Amazon invests in EV charging start-up and other climate technologies
- Amazon on Wednesday said it invested in three more start-ups as part of its $2 billion Climate Pledge Fund, launched last June.
- It has invested in 11 companies through the fund that are developing technologies across a wide range of sectors, from transportation and logistics to agriculture and food.
Amazon said Wednesday it's investing in three more start-ups as part of its $2 billion Climate Pledge Fund.
The Climate Pledge Fund, launched by Amazon last June, is designed to invest in technologies being developed to stop climate change and global warming. So far, Amazon has backed 11 companies across several industries, ranging from manufacturing and energy generation to food and agriculture.
One of the new recipients is Resilient Power, an Austin-based start-up that's developing electric vehicle charging technology that has a smaller footprint and is quicker to install than comparable systems. Amazon said the start-up will help further the company's own goals of deploying 100,000 electric delivery vehicles by 2030. Amazon has contracted Rivian Automotive to produce those electric vehicles.
Amazon is also investing in CMC Machinery, which makes boxes designed to fit the exact dimensions of a product in each order, eliminating the need for single-use plastic padding.
Amazon increased its investment in Infinium, which has developed ultra-low carbon fuels that can be used in air transport, marine freight and heavy truck fleets, as an alternative to fossil-based diesel and jet fuels. Amazon previously invested in Infinium in January.
A representative from Amazon declined to disclose how much it invested in each of the start-ups. Previously, the company has said the amounts range from hundreds of thousands to millions of dollars.
Amazon has previously said the $2 billion earmarked for the fund is an "initial commitment," signaling it could grow.
The investments come as investors are pouring money into start-ups working to address climate change. Climate tech start-ups have raised $32 billion so far this year, a level that's already exceeded the whole of 2020 for global climate tech investment, according to research conducted by Dealroom.
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