Big Tech
in Energy
Where big tech is placing bets across areas of energy
Count of relationships by big tech company Share of activity by subindustry
33 Energy efficiency &
management
21% 16% 59% 4%
Energy efficiency &
management
21
Carbon capture & 15% 7% 78% 0% Carbon capture &
removal removal
Environmental Environmental
monitoring & 4% 29% 68% 0%
12 19 monitoring & reporting
reporting
4
1 9 Renewable energy & Renewable energy &
6 14 22% 26% 52% 0%
2 storage storage
8 8
Advanced energy &
7 13 fuels
20 25% 34% 41% 0% Advanced energy &
11 Sustainable fuels
9 2
1 4 transportation
Sustainable
59% 3% 26% 12%
transportation
Analysis of relationships includes acquisitions, partnerships, licensing agreements, and investments. Counts include activity by
analyzed companies and their related entities from Q1’22 to Q2’24.
TL;DR: Each leader’s differentiation in energy
Amazon is bringing clean energy solutions into its Google is working with utilities to boost the sustainability
logistics network, with a focus on hydrogen tech, electric of its global data center network. It recently proposed a
vehicles, and renewable energy. The company is working "Clean Transition Tariff" model to encourage big energy
to decarbonize transportation and fulfillment center users to adopt emerging technologies that ensure a
steady supply of clean energy.
operations.
Microsoft is aiming to become carbon negative by 2030, Nvidia is advancing data center sustainability by working
but data center energy consumption and emissions pose with energy giants on energy efficiency and implementing
challenges. To meet data center energy demands in a innovative cooling technologies. Meanwhile, it is investing
sustainable way, it is tapping into renewable energy in companies to support the development of smart grids.
sources, like solar and fusion.
3
Amazon
4
Amazon
Amazon is enhancing the sustainability of its Key markets
logistics and supply chain networks by working to Electric delivery vans & trucks
decarbonize transportation. For example, it has Hydrogen fuel cell aircraft
invested in hydrogen-powered trucks and aviation Hydrogen fuel cell vehicles — ground
via its Climate Pledge Fund. To boost the Green hydrogen developers — PEM
sustainability of these networks, it is also forming Green hydrogen developers — SOFC
renewable energy partnerships and investing in low- Green steel developers
carbon materials. Sustainable cement & concrete developers
5
Amazon What’s Amazon’s focus?
Amazon is focused on decarbonizing its operations
“On renewable energy, we set an ambitious goal to match 100% of the electricity consumed
by our global operations with renewable energy by 2030, and we reached that goal in 2023—
seven years early. As we look to the future, we are steadfast in our Climate Pledge
commitment to be net-zero carbon across our operations by 2040. We will continue to lead
and invest in creating carbon-free energy around the world at scale, including through solar,
wind, nuclear, and other emerging energy technologies.”
Kara Hurst, Amazon Chief Sustainability Officer
Source: 2023 Amazon Sustainability Report 6
Amazon Amazon’s activity
Amazon teams up with energy giants to power its operations with
renewable energy
Source: CB Insights — Amazon Business Relationship Insights 7
Amazon Amazon’s activity
Amazon backs mega-rounds for hydrogen companies that could
help decarbonize industrial operations
It invested in a $233M Series E for Sunfire in 2024 and a $380M Series C for Electric Hydrogen in 2023
Sources: CB Insights scouting reports — Sunfire, Electric Hydrogen 8
Amazon Amazon’s activity
Amazon is particularly focused on decarbonizing its transportation
network
Hydrogen-electric
Electric delivery Hydrogen storage
propulsion systems
vehicles systems for heavy-
for aviation
duty vehicles
Corporate minority
Series A, B, and C rounds
February 2019
December 2020–September
Seed
2023 April 2024
In addition to ordering 100K electric delivery vehicles from Rivian, Amazon has invested in startups developing
hydrogen-electric aviation systems and hydrogen storage systems for heavy-duty vehicles via its Climate Pledge Fund.
