On Wednesday, e-commerce giant Amazon announced that it is investing in three more startups as part of its $2 billion Climate Pledge Fund. Launched last year, Amazon’s Climate Pledge Fund was created for the sole purpose of investing in technologies and startups that are focused on fighting climate change and global warming issues.
Through its Climate Plege Fund which was launched in June 2020, Amazon has provided support for 11 companies existing across different industries such as energy generation, manufacturing and food and agriculture, all with the common goal of combating climate change and global warming issues.
Out of the three new startups to receive Amazon’s support is Resilient Power. The startup is based in Austin, Texas and develops electric vehicle charging technology. Resilient Power’s electric charging technology is smaller and easier to use/ install compared to the already existing electric charging technology. Amazon’s says providing support for the startup will help it realize its goals of deploying 100,000 electric vehicles, which will be produced in partnership with Rivian Automotive, by the year 2030
The second company that the e-commerce giant will be investing in is CMC Machinery. The startup produces boxes that are designed to fit the exact dimensions of a product in each order; its product automatically eradicates the need for single-use plastic padding.
The third startup is not exactly new to Amazon. Infinium develops 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 increased its investment in the startup which it had previously invested in early this year in January.
Amazon, which has previously explained that the Climate Pledge Fund will see investments worth thousands to millions of dollars, has refused to put a price tag on its investments in these startups. The company has, however, thrown intimation that the $2 billion planned for the fund may see an increase as it called it an “initial commitment”.
The investment in these startups could give Amazon more fortitude in the competition with its rivals like Tesla.
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Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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