Alphabet Inc.’s secretive X moonshot lab is spinning off an energy-storage project with backing from billionaires including Jeff Bezos and Bill Gates. Malta Inc., the newly independent company, raised $26 million led by Breakthrough Energy Ventures LLC, a fund that counts Bezos, Masayoshi Son and Ray Dalio among its investors. Michael Bloomberg, majority owner of Bloomberg LP, the parent company of Bloomberg News, is also a Breakthrough investor and Gates is chairman. Storing electricity produced by intermittent sources is becoming a critical tool to reduce carbon emissions and combat global warming. California wants all its electricity to come from carbon-free sources by 2045. The state sees as much as 30 percent of its solar energy wasted during certain times of day, and a lack of storage options is a big part of that.
Bloomberg 19th Dec 2018 read more »