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Gates Among Billionaires Backing Alphabet Energy Spinoff

  • Malta raises $26 million, led by Breakthrough Energy Ventures
  • Company is developing technology to store power in molten salt
Bill Gates
Bill GatesPhotographer: Simon Dawson/Bloomberg
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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.