On Tuesday, the American Energy Innovation Council (AEIC) — composed of industry titans like Microsoft Chairman Bill Gates, Bank of America Chairman Chad Holliday and leading venture capitalist John Doerr — released a follow-up to their 2010 report “A Business Plan for America’s Energy Future.” The new report, “Catalyzing American Ingenuity: The Role of Government in Energy Innovation,” doubles down on the Council’s earlier calls for increased and sustained public investment in clean energy technology, and offers new ideas about how greater energy innovation investment can be paid for in a new era of fiscal austerity.

In the wake of the high-profile bankruptcy of California solar company Solyndra, government critics are attacking federal investment in clean energy innovation, arguing that such decisions should be left to the “free market.” But in their new report, these business leaders and entrepreneurs argue that government investment in energy innovation is key to realizing a clean energy future.

In addition to Gates, Holliday and Doerr, the AEIC boasts membership from former Lockheed Martin CEO Norm Augustine, Xerox CEO Ursula Burns of Xerox, General Electric CEO Jeff Immelt and Tim Solso, CEO of Cummins Inc. In the report, these executives highlight the tremendous impact that federal investment has had on technological innovation and economic growth throughout American history: