The capital injection will be used to invest in Heat Power Operators to accelerate the deployment of geothermal heat power plants that can produce clean electricity 24/7.

Baseload Capital was formed at the beginning of 2018 by Swedish clean-tech vendor Climeon, Blue, Gullspång Invest and LMK to work globally with the aim of giving heat power operators the financial tools to build and operate renewable heat power plants.

BEV, a for-profit, investor-led fund created to accelerate the world's transition to clean energy, has more than US$1 billion in committed capital to fund scientific breakthroughs with the potential to deliver affordable, reliable clean energy.

Backed by an investor group that includes business leaders such as Jeff Bezos (Amazon), Michael Bloomberg (Bloomberg), Richard Branson (Virgin) and Bill Gates (Microsoft) among others, BEV is prioritising investments across the five grand challenges that contribute most to greenhouse gas emissions: electricity, transportation, agriculture, manufacturing and buildings.

Carmichael Roberts of Breakthrough Energy Ventures said: "We believe that a baseload resource such as low-temperature geothermal heat power has the potential to transform the energy landscape. Baseload Capital, together with Climeon's innovative technology, has the potential to deliver greenhouse gas emissions-free electricity at large scale, economically and efficiently.

"We look forward to working together with Breakthrough Energy Ventures. Their investment team consists of some of the world's most knowledgeable people within the energy industry. They are in turn supported by several of our time's greatest entrepreneurs. We see that Breakthrough Energy Ventures will add international expertise and a network that will accelerate the deployment of heat power globally," noted Alexander Helling, CEO of Baseload Capital.