Sources: CB Insights company profiles — Rivian, ZeroAvia, Verne 9
Amazon Amazon’s activity
Amazon forges partnerships to test zero-carbon transportation
Source: CB Insights — Amazon Business Relationship Insights 10
Amazon What’s next for Amazon?
Amazon's on-site hydrogen and low-carbon concrete initiatives
highlight growing focus on fulfillment center emissions
Sources: CB Insights — Amazon Business Relationship Insights, Amazon Investment Insights 11
Google
12
Google
Google is transforming clean energy procurement in Key markets
the utility sector with its proposed “Clean Transition Geothermal power providers
Tariff” — a new rate structure designed to Nuclear fusion developers
incentivize large energy users to adopt capital-
Power grid management platforms
intensive clean energy resources, like geothermal
Virtual power plants (VPPs) providers
and nuclear, as well as grid storage.
Waste heat recovery
13
Google What’s Google’s focus?
Google aims to reduce emissions, with a focus on how AI could
further this mission
“We see our growing infrastructure as an opportunity to drive the innovations and investments
needed to power a low-carbon economy. AI holds immense promise to drive climate action. In
fact, AI has the potential to help mitigate 5–10% of global greenhouse gas (GHG) emissions by
2030. … Through our products, we aim to help individuals, cities, and other partners collectively
reduce 1 gigaton of carbon equivalent emissions annually by 2030, and we’ll continue to develop
technologies that help communities adapt to the effects of climate change.”
Kate E. Brandt, Google Chief Sustainability Officer
Source: Google Environmental Report 2024 14
Google Google’s activity
Google is working with utilities on clean energy procurement to
boost the sustainability of its global data center network
Google's partnership with NV Energy
introduces a Clean Transition Tariff (CTT), a
rate structure designed to incentivize large
energy users like Google to adopt clean
energy resources — like geothermal and
nuclear — as well as grid storage.
If broadly adopted, this model could
significantly enhance clean energy capacity
across US markets, stimulating the
development of 24/7 carbon-free energy and
enhanced grid reliability.
Sources: CB Insights — Google Business Relationships; Google Carbon-Free Energy Tracker 15
Google Google’s activity
Google partners with incumbents and startups on firm clean
energy buildout to prepare for new “Clean Transition Tariff” model
Source: CB Insights — Google Business Relationship Insights 16
Note: Firm clean energy sources provide a constant source of power and are not reliant on external factors like weather conditions.
Google Google’s activity
Meanwhile, Google is also linking up with industrial giants to
gather support for new clean energy models
Source: CB Insights — Google Business Relationship Insights 17
Google What’s next for Google?
To achieve its sustainability goals, Google is also testing out
reusing data center waste heat
It leveraged its geothermal experience to launch a waste heat recovery project in Finland focused on heating buildings
Sources: CB Insights — Google Investment Insights, Google Business Relationship Insights 18
Microsoft
19
Microsoft
Key markets
Microsoft is aiming to become carbon negative by
Nuclear fusion developers
2030, but data center energy consumption and
Direct air capture
emissions pose challenges. To meet data center
Carbon source capture
energy demands in a sustainable way, it is tapping
Ocean decarbonization
into renewable energy sources, like solar and Carbon offset marketplaces
fusion. Sustainable aviation fuels (SAF) & e-fuels
20
Microsoft What’s Microsoft’s focus?
Carbon-free electricity infrastructure is top of mind for Microsoft
as it aims to become carbon negative
“Our carbon negative commitment includes three primary areas: reducing carbon
emissions, increasing use of carbon-free electricity, and carbon removal. We made
meaningful progress on carbon-free electricity and carbon removal in FY23. Microsoft
has taken a first-mover approach to supporting carbon-free electricity infrastructure,
making long-term investments to bring more carbon-free electricity onto the grids
where we operate.”
Brad Smith (Microsoft vice chair and president) and Melanie Nakagawa (Microsoft Chief Sustainability Officer)
Source: Microsoft 2024 Environmental Sustainability Report 21
Microsoft What’s Microsoft’s focus?
