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Illustration: Annelise Capossela/Axios

The Amazon Climate Pledge Fund announced investments in two new companies on Tuesday, both as Series A funding rounds made alongside other investors.

Driving the news: The larger Series A round totals just under $20 million for Brooklyn-based Amogy, a company that aims to decarbonize transportation, starting with marine shipping.

  • Company co-founder and CEO Seonghoon Woo told Axios its mission is to use energy-dense liquid ammonia for producing zero-emissions vessels, as marine shipping is one of the hardest sectors to convert from fossil fuels.
  • The firm's technology uses compact reactor technology to convert liquid ammonia into hydrogen components to generate power.
  • "We view ammonia as part of the broader hydrogen economy. And the hydrogen economy is something that is of great interest to us," Matt Peterson, head of the $2 billion Amazon Climate Pledge Fund, told Axios, noting hydrogen's potential for cleaning up long-haul trucking and potentially aviation.

Separately, the Amazon Climate Pledge Fund also invested in Hippo Harvest, a California agriculture company that seeks to slash emissions and waste from produce farming by using plant science, machine learning and robotics.

  • The company boasts that its greenhouse system uses up to 95% less water than traditional farming techniques while moving food production closer to consumers.
  • This is the Amazon fund's first agriculture investment, and other funders in this $11 million round include Congruent Ventures, Energy Impact Partners and Collaborative Fund.

Meanwhile: Sweep, a French carbon management company that helps large businesses reach their emissions reduction goals using a data-driven platform, announced a $22 million Series A round, led by Balderton Capital.

  • Rachel Delacour, CEO and co-founder of Sweep, tells Axios the company works to give customers a 360-degree view of their emissions, including what is embedded throughout their supply chain and the end-use of their products (Scope 3 emissions), to enable them to turn their pledges into actions.

Go deeper

Ben Geman, author of Generate
Jan 13, 2022 - Energy & Environment

Biden's climate runway is shortening

Expand chart
Data: U.S. Energy Information Administration; Chart: Jacque Schrag/Axios

The Biden administration is expanding efforts to speed clean electricity expansion with its existing powers, but faces big obstacles to meeting its climate goals without far more help from Congress.

Why it matters: President Biden has set a goal of reaching 100% carbon-free power by 2035 and cutting economy-wide greenhouse gas emissions — that is, power, transport, industry, etc. — in half by 2030.

Updated 23 mins ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds — Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults.
  5. Variant tracker
Updated 1 hour ago - Economy & Business

Janet Yellen co-opts Reaganomics phrase for new Davos speech

Treasury Secretary Janet Yellen at a speech this week. Photo: Alex Wong/Getty Images

The U.S. needs to focus on increasing its productive potential, Treasury Secretary Janet Yellen told world leaders Friday, calling for what she terms "modern supply side economics."

Why it matters: She co-opted a phrase traditionally used by political conservatives to describe low-tax and deregulatory policies — and framed the Biden administration's initiatives as the best path forward to achieve greater national prosperity.