Venture capital firm
Breakthrough Energy portfolio
breakthroughenergy.orgBreakthrough Energy is a venture capital firm based in Kirkland, United States, founded in 2015. It has invested in 113 venture-backed companies across 175 funding rounds on VCMC, and led 59 of those rounds. 10 of them were in the last 12 months.
113
Venture-backed companies
in its portfolio on VCMC
175
Funding rounds
led 59
10
Last 12 months
rounds, Oct 2025 to Sep 2026
18
With a disclosed valuation
of 113 companies
$106.4B
Combined value of its private companies
the whole companies, not what Breakthrough Energy owns
109 private companies Breakthrough Energy has backed have a VCMC valuation; together they are worth $106.4B. That is the value of the whole companies, not what Breakthrough Energy owns. Pacific Fusion is 12% of the total. 4 companies it backed have since been acquired and are not included. How VCMC values companies.
Values cover private companies only; public companies are not included.
Portfolio
Breakthrough Energy's most valuable portfolio companies
The 10 most valuable private companies Breakthrough Energy has backed, by VCMC's valuation. Values cover private companies only; public companies are not included.
- 1 Pacific Fusion Renewable energy companies, Fremont $12.7B range $5.5B – $19.3B Joined at Series A, 2024
- 2 Stoke Space Aerospace and Defence, Kent $10.3B range $8.7B – $15.0B Led at Series A, 2021
- 3 Commonwealth Fusion Systems Electric Supplies & Power Generation, Harvard $9.8B range $6.5B – $16.9B Joined at Series A, 2020
- 4 TerraPower Renewable energy companies, Bellevue $8.3B range $4.4B – $12.7B Joined at Growth, 2025
- 5 Redwood Materials Batteries, Carson City $6.5B range $5.2B – $7.7B Joined at Series C, 2021
- 6 KoBold Metals Mining & Gas Exploration, Berkeley $4.4B range $3.0B – $5.1B Joined at Series C, 2025
- 7 Mainspring Energy Electric Supplies & Power Generation, Menlo Park $4.3B range $1.7B – $6.1B Joined at Series C, 2018
- 8 Inflection AI Tech Companies, San Francisco $3.4B range $1.2B – $7.9B Joined at Series E, 2023
- 9 Antora Batteries, Sunnyvale $2.6B range $2.1B – $3.7B Led at Series A, 2022
- 10 Renewable energy companies $2.4B range $1.4B – $3.7B Joined at Growth, 2025
Portfolio
Full Breakthrough Energy portfolio (113 companies)
113 companies. Load more shows the rest.
| # | Last round | History | Range | Trend | Grade | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Redwood Materials Batteries · since Series C, 2021 | Series E Jan 2026 $425M | $6.5B | $5.2B – $7.7B | $6.0B (-8%) | $844M | 54% | 760 | flat | A | |
| 2 | Form Energy Batteries · since Series A, 2018 | Debt Sep 2026 $270M | $792M | $652M – $1.1B | $985M (+24%) | $108M | 0% | 891 | flat | A | |
| 3 | Stoke Space Aerospace and Defence · led at Series A, 2021 | Series E Sep 2026 $1.00B | $10.3B | $8.7B – $15.0B | $13.1B (+26%) | $1.4B | 0% | 441 | growing | A | |
| 4 | Commonwealth Fusion Systems Electric Supplies & Power Generation · since Series A, 2020 | Series C Jul 2026 $1.00B | $9.8B | $6.5B – $16.9B | $11.9B (+22%) | $1.3B | 0% | 1,114 | flat | B | |
| 5 | Inflection AI Tech Companies · since Series E, 2023 | Series E Jun 2023 $1.30B | $3.4B | $1.2B – $7.9B | $3.0B (-11%) | $755M | 28% | 85 | up | C | |
| 6 | TerraPower Renewable energy companies · since Growth, 2025 | Growth Equity Jun 2025 $650M | $8.3B | $4.4B – $12.7B | $8.3B (0%) | $748M | 0% | 1,077 | up | B | |
