Amazon bought the naming rights to rename Key Arena to Climate Change Arena.
Source: NHL Seattle
If Amazon is going to achieve its goal of net-zero carbon emissions by 2040, it’s going to need to rely on new technology. To spur the process along, the company has a $2 billion venture capital fund to gather and grow climate tech start-ups.
Watching where Amazon is investing is one way to track innovation in the space. It can also give investors a sense of what parts of its own business Amazon intends to prioritize in the future.
“A lot of what we invest for is three to five years out,” Matt Peterson, the head of The Climate Pledge Fund at Amazon, told CNBC. “We try to look around corners to see where our needs are going to be and where the needs of other companies are going to be. I mean, with with a 2040 time horizon, you know, you can’t really afford to look one or two years out, you have to think long term.”
The Climate Pledge Fund, which was announced in June 2020, is funded entirely with money from Amazon’s own balance sheet. For Amazon, the priority is more about incubating the technologies it will need to meet its own climate objectives — making money is good, too.
“If happens to be that the companies we invest in do well and they become the next Tesla or they return a multiple of our investment, then that’s great. It shows that it’s a validation of what it is, but it’s not the main focus of the fund relative to the broader strategic goal,” Peterson told CNBC.
It’s also open to investing in companies at many different stages, and has invested from seed-stage up to series B rounds. “We can invest a million dollars in the company or invest over $100 million in the company,” Peterson said.
Amazon is not alone in investing in climate tech. The space has seen a five-fold increase in investment dollars to $32.3 billion in 2021, up from $6.6 billion in 2016, according to a recent report.
Amazon is still accepting applications for start-ups looking for funding. The company plans to make investments both large and small.
Here are five areas within climate tech that Peterson told CNBC Amazon is looking to invest in and how those areas track with Amazon’s current or future goals.
Food and agriculture investments
Food production requires a ton of land and fuel, food waste and spoilage result in methane emissions, and dairy and meat production releases in CO2 and methane emissions — all of which are problems for Amazon if it plans to get further into food production.
“People forget that Amazon owns Whole Foods,” Peterson told CNBC. “We have a number of opportunities and new business models around Amazon Fresh, which is our physical stores, as well as our home delivery of foods.”
He added, “If you look at where we are going in the coming years with growth in grocery and growth in meals and food in general, it’s something we want to get ahead of.”
Electrification
In September 2019, Amazon announced it was going to purchase 100,000 electric delivery vehicles from Rivian Automotive. Those vans are to be deployed by 2024 and are part of Amazon’s effort to convert its delivery fleet to 100% renewable energy by 2030.
As part of that electrification push, Amazon invested in Resilient Power, which is developing technology that builds electric vehicle charging infrastructure at one-tenth the size and installation time of existing charging technology.
Resilient Power charging stations.
Photo courtesy Amazon.
“It’s not as sexy as, say, an EV manufacturer, but it’s just as important in my opinion,” Peterson told CNBC. “The technology that they’re really trying to update hasn’t been changed in probably 30 to 50 years. It’s ’70s-’80s style technology, with these large power stations or substations,” he said.
For electricity to go from the grid to an EV charger, it has to go through a step-down process, and Resilient Power uses semiconductors and a software control as opposed to large physical, mechanical hardware.
“We have a big need for this and as we’re mapping out our own needs for doing this, this solution is really interesting to us,” Peterson told CNBC.
Green hydrogen
Water can be split into its chemical pieces, oxygen and hydrogen, with electrical current in a process called electrolysis. That hydrogen can then be used in various ways to generate carbon-free energy.
If the energy used to power an electrolyzer is carbon-free, then the hydrogen created is called “green hydrogen.” Amazon has made several investments in this space.
ZeroAvia is building airplanes that are powered by hydrogen fuel cells — particularly important, says Peterson, as aviation will be one of the hardest industries to decarbonize.
Infinium makes electro-fuel, which would replace diesel or kerosene in aviation fuel. “The difference is instead of being extracted from the ground and refined like fossil fuels, it’s made from synthetic components. And the synthetic components are green hydrogen and captured carbon dioxide,” Peterson said.
Infinium Reactors
Photo courtesy Amazon
The fuel Infinium makes is 95% carbon neutral because it uses carbon dioxide that was captured, not extracted from the ground. But he acknowledges it’s a bridge technology toward a longer-term goal of finding completely carbon-free energy sources.
“At the end of the day, we would like not to burn fuel to begin with, and release CO2, but at least the CO2 that is being released is recycled for orbit captured previously. So it’s, it’s an a net basis, it’s, it’s, it’s very close to zero.”
Long duration energy storage
To use renewable energy like wind and solar on a large scale depends on battery technology to store energy when the wind isn’t blowing and the sun isn’t shining.
Amazon is looking into long duration battery technology of various sizes and scales. Many long-duration batteries are very large and Peterson said Amazon will need batteries at sizes that are “appropriate” for the many use cases Amazon will need.
Materials: Reduction of and reinvention of plastics
For many consumers, Amazon is most visible through the packages that are delivered to their doorstep. In aggregate, those packages create a lot of waste.
The CMC Machinery system
Amazon
CMC Machinery, one of the investments announced Wednesday, has developed an automated packing machine that reduces the volume of boxes by approximately 24%. That lets Amazon reduce the size and number of plastic air pillows that go into the boxes, Peterson said. Overall, that could let Amazon reduce the use of as many as 1 billion plastic pillows by the end of 2022.