But while the AI boom is driving demand for Microsoft’s data
centers, it is also driving up its energy usage and emissions
“New technologies, including generative AI,
hold promise for new innovations that can
help address the climate crisis. At the same
time, the infrastructure and electricity
needed for these technologies create new
challenges for meeting sustainability
commitments across the tech sector.”
Microsoft 2024 Environmental Sustainability Report
Sources: CB Insights — Microsoft Earnings Insights; Microsoft 2024 Environmental Sustainability Report 22
Microsoft Microsoft’s activity
Microsoft is tapping into renewable energy sources to meet
energy demands in a sustainable way
Microsoft is using mature sources like solar but also turning to fusion
Source: CB Insights — Microsoft Business Relationship Insights 23
Microsoft Microsoft’s activity
To achieve its carbon-negative goal, Microsoft is also investing in
scaling direct air capture technologies…
Source: CB Insights — Climeworks Scouting Report 24
Microsoft Microsoft’s activity
…while also relying on traditional carbon removal credits
Soil carbon storage Forest restoration Biochar sequestration
credits
2.7M metric tons of CO2e 32,000 metric tons of
January 2024 December 2023 CO2e
December 2023
Microsoft is a major corporate buyer of carbon credits.
Source: CB Insights — Microsoft Business Relationships 25
Microsoft Microsoft’s activity
…while also relying on traditional carbon removal credits
Biochar sequestration Limestone calcination Ocean sequestration
10,000 metric tons of 315,000 metric tons of 12,000 tons of CO2e
CO2e per year CO2e over 10 years March 2023
September 2023 September 2023
Microsoft is a major corporate buyer of carbon credits.
Source: CB Insights — Microsoft Business Relationships 26
Microsoft What’s next for Microsoft?
Hydrogen fuel cells will give Microsoft emission-free backup
power for its growing data center operations
Source: CB Insights — Microsoft Business Relationship Insights 27
Nvidia
28
Nvidia
Nvidia is advancing data center sustainability by Key markets
working with energy giants on energy efficiency and Power grid management platforms
Data center liquid cooling
implementing innovative cooling technologies.
Digital twins — industrial infrastructure &
Meanwhile, it is also investing in companies to support assets
the development of smart grids. Grid inspection providers
Yard management systems (YMS)
29
Nvidia What’s Nvidia’s focus?
Revenue from energy-intensive Nvidia data center chips
skyrockets amid the AI boom
Nvidia data center revenue
Sources: CB Insights — Nvidia Earnings Insights; Nvidia 30
Nvidia What’s Nvidia’s focus?
Nvidia prioritizes data center efficiency and sustainability
“Global data center electricity usage is more than 200 trillion watt-hours per year,
accounting for 2% of global energy usage, and that consumption is expected to
continue to grow. This is an unsustainable trend that demands attention, which is why
we are building products that aim to advance efficiency and sustainability of all data
centers globally.”
Nvidia Corporate Responsibility Report Fiscal Year 2023
Source: Nvidia Corporate Responsibility Report Fiscal Year 2023 31
Nvidia Nvidia’s activity
Nvidia is working with energy giants to make data centers more
energy efficient using AI
Source: CB Insights — Nvidia Business Relationship Insights 32
Nvidia Nvidia’s activity
Beyond data center sustainability, Nvidia is focused on the
development of a green and reliable power grid
Source: CB Insights — Nvidia Investment Insights 33
Nvidia What’s next for Nvidia?
Nvidia is preparing for large-scale deployment of liquid cooling to
reduce data center energy consumption
Source: CB Insights — Nvidia Earnings Insights 34
Additional Research & Resources
The climate tech in industrials 5 climate tech markets
market map gaining momentum in 2024
For more companies, markets, and research
on industrials companies, check out
CB Insights’ industrials industry homepage.
Climate tech in 8 charts Analyzing 15 oil & gas leaders’
tech priorities
This report was generated using the CB Insights platform and features datasets like investments, acquisitions, business
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relationships, company scouting reports, earnings transcripts, and more. Learn more about our data here.
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