| 7 | KoBold Metals Mining & Gas Exploration · since Series C, 2025 | Series C Jan 2025 $537M | $4.4B | $3.0B – $5.1B | $4.4B (0%) | $489M | 0% | 366 | growing | A | |
| 8 | Pacific Fusion Renewable energy companies · since Series A, 2024 | Series A Oct 2024 $900M | $12.7B | $5.5B – $19.3B | $12.7B (0%) | $1.8B | 0% | 225 | growing | C | |
| 9 | Antora Batteries · led at Series A, 2022 | Series C Jul 2026 $550M | $2.6B | $2.1B – $3.7B | $3.2B (+23%) | $355M | 0% | 273 | growing | A | |
| 10 | Electric Hydrogen Industrial Machinery & Supplies · led at Series A, 2021 | Debt May 2024 $50M | $470M | $228M – $1.5B | $315M (-33%) | $139M | 92% | 294 | down | C | |
| 11 | Mainspring Energy Electric Supplies & Power Generation · since Series C, 2018 | Series F Apr 2025 $258M | $4.3B | $1.7B – $6.1B | $4.3B (0%) | $471M | 0% | 526 | flat | C | |
| 12 | Pivot Bio Chemicals · led at Series B, 2018 | Series D Jul 2021 $430M | $716M | $151M – $3.3B | $633M (-12%) | $345M | 59% | 306 | flat | D | |
| 13 | Nimbus Therapeutics Pharmaceutical Products · since Growth, 2022 | Growth Equity Sep 2023 $210M | $1.2B | $283M – $2.9B | $1.0B (-14%) | $197M | 28% | 102 | flat | D | |
| 14 | Nature's Fynd Food Production · led at Series B, 2020 | Series C Jul 2021 $350M | $151M | $88.9M – $473M | $135M (-11%) | $156M | 97% | 92 | shrinking | C | |
| 15 | Kallyope Biotechnology · since Series D, 2022 | Series D Feb 2022 $236M | $236M | $93.0M – $1.8B | $223M (-6%) | $169M | 97% | 54 | down | D | |
| 16 | Lilac Chemicals · led at Series A, 2020 | Grant Aug 2026 $100M | $464M | $285M – $832M | $541M (+17%) | $62.1M | 12% | 209 | flat | B | |
| 17 | Koloma Oil & Gas - Extraction & Distribution · led at Growth, 2023 | Series B Oct 2024 $50M | $588M | $205M – $896M | $484M (-18%) | $64.7M | 0% | 72 | up | C | |
| 18 | Kymeta Electronical Components Manufacturing · led at Series C, 2013 | Debt Sep 2024 $20M | $459M | $52.9M – $991M | $450M (-2%) | $70.0M | 23% | 225 | flat | D | |
| 19 | Turntide Electric Supplies & Power Generation · led at Series B, 2020 | Grant Aug 2026 $23M | $331M | $44.8M – $978M | $304M (-8%) | $70.0M | 40% | 204 | flat | D | |
| 20 | Cables & Wires · led at Series A, 2021 | Growth Equity Jul 2024 $60M | $895M | $484M – $1.3B | $713M (-20%) | $80.5M | 0% | 132 | growing | B | |
| 21 | Tech Companies · since Series A, 2021 | Growth Equity Dec 2024 $28M | $220M | $124M – $439M | $145M (-34%) | $29.3M | 97% | 72 | down | C | |
| 22 | Tech Companies · led at Series A, 2022 | Series B Aug 2024 $31M | $300M | $71.8M – $440M | $189M (-37%) | $34.5M | 6% | 99 | flat | C | |
| 23 | Tech Companies · since Series B, 2016 | Series D Aug 2020 $15M | $171M | $14.0M – $276M | $171M (0%) | $28.5M | 8% | 155 | flat | D | |
| 24 | Industrial Machinery & Supplies · since Series A, 2024 | Grant May 2025 $500K | $226M | $74.8M – $343M | $226M (0%) | $31.6M | 0% | 24 | up | C | |
| 25 | Chemicals · led at Series A, 2023 | Series A Jul 2023 $17M | $136M | $17.7M – $277M | $131M (-3%) | $28.0M | 0% | 44 | up | D | |
| 26 | Chemicals · since Series A, 2025 | Series A Apr 2025 $15M | $106M | $29.7M – $151M | $106M (0%) | $16.2M | 0% | 28 | flat | C | |
| 27 | Chemicals · since Seed, 2023 | Seed Jun 2023 $9.0M | $87.4M | $7.75M – $142M | $81.9M (-6%) | $18.4M | 0% | 13 | flat | D | |
| 28 | Tech Companies · since Seed, 2022 | Seed May 2022 $4.1M | $37.1M | $1.52M – $69.3M | $37.1M (0%) | $8.20M | 0% | 5 | unknown | D | |
