Wells Fargo Jumps On The Cleantech Bandwagon (WFC)
Wells Fargo & Company today announced a new commercial banking group dedicated to supporting clean technology companies.
Based in Palo Alto, Wells Fargo’s National Cleantech group willoffer customized commercial banking products and services to businessesthat manufacture, market or develop clean technologies such as solarand wind power, energy and water efficiency, electric and low-emissionvehicles, and smart grid applications.
“This new group will build on our success at serving the financialneeds of some of the largest clean tech companies in the world, havingalready loaned more than $600 million to these businesses,” said PuonPenn, head of Wells Fargo’s National Cleantech Group. “Supporting cleantechnology is a priority for Wells Fargo, because we believe the sectorwill continue to grow and play a critical role in a greener economy.”
The new group will provide financial services and resourcesdedicated to helping international and domestic companies focused ondecreasing the use of fossil fuels, fertilizers, industrial chemicals,and other activities that cause greenhouse gas emissions or otherharmful environmental effects. The new division is also part of WellsFargo’s growing efforts to serve the financial needs of technologycompanies worldwide. The company currently serves 5,500 technologycustomers in areas including life sciences, information technologyservices and software and semiconductors.
This is the latest step Wells Fargo is taking to support greenerbusinesses. The company has already provided more than $5 billion infinancing, including $1.6 billion in solar and wind projectinvestments, $3 billion to support LEED-certified buildings, and otherloans and investments for environmentally beneficial businessopportunities. Wells Fargo also offers investment and insuranceservices for clean tech businesses and helps municipalities andnon-profits invest in energy efficiency.
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