Wells Fargo has formed 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.
The new group will provide financial services and resources dedicated to helping international and domestic companies focused on decreasing the use of fossil fuels, fertilizers, industrial chemicals, and other activities that cause greenhouse gas emissions or other harmful environmental effects.
Puon Penn, head of National Cleantech Group at Wells Fargo, said: “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 $600m to these businesses. 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.”
