthrough Energy pauses new investments, lays off staff
Breakthrough Energy, the Gates-backed climate organization that houses the $1 billion Catalyst fund, is hitting pause on new investments from its $1 billion Catalyst fund.
After backing 10 startups and spending hundreds of millions since 2021, the team is now shrinking and shifting to just managing current projects—leading to layoffs, including former leader Mario Fernandez.
Firm is still committed to supporting climate innovation
Over three dozen staff in the US and Europe are being let go, including people from public policy and partnerships.
The firm is also pulling back on advocacy work as political winds shift.
Even so, Breakthrough Energy says it's still committed to supporting climate innovation.
Catalyst fund raised about $1 billion
The Catalyst fund raised about $1 billion to finance demonstration and scale-up of first-of-their-kind climate solutions.