Amid global trade tensions, erratic policy signals and tightening capital markets, climate innovation has taken center stage. Now Breakthrough Energy, the climate tech (short for “technology”) network founded by Bill Gates, is recalibrating according to that reality — streamlining some of its efforts while doubling down on a fellowship program that’s meant to turn deep science into bankable companies.
The organization has cut back on non-core efforts, such as the wind-down of a policy unit, and reweighted resources in favor of the Breakthrough Energy Fellows. The pivot is rooted in a straightforward calculus: in a time of uncertainty, talent and hard execution travel better than lobbying cycles. But the aim of the fellows program is to produce just that — fundable, scalable ventures where science, markets and manufacturing can come together.
A bigger, truly global thesis
Selectivity is rising. The new batch of recruits made the cut from around 1,500 applications and recommendations, a funnel tighter than those at elite universities. Eleven teams are in the U.S., six in Asia, and others in Canada, Germany, the U.K. and South Africa — a deliberate spread that reflects where demand, supply chains and climate impacts intersect.
That strategy is underlined by a new program hub in Singapore, unveiled this week with Temasek and Enterprise Singapore as part of the launch partners. It offers fellows proximity to advanced manufacturing, regional customers and sovereign investors who can underwrite first-of-a-kind projects. When it comes to climate hardware, location is leverage, because pilot plants and offtakes matter more than pitch decks.
What people are interested in varies with geography. In Asia, some of the fellows are focused on hydrogen and its derivatives, riding as they are on industrial demand from steel, shipping and power. Organizations including the International Energy Agency and the International Renewable Energy Agency observe that clean hydrogen prices keep dropping with the scale-up and that the region’s major importers have charted long-term demand. Circularity is another focus: technologies that return materials back to a high-value use, a chorus that reflects the region’s manufacturing base and growing waste challenges.
Other fellows are working on critical minerals, low-emissions agriculture and grid modernization — areas where bottlenecks in supply chain resilience or permitting may stall deployment. The World Bank and other development institutions have emphasized surging demand for nickel, lithium, copper and rare earths; fellows are investigating lower-impact extraction, advanced recycling and process innovations to lift bottlenecks.
Screening for scalability
Breakthrough Energy’s playbook for selection has crystalized around execution risk. Against technical novelty, teams must show a path to credible megaton-scale abatement, manufacturability, and durable unit economics. The program offers capital, access to labs and pilots, regulatory guidance, and — critically — commercial mentorship designed to stress-test both go-to-market and supply chain plans.
Instead of insulating founders from difficult decisions, the model creates incentives for early proof points: realistic customer discovery, component cost maps, and financing plans that include a mixture of fundraising from venture capital, as well as project and government funding. The contrast between yesterday and today also matters when public incentives are changing in various parts of the world, and corporate buyers are demanding clearer timelines and warranties.
Techno-economics first, pivots sooner
One conspicuous change relates to the program’s insistence on techno-economic analysis right from the start. Fellows are teamed with experienced “business fellows” to work on iterations of system designs, target markets and factory footprints until the numbers pencil out. If they don’t, teams are welcome to pivot — sooner rather than later and with evidence — rather than chasing a narrative down a dead end.
The results are encouraging. Almost all teams from previous classes have landed follow-on funding, program leaders say, and one alum, Holocene, has already exited. Exits aren’t the only metric that matters in climate, but the hit rate suggests the process is making companies more financeable and more likely to survive in the valley of death between lab and line.
Designing for volatility
Uncertainty is being used not as an alibi, but as a design constraint. Fellows are also pressured to diversify suppliers, qualify components across several regions, and anticipate standards compliance in other markets. They also trace revenue pathways that rely on more than one subsidy, in the expectation that incentives could change with electoral cycles or budget reprioritizations.
This realism is appropriate in this market. According to IEA, global spending on clean energy, is estimated to be now double that of fossil, and yet first of kinds projects struggle still to reach bankability without stronger off-takes and de-risking. Development finance institutions and export credit agencies are filling the gap, but it means founders have to package projects in formats that these lenders understand. The fellows program aims to help close that gap by introducing project finance thinking early.
Why it matters
‘We Are,’ climate tech’s second wave won’t be won with invention alone. Spoils will be the victory of disciplined cost curves, robust supply chains and credible customers. With a pivot to global hubs, rigorous techno-econ and commercialization muscle, Gates’s network is betting that adaptable founders will outlast policy swings and trade shocks.
If the model works, the payoff won’t be just more funded startups but more steel in the ground: hydrogen terminals with actual offtakers; battery plants with the supply chain and the recycling technology; farms that not only cut emissions but raise yields and make more money; grids that can manage the surge of electrification. In an uncertain world, when it comes to a robust lever that we know will generate value for investors, making investing in climate innovation investable may be the one thing on which we can all agree.