In June 2020, Amazon announced that it was launching The Climate Pledge Fund — a $2 billion VC fund that it planned to use to invest in companies that were developing sustainable technology and services.
On Wednesday, Amazon revealed that it used The Climate Pledge Fund to invest in three new companies: Resilient Power, CMC Machinery and Infinium. This brings the total number of companies invested in through The Climate Pledge Fund to 11.
“We’re proud to invest in these innovative technologies through The Climate Pledge Fund, and we continue to search for and identify revolutionary companies that are uniquely positioned to help accelerate the transition to a low-carbon economy,” Amazon VP and head of worldwide sustainability Kara Hurst said in a statement. “These companies span multiple industries and offer new pathways for Amazon to achieve the goals of The Climate Pledge, a commitment co-founded by Amazon and Global Optimism for companies to become net-zero carbon by 2040, 10 years ahead of the Paris Agreement.”
Here’s what the three newly invested in companies do:
- Resilient Power — builds efficient electrical vehicle charging technology, allowing charging stations to take up a smaller footprint and enable fast-charging.
- CMC Machinery — designed technology that can build custom-sized boxes based on the items they’re intended for, allowing for more efficient packaging.
- Infinium — has developed renewable, low-carbon fuels to replace traditional fossil-based fuels.
All three of these companies are creating innovations that are highly relevant to how Amazon operates. Resilient Power’s EV-charging technology can help Amazon fuel its growing EV delivery fleet. Amazon previously set the goal of deploying 100,000 electric delivery vehicles by 2030. Meanwhile, CMC Machinery will allow Amazon to create more sustainable packaging and specifically cut back on plastic packaging waste. Lastly, Infinium’s fuels can be used by Amazon’s air transport and freight fleets.
The $2 billion fund evolved from Amazon’s earlier Climate Pledge, which stated that Amazon was planning to be net carbon zero by 2040. But since Amazon is such a huge global enterprise, this is an especially heavy lift. To reach this aggressive goal, Amazon will have to turn to cutting edge technology (or technology that is not yet available). Through this fund, Amazon will fund the development and scaling of these new sustainable technologies, in order to make them available for itself and the rest of the world.
