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Amazon Invests In EV Charging Startup, Climate Tech Companies

  • Amazon.com Inc (NASDAQ: AMZN) has invested in three more startups in its $2 billion Climate Pledge Fund.
  • Amazon has backed 11 companies across several industries, ranging from manufacturing and energy generation to food and agriculture to date.
  • One of the new recipients is Resilient Power, developing electric vehicle charging technology with a smaller footprint and is quicker to install than comparable systems. 
  • Amazon said the startup 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 EVs.
  • Amazon also invested in CMC Machinery, which makes boxes designed to fit the exact dimensions 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 serve air transport, marine freight, and heavy truck fleets to replace fossil-based diesel and jet fuels. 
  • Previously, Amazon reported investing from hundreds of thousands to millions of dollars in each startup, CNBC reports.
  • Amazon previously indicated that the $2 billion earmarked for the fund is an “initial commitment,” signaling it could grow.
  • Climate tech startups have already raised $32 billion so far in 2021, as per Dealroom.
  • Price Action: AMZN shares closed higher by 0.49% at $3,392.49 on Wednesday.

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