| 29 | Tech Companies · since Seed, 2023 | Seed Oct 2023 $3.5M | $15.5M | $5.48M – $53.1M | $11.2M (-28%) | $10.4M | 83% | 13 | down | D | |
| 30 | Biotechnology · since Seed, 2021 | Seed Nov 2021 $2.4M | $26.7M | $0.88M – $40.6M | $26.7M (0%) | $4.80M | 0% | – | unknown | D | |
| 31 | Tech Companies · led at Seed, 2023 | Acquisition Sep 2025 | $66.0M acquired 2025 | $7.85M – $132M | – | – | 0% | 19 | up | D | |
| 32 | Tech Companies · led at Growth, 2023 | Series B Oct 2026 $200M | $1.5B | $1.1B – $3.2B | $2.3B (+47%) | $248M | 0% | 235 | growing | B | |
| 33 | Batteries · since Series A, 2022 | Series B Feb 2023 $300M | $328M | $156M – $1.7B | $197M (-40%) | $185M | 97% | 182 | down | D | |
| 34 | Batteries · since Growth, 2025 | Debt Apr 2026 $35M | $1.5B | $1.0B – $1.7B | $1.5B (0%) | $134M | 0% | 210 | growing | A | |
| 35 | Warehousing & Storage · since Series C, 2023 | Growth Equity May 2026 $75M | $826M | $542M – $1.3B | $713M (-14%) | $81.6M | 97% | 308 | down | B | |
| 36 | Research Institutes · since Series C, 2022 | Series D Oct 2024 $130M | $1.7B | $598M – $2.8B | $1.1B (-39%) | $227M | 30% | 151 | flat | C | |
| 37 | Aircraft Parts & Services · led at Series A, 2020 | Series D Dec 2025 | $1.1B | $530M – $2.1B | $748M (-30%) | $165M | 97% | 169 | shrinking | C | |
| 38 | Scrap Metals · since Series B, 2025 | Debt Mar 2026 $30M | $2.0B | $725M – $2.8B | $2.0B (0%) | $220M | 0% | 191 | flat | C | |
| 39 | Industrial Air Solutions · led at Series A, 2022 | Other Jan 2024 $17M | $111M | $6.88M – $190M | $103M (-7%) | $20.7M | 0% | 34 | flat | D | |
| 40 | Electronical Components Manufacturing · since Series A, 2023 | Series C Oct 2026 $110M | $955M | $665M – $1.7B | $1.2B (+29%) | $135M | 0% | 103 | up | B | |
| 41 | Solar Energy Company · led at Series B, 2022 | Series C Mar 2025 $130M | $1.3B | $758M – $1.9B | $1.3B (0%) | $148M | 0% | 236 | growing | B | |
| 42 | Chemicals · led at Series A, 2022 | Series B Dec 2024 $150M | $698M | $408M – $1.5B | $434M (-38%) | $163M | 97% | 138 | shrinking | C | |
| 43 | Renewable energy companies · since Growth, 2025 | Growth Equity Sep 2025 $200M | $2.4B | $1.4B – $3.7B | $2.4B (0%) | $220M | 0% | 3 | unknown | B | |
| 44 | Building Material Manufacturers · led at Series A, 2022 | Series B Jul 2025 $125M | $1.4B | $702M – $2.0B | $1.4B (0%) | $157M | 0% | 42 | growing | B | |
| 45 | Aerospace and Defence · led at Series B, 2017 | Series C Jun 2022 $135M | $1.6B | $522M – $3.0B | $1.6B (0%) | $215M | 0% | 302 | growing | C | |
| 46 | Software Development Services · since Series C, 2023 | Series C Dec 2023 $155M | $967M | $251M – $1.3B | $505M (-48%) | $125M | 20% | 5 | unknown | C | |
| 47 | Electronical Components Manufacturing · since Series A, 2017 | Series D Aug 2023 $102M | $264M | $141M – $878M | $162M (-39%) | $129M | 97% | 32 | shrinking | C | |
| 48 | Machinery parts manufacturer · since Series C, 2019 | Acquisition Apr 2025 $350M | $1.5B acquired 2025 | $253M – $2.1B | – | – | 0% | 350 | flat | D | |
| 49 | Heating & Air Conditioning · led at Series B, 2021 | Series C Sep 2024 $40M | $414M | $127M – $709M | $312M (-25%) | $52.8M | 25% | 118 | flat | C | |
| 50 | Aerospace and Defence · since Series A, 2024 | Series B Apr 2025 $100M | $828M | $313M – $1.2B | $802M (-3%) | $95.7M | 10% | 78 | flat | C |
Valuation: VCMC's valuation with its range, from a low to a high scenario; a company with no valuation shows a dash, one acquired after its last round its last value as a private company.
