Briefing

Gates, Bezos among billionaires backing Alphabet energy spinoff

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Malta Inc., a spinoff of Alphabet X moonshot lab’s energy-storage project, has raised US$26 million led by Breakthrough Energy Ventures LLC. (Bloomberg)

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Talking point: Breakthrough Energy Ventures is a fund that includes billionaire investors such as Amazon’s Jeff Bezos, SoftBank’s Masayoshi Son, Bloomberg LP’s Michael Bloomberg and former Bridgewater Associates CEO Ray Dalio. Bill Gates is the fund’s chairman. The newly independent company will use the funding to continue its development of a system that stores electricity generated from sources including solar or wind in large vats of molten salt and cooler liquid. The startup will likely require additional rounds of funding to build a full facility for the technology, according to CEO Ramya Swaminathan.