Wells Fargo & Company (NYSE: WFC) announced a new commercial banking group dedicated to supporting clean technology companies.
Palo Alto, CA-based Wells Fargo’s National Cleantech Group will provide 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 applications.
The new division will be committed 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 Wells Fargo’s National Cleantech Group, was reported as saying: “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”.