Wells Fargo Foundation has been an ardent supporter of Cleantech Open since 2011. This month, Wells Fargo re-upped the company’s sponsorship of CTO for another three years. All of us at CTO want to express our appreciation for Wells Fargo’s crucial support of clean technology.
Wells Fargo has been supporting clean technology development for nearly a decade, including a broad scope of highly effective efforts. Last month, Wells Fargo announced that it would provide $200 billion in financing through 2030 to businesses and projects that support the transition to a low-carbon economy. Four years ago, Wells Fargo launched its Innovation Incubator program (IN2), now a $30 million philanthropic partnership with the U.S. Department of Energy’s National Renewable Energy Laboratory that speeds the path to market for promising clean technologies and entrepreneurs focused on energy efficiency and sustainability.
A signature piece of the program is the opportunity for certain technologies to beta test within the Wells Fargo footprint on their way to the commercial marketplace. Participants in the IN2 program have collectively been able to raise nearly $84 million in follow-on funding as a result of their participation in the Wells Fargo/NREL partnership.
IN2 startups are invited to join based on referrals from 50 channel partners, which include accelerators like Cleantech Open and other incubators. For startups, it’s a rare and valuable opportunity to take advantage of the National Renewable Energy Lab in Golden, Colorado, with its world-class equipment, knowledge and staff of experienced scientists. At NREL researchers work with selected startups to test and validate their technology and get it ready for primetime.
Wells Fargo has also been an ardent supporter of renewable energy. In 2016, more than 9 percent of all wind and solar energy generated in the U.S. came from facilities owned wholly or in part by Wells Fargo. Also in 2016, Wells Fargo joined RE100, a global initiative of over 100 influential businesses committed to powering 100 percent of their operations with renewable electricity. One year later, in 2017, the bank reached its 100% renewable energy goal through Renewable Energy Credits (RECs) and began working to transition to long-term contracts that fund new sources of renewable energy by 2020.
On behalf of CTO, all clean technologists, and all those who care about our planet, WE THANK WELLS FARGO FOR THE COMPANY’S UNFLAGGING SUPPORT.
By Emily Lundberg on in National