Wells Fargo Starts Clean Technologies Commercial Banking Group

By Alison Pruitt on December 9, 2009

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More and more, investing in energy and environment-related companies is looking like a good move.

While the rest of the economy has stalled, this sector has grown exponentially – driven in part by government spending—and is providing new jobs. Recently another financial services company jumped on the green investment bandwagon.

Wells Fargo & Company (NYSE:WFC) is forming a new commercial banking group dedicated to supporting clean tech companies. Based in Palo Alto, Wells Fargo’s National Cleantech Group will offer customized commercial banking products and services to businesses that manufacture, market, or develop clean technology products and services, such as: solar and wind power, energy and water efficiency, electric and low-emission vehicles, and smart grid applications.

“This new group will build on our success at serving the financial needs of some of the largest clean tech companies in the world, having already loaned more than $600 million 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.”

This group will provide financial services and resources dedicated to helping international and domestic companies that are focused on decreasing the use of fossil fuels, fertilizers, industrial chemicals, and other activities that cause greenhouse gas emissions or other harmful environmental effects. The new division is also part of Wells Fargo’s growing efforts to serve the financial needs of technology companies worldwide. The company currently serves 5,500 technology customers in areas including life sciences, IT services, and software and semiconductors.

The company has already provided more than $5 billion in financing, including $1.6 billion in solar and wind project investments, $3 billion to support LEED-certified buildings, and other loans and investments for environmentally beneficial business opportunities. Wells Fargo 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 of a 20% reduction in emissions by 2018 as part of its environmental initiatives. The company ranked #1 among banks and insurance companies – and #13 overall – in Newsweek magazine’s inaugural “Green Rankings” of the country’s 500-largest companies.

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet across North America and internationally.

Image courtesy of IT Strategy

Alison Pruitt is a freelance writer/editor living near Washington DC. She has written about a variety of issues, including education, healthcare, IT, the arts, and energy/environment -- and has worked with the U.S. Department of Energy. She has a B.A. from Oberlin College and a Ph.D. in English Literature from Rutgers University.

Any opinion contained in this article is solely that of the writers, and does not necessarily shapes or reflect the editorial opinions of Energy Boom.

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