Wells Fargo launches cleantech commercial banking group
20th November 2009
NYSE-listed financial services company Wells Fargo & Company has launched a new commercial banking group focusing on clean technology companies.
Based in Palo Alto, the new group will offer commercial banking products and services to businesses that manufacture, market or develop clean technologies such as solar and wind power, energy and water efficiency, electric and low-emission vehicles and smart grid.
‘This new group will build on our success at serving the financial needs of some of the largest cleantech companies in the world, having already loaned more than $600m to these businesses,’ said Puon Penn, head of Wells Fargo’s national cleantech group. ‘Supporting clean technology is a priority for Wells Fargo, because we believe the sector will continue to grow and play a critical role in a greener economy.’
The new group will provide financial services and resources dedicated to helping international and domestic companies focused on decreasing the use of fossil fuels, fertilisers, industrial chemicals, and other activities that cause greenhouse gas emissions or other harmful environmental effects. The company currently serves 5,500 technology customers in areas including life sciences, information technology services and software and semiconductors.
Wells Fargo has already provided more than $5bn in financing, including $1.6bn in solar and wind project investments, $3bn to support LEED-certified buildings. The group also offers investment and insurance services for cleantech businesses and helps municipalities and non-profits invest in energy efficiency.
In October Wells Fargo announced a company-wide goal for a 20 per cent emissions reduction by 2018.
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November 20th, 2009 at 1:48 pm
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November 21st, 2009 at 2:56 am
I only wish this would’ve started 10 years ago. We’re in a race now to improve and increase alternative energy’s and clean coal production but this should’ve been done years ago. I’m just not impressed.
November 22nd, 2009 at 10:56 pm
It’s about time we’re starting to invest in clean energy. We’ve been overdue for this for years. This country should be the leaders in alternative energy technology.