Inflation Reduction Act could boost climate efforts at Amazon, Microsoft — and increase their taxes 

Inflation Reduction Act impact on tech companies: President Joe Biden is expected to sign legislation Tuesday that includes the most ambitious initiatives to fight climate change that the nation has ever seen. It’s packed with provisions that should help tech companies including Amazon and Microsoft achieve their bold goals for cutting carbon emissions. Given their climate-related efforts and struggles to slow emissions, the tech giants must be singing the praises of the new measure, right? Perhaps not.

Galvanize closing Seattle co-working space: After seven years, the company is shutting the doors of its five-story building in Pioneer Square, where entrepreneurs, startup employees and others had access to office space. The company’s coding bootcamp continues online.

M&A news: 

• Accounting startup acquisition: Seattle-based Lockstep, which aims to automate the accounting of B2B purchases and payments, will be acquired by British multinational enterprise giant The Sage Group.
• Remitly buying Rewire: The Seattle digital remittance company will pay $80 million to acquire another provider of the same service.

Amazon sets ‘Lord of the Rings’ debut times: The hotly anticipated Prime Video fantasy series will roll out at the same time globally on Sept. 1 and 2.

Fresh funds for food-tech startup: Bainbridge Island, Wash.-based RipeLocker, which sells containers that preserve recently harvested produce and flowers, has raised $7.5 million to boost production, upgrade its systems and continue doing efficacy trials.

Amazon reorgs physical store tech teams: Executives and teams responsible for various retail technologies will move from the consumer division to Amazon Web Services in a bid to further expand the use of the company’s in-store tech by other retailers. Read more.

Thanks for reading and have a great day — GeekWire managing editor Taylor Soper, taylor@geekwire.com, and GeekWire reporter Kurt Schlosser, kurt@geekwire.com.