Amazon is investing in five entrepreneurial companies under The Climate Pledge Fund that will help meet its net-zero goals.
The firm launched the $2billion investment program in June this year to support the development of sustainable and decarbonizing technologies and services.
The fund will help both Amazon and other companies to transition to a low-carbon economy and become net-zero by 2040.
The five companies are: CarbonCure Technologies, Pachama, Redwood Materials, Rivian and Turntide Technologies.
CarbonCure Technologies has commercialized a portfolio of carbon removal technologies that consume carbon dioxide (CO2) in concrete during production.
Climate technology company Pachama uses technology that verifies the impact of carbon capture in the world's forests, while Redwood Materials develops and commercializes technologies for recycling end-of-life Lithium-ion batteries and e-waste into high value metals and chemicals.
Car manufacturer Rivian sold 100,000 electric vehicles (EV) to Amazon, which plans to have 10,000 of the new EVs on the road as early as 2022 and all 100,000 vehicles on the road by 2030.
Software motor company Turntide can reduce a motor’s energy use by 64 per cent on average by optimizing efficiency and control without using expensive materials or rare earth minerals. Amazon is piloting Turntide’s motors in a number of its buildings.
Jeff Bezos, Amazon founder and CEO, said: “The Climate Pledge Fund invests in visionary companies whose products and services can empower a low carbon economy.
“I am excited to announce that we are investing in a group of companies that are channelling their entrepreneurial energy into helping Amazon and other companies reach net zero by 2040 and keep the planet safer for future generations.”
Christiana Figueres, the UN’s former climate change chief and founding partner of Global Optimism, said: “The Climate Pledge Fund is another important example of how the collaborative effort of The Climate Pledge can accelerate the transition to a net zero world.
“These investments will scale new technologies, helping these organizations speed up the pace at which operational emissions can be reduced.
“This is how a whole-economy approach to tackling the climate crisis looks. Together these companies demonstrate that there are endless possibilities in the clean, healthy recovery we must create together.”
Robert Niven, CarbonCure Technologies founder and CEO, said: “This investment is a great endorsement of CarbonCure as the go-to Carbon Dioxide Removal (CDR) solution for the growing tech construction space and the overall shift towards low embodied carbon construction materials.
“This investment in CDR signals a broader change for public and private
infrastructure projects as industries and governments turn their focus toward
the reduction of embodied carbon.”
Ryan Morris, Turntide Technologies chairman and CEO, said: “Electric motors consume half the world’s electricity, making them one of the largest contributors to climate change.
“Today, 98 per cent of motors are based on an 1888 design by Nikola Tesla but have been difficult to improve without resorting to expensive materials, including rare earth minerals.
“Turntide's mission is to replace the world’s electric motors with optimal efficiency motor systems, an essential step to help companies decrease their carbon footprint and reach their goal of net-zero carbon. We share Amazon's information technology DNA and are excited to have them as partners in tackling climate change."
The Climate Pledge Fund will invest in companies spanning multiple industries, including energy generation, circular economy, transportation and logistics, storage and utilization, manufacturing and materials, and food and agriculture.
In addition, Amazon will seek opportunities to involve other Climate Pledge signatories in the program and help them find solutions to reach net-zero carbon by 2040.
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