Amazon (NASDAQ: AMZN) has invested in a battery recycling start-up founded by former Tesla chief technology officer J.B. Straubel, part of the e-commerce giant's pledge to commit $2 billion to green initiatives.
Amazon's Climate Pledge Fund announced on Thursday that it has invested an undisclosed amount in Redwood Materials, which was founded by Straubel in 2017. Redwood and Amazon will also work together to recycle electric vehicle (EV) batteries and other lithium-ion batteries from electronics.
Image source: Getty Images.
"To fight climate change, we need to solve the impact products have on the environment," Straubel said in a statement. "We're honored to be part of the Amazon's Climate Pledge Fund and to build the closed-loop supply chain that will recycle batteries, electronics and other end of life products for Amazon."
In addition to Redwood, Amazon also announced stakes in Rivian, an electric-truck start-up backed by Ford Motor that has a deal to supply Amazon with up to 100,000 vehicles.
Amazon said it has also made investments in:
- CarbonCure Technologies, which aims to reduce the carbon emissions from the manufacture of cement.
- Pachama, a technology exchange that verifies the impact of carbon capture in the world's forests to allow organizations and individuals to offset emissions by supporting reforestation and forest conservation projects.
- Turntide Technologies, a maker of energy-efficient motors.
In a statement, Amazon CEO Jeff Bezos said, "I am excited to announce that we are investing in a group of companies that are channeling their entrepreneurial energy into helping Amazon and other companies reach net zero by 2040 and keep the planet safer for future generations."
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