Wells Fargo is to support US clean technology companies by investing $10m into the sector through its innovation incubator as part of its 2020 Environmental Commitment.
Wells Fargo, a US-based financial company, has started a $10m clean technology innovation incubator in support of a government research agency.
Announced at the US Energy Department’s National Renewable Energy Laboratory (NREL) Industry Growth Forum, the company will support clean-tech companies that have been recommended to it by a network of industry advisers across the country.
Opening in 2015, the first three rounds of intakes will receive up to $250,000 for business development, research and testing alongside mentoring from Wells Fargo.
Ashley Grosh, vice-president of Wells Fargo Environmental Affairs, said: “The programme leverages Wells Fargo’s geographic diversity and expertise in clean energy in commercial buildings, to provide early stage entrepreneurs an alternative pathway towards commercialisation.”
The program is part of the Wells Fargo Foundation’s 2020 Environmental Commitment to provide $100m to environment-focused non-profits and universities by 2020.
Article first appeared on our sister title, Global Government Venturing.
