Amazon Backs Startup Led by Former Tesla Top Executive

Amazon Backs Startup Led by Former Tesla Top Executive

Car battery recycling startup, Redwood Materials, co-founded by one of Tesla’s  (TSLA) – Get Report former top executives, received backing on Thursday from Amazon’s  (AMZN) – Get Report $2 billion venture investment fund to combat climate change.

The Climate Pledge Fund is a venture investment program backing sustainable technologies and services that will help Amazon and other companies reach net-zero carbon emissions by 2040.

Redwood Materials, co-founded by Tesla’s former chief technology officer, JB Straubel, will help Amazon recycle electric vehicle batteries and reuse their components, the company said. Amazon plans to have as many as 100,000 of its own electric delivery vans on the road by 2030.  

Amazon also lent its support to startups like Canada-based CarbonCure Technologies which licenses carbon-capture technology to cement companies for a monthly fee. The company will help Amazon lower its carbon footprint for its office spaces including its second headquarters under construction in Virginia.

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