Amazon Accelerates Investments In Green Hydrogen Firms

Highlights :

  • The Climate Pledge Fund announced new investments in Electric Hydrogen and Sunfire, two of the most promising U.S. and European-based developers of electrolyzers.
  • Amazon claims that it has now invested in 18 companies.
Amazon Accelerates Investments In Green Hydrogen Firms

Amazon has revealed that its $2 billion Climate Pledge Fund is now spurring efforts towards the decarbonization of global operations through green hydrogen. The Fund is known for its early investments in companies like Rivian and BETA Technologies.

The Climate Pledge Fund will also be making fresh investments in Electric Hydrogen and Sunfire, the U.S. and European-based developers of electrolyzers. The two are known to hold a promising future in eletrolyzers, a key technology that makes emissions-free green hydrogen using water and renewable electricity.

green hydrogen

Kara Hurst, VP, Worldwide Sustainability, has said, “To curb the climate crisis, we need to continually develop innovative solutions that can scale, whether it’s through the electrification of electric vehicles, investments in nature-based solutions, a decarbonized electric grid, or increased production of green hydrogen. We are proud to be investing in visionary companies like Electric Hydrogen and Sunfire that are developing vital technology for the deployment of green hydrogen to help decarbonize hard-to-abate sectors.”

Amazon has stated that electrification and battery solutions alone cannot close the emissions gap to net-zero carbon. Hydrogen, when coupled with renewable electricity during production, can be promising route for the decarbonizing of industries not as amenable to electrification, like aviation, steel production, heavy-duty trucking, and cargo shipping.

However, not all hydrogen is created equal. The global e-commerce giant mentions that, over 95% of hydrogen today is made from fossil fuels—mostly natural gas. Green hydrogen holds the potential to decarbonize heavy industries and play a vital role in curbing climate crisis.

Raffi Garabedian, CEO of Electric Hydrogen, states, “Amazon’s Climate Pledge Fund is a model for corporate investment in pragmatic climate solutions. We are thrilled to have Amazon as a partner in decarbonizing industries like long-haul freight transport and aviation.”

Garabedian adds, “Amazon and The Climate Pledge Fund have a clear and expansive vision of the role that green hydrogen will play in decarbonizing their operations. We look forward to collaborating on fossil-free hydrogen projects as we advance toward commercialization.”

The Climate Pledge Fund is currently making investments in leading companies across industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture. Amazon claims that it has now invested in 18 companies, including Rivian, Redwood Materials, Turntide, CarbonCure, Pachama, Infinium, ZeroAvia, BETA Technologies, ION Energy, CMC, Resilient Power, Hippo Harvest, Amogy, Ambient Photonics, Brimstone, Verne, and now Electric Hydrogen and Sunfire.

These companies are aiding technologies and business solutions that can further support Amazon and others achieve net-zero carbon by 2040.

Amazon co-founded The Climate Pledge three years ago, with a goal to achieve net-zero carbon by 2040 which is 10 years ahead of the Paris Agreement. The Pledge now has more than 300 signatories, including Best Buy, IBM, Microsoft, PepsiCo, Siemens, Unilever, Verizon, and Visa.

Amazon maintains that it aspires to power its operations with 100% renewable energy by 2025. The company also claims to be delivering on its Shipment Zero vision to make all Amazon shipments net-zero carbon, with 50% net-zero carbon by 2030, and purchasing 100,000 electric delivery vehicles, the largest order ever of electric delivery vehicles.

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