Activity
How Breakthrough Energy invests: stages, industries and countries
Most of its rounds are Series A (32%). Its companies span 35 industries, most in Chemicals, Tech Companies and Batteries, across 12 countries.
Rounds by stage
- Seed 22
- Series A 56
- Series B 42
- Series C and later 55
Investments by industry
- Chemicals 19
- Tech Companies 15
- Batteries 11
- Renewable energy companies 9
- Biotechnology 5
- Aerospace and Defence 4
- Building Material Manufacturers 4
- Electric Supplies & Power Generation 4
Investments by country
- United States 93
- Canada 5
- United Kingdom 4
- France 2
- Sweden 2
- Australia 1
Recent rounds
Breakthrough Energy's latest investments
Breakthrough Energy's most recent funding rounds, newest first. 10 rounds in the last 12 months.
- Series B, led $200M 6 Oct 2026
- Form Energy Series G $750M 12 Aug 2026
- Antora Series C $550M 30 Jul 2026
- Series A, led $43M 30 Jul 2026
- Series B $31M 16 Jul 2026
- Growth $75M 20 May 2026
- Series A $36M 13 May 2026
- Seed $10M 4 May 2026
- Series A, led $105M 14 Apr 2026
- Series A $43M 16 Jan 2026
Co-investors
Breakthrough Energy's top co-investors
The investors that most often join the same rounds as Breakthrough Energy. Prelude Ventures leads, with 29 rounds together.
- 29 rounds together
- Lowercarbon Capital 24 rounds together
- Energy Impact Partners 19 rounds together
- Temasek 13 rounds together
- Y Combinator 10 rounds together
- Khosla Ventures 10 rounds together
- 8 rounds together
- DCVC 7 rounds together
- 7 rounds together
- Fifth Wall 7 rounds together
About
About Breakthrough Energy
Breakthrough Energy, LLC is an American private company that operates as both a service provider and investor in clean energy technology. The company supports the development and deployment of technologies in sectors such as manufacturing, electricity, agriculture, transportation, and buildings, with a focus on clean energy solutions. Breakthrough Energy also invests in startups and commercializes technologies in areas including nuclear fusion, renewable energy storage, and biofuels. The organization is involved in climate change finance, renewable energy commercialization, and participates in international climate change conferences.
Description from Veridion's company data.
- Founded
- 2015
- Based in
- Kirkland, United States
- Team
- 173 people, -13% in a year
- Type
- Venture capital firm
Focus markets
- Energy
- Manufacturing
- Agriculture
- Transportation
- Buildings
What Breakthrough Energy offers
- Clean Energy Innovation Investment
- Clean Energy Technology Commercialization
- Carbon Removal Technology Development
- Sustainable Metals Production Technology Development
- Renewable Energy Technology Development
- Nuclear Fusion Technology Investment
- Battery Technology Investment
- Biofuel Technology Investment
Questions
Breakthrough Energy: frequently asked questions
How many companies has Breakthrough Energy invested in?
113 venture-backed companies on VCMC, across 175 funding rounds.
What are Breakthrough Energy's most valuable private companies?
Pacific Fusion ($12.7B), Stoke Space ($10.3B), Commonwealth Fusion Systems ($9.8B), by VCMC's valuation.
What was Breakthrough Energy's latest investment?
Type One Energy, a Series B round in Oct 2026 of $200M, which Breakthrough Energy led.
Which stages does Breakthrough Energy invest in?
Breakthrough Energy invests most often at Series A (56 rounds), followed by Series C and later (55) and Series B (42). It has also joined 22 seed rounds.
What is Breakthrough Energy's portfolio worth?
Its private companies with a VCMC valuation are worth $106.4B together. That is the sum of the companies' values, not what Breakthrough Energy owns.
Who does Breakthrough Energy invest alongside?
Prelude Ventures (29 rounds), Lowercarbon Capital (24 rounds), Energy Impact Partners (19 rounds).