Wells Fargo backs cleantech startups

Wells Fargo backs cleantech startups

Wells Fargo is pumping $1 million into four clean technology startups as part of its environmental innovation incubator.

Last year the bank outlined plans for its five year, $10 million Innovation Incubator programme - co-administered by the US Department of Energy’s National Renewable Energy Laboratory (NREL) - to foster environmental technologies.

In this first of three selection rounds, four startups - working on energy-efficient smart glass, cooling, battery and smart metering technologies - have now been chosen from more than 80 applicants for backing.

The companies are eligible for up to $250,000 each in cash and in-kind technical consultation and services. Each will receive research and testing support at NREL’s research facility, as well as mentorship from Wells Fargo’s network of financial and technical experts.

Mary Wenzel, head, environmental affairs, Wells Fargo, says: "To address growing climate concerns, it is absolutely crucial to accelerate investments in innovative companies that provide clean technology solutions. We are proud to work with NREL and the community of clean technology innovators to help support startups that are providing long-term sustainable solutions."

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