Longer term, Amazon is interested in technologies that can create more sustainable plastic alternatives, Peterson said.
“Can you create a plastic that’s not extractive? That does not use fossil fuels? And also, can you create of plastic that is biodegradable and compostable at scale?”
Chris Martin of Coldplay performs live at San Siro Stadium, Milan, Italy, in July 2017.
Mairo Cinquetti | NurPhoto | Getty Images
Days after Astronomer CEO Andy Byron resigned from the tech startup, the HR exec who was with him at the infamous Coldplay concert has left as well.
“Kristin Cabot is no longer with Astronomer, she has resigned,” a company spokesperson wrote in an email to CNBC Thursday. Cabot was the company’s chief people officer.
Cabot and Byron, who is married with children, were shown in an intimate moment on the ‘kiss cam’ at a recent Coldplay show in Boston, and immediately hid when they saw their faces on the big screen. Lead singer Chris Martin said, “Either they’re having an affair or they’re just very shy.” An attendee’s video of the incident went viral.
Byron resigned from the company on Saturday. Both Cabot and Byron have been removed the company’s leadership team webpage.
Pete DeJoy, Astronomer’s interim CEO, wrote in a post earlier this week that recent and unexpected national attention has turned the company into “a household name.”
In May, the New York-based company, which commercializes open source software, announced a $93 million investment round led by Bain Ventures and other investors, including Salesforce Ventures.
Elon Musk‘s satellite internet service Starlink said it had a “network outage” on Thursday. The company said it was working on a solution.
There were more than 60,000 reports of an outage on Downdetector, a site that logs issues.
Starlink is owned and operated by SpaceX, which is also run by Musk.
Musk apologized for the outage on his social media platform X and said, “Service will be restored shortly.”
Musk posted earlier Thursday that the company’s direct-to-cell-phone service was “growing fast” following the announcement that T-Mobile‘s Starlink-powered satellite service was available to the public.
T-Mobile said the T-Satellite service was built to keep phones connected “in places no carrier towers can reach.”
Starlink didn’t immediately respond to a request for comment.
Starlink internet speeds and reliability decrease with popularity, a recent study found.
It wasn’t immediately clear if the T-Satellite service was affected by or involved in the outage.
The Intel logo is displayed on a sign in front of Intel headquarters on July 16, 2025 in Santa Clara, California.
Justin Sullivan | Getty Images
Intel reported second-quarter results on Thursday that beat Wall Street expectations on revenue, as the company’s new CEO Lip-Bu Tan announced significant cuts in chip factory construction. The stock ticked higher in extended trading.
Here’s how the chipmaker did versus LSEG consensus estimates:
Earnings per share: Loss of 10 cents per share, adjusted.
Revenue: $12.86 billion versus $11.92 billion estimated
Intel said it expects revenue for the third-quarter of $13.1 billion at the midpoint of its range, versus the average analyst estimate of $12.65 billion. The chipmaker said that it expects to break even on earnings while analysts were looking for earnings of 4 cents per share.
For the second quarter, Intel reported a net loss of $2.9 billion, or 67 cents per share, compared with a $1.61 billion net loss, or 38 cents per share, in the year-earlier period. Earnings per share were not comparable to analyst estimates due to an $800 million impairment charge, “related to excess tools with no identified re-use,” the company said. That resulted in an EPS adjustment of about 20 cents.
The report was Intel’s second since Lip-Bu Tan took over as CEO in March, promising to make the chipmaker’s products competitive again, and to reduce bureaucracy and layers of management, including slashing staff in Oregon and California.
In a memo to employees published on Thursday, Tan said that the first few months of his tenure had “not been easy.” He said that the company had “completed the majority” of its planned layoffs, amounting to 15% of the workforce, and that it plans to end the year with 75,000 employees. Intel previously said it was trying to reduce operating expenses by $17 billion in 2025.
Intel shares are up about 13% this year as of Thursday’s close after plummeting 60% in 2024, their worst year on record.
Tan also announced several other spending cuts in the memo, particularly in the company’s costly foundry division, which makes chips for other companies and is still looking for a big customer to anchor the business.
Intel said its foundry business had an operating loss of $3.17 billion on $4.4 billion in revenue.
Tan said that Intel had cancelled planned fab projects in Germany and Poland, and will consolidate its testing and assembly operations in Vietnam and Malaysia. He added that the company would slow down the pace of its construction of a cutting-edge chip factory in Ohio, depending on market demand and if it can secure big customers for the facility.
“Over the past several years, the company invested too much, too soon – without adequate demand,” Tan wrote. “In the process, our factory footprint became needlessly fragmented and underutilized.”
Tan wrote that the company’s forthcoming chip manufacturing process, called 14A, will be built out based on confirmed customer commitments.
“There are no more blank checks. Every investment must make economic sense,” Tan wrote.
The company’s client computing group, which is primarily comprised of sales of central processors for PCs, had $7.9 billion in sales, down 3% on an annual basis.
Revenue in the data center group, which includes some AI chips but is mostly central processors for servers, rose 4% to $3.9 billion. Tan wrote in his memo that Intel wants to regain market share in data center chips, and is looking for a permanent leader for the business. Longtime rival Advanced Micro Devices has increasingly been winning server business from cloud customers.
Tan added he would personally review and approve all chip designs before they are taped out, which is the final step of the design process before a new chip is manufactured.