Monday, July 5, 2010

Wells Fargo and the Cleantech Open Competition

Wells Fargo & Co. is showing its support for sustainability through its investments in the Cleantech Open and the National Cleantech group.

According to Newsweek magazine's inaugural "Green Rankings" of the 500-largest US companies, Wells Fargo is ranked #1 among banks and insurance companies and No. 13 overall.

"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," said Puon Penn, head of Wells Fargo's National Cleantech Group.

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet across North America and internationally.

The Company promotes economic growth and self-sufficiency, education, social services, the arts and the environment in thousands of communities across North America. In 2009, the Company gave $202 million in grants to 18,000 nonprofits, and team members contributed more than 1.2 million volunteer hours around the country.

Wells Fargo & Co. is behind the Cleantech Open, the world's largest cleantech business competition. Its mission is to find, fund and foster entrepreneurs with big ideas that address today's most urgent energy, environmental and economic challenges. The program provides the infrastructure, expertise and strategic relationships to turn ideas into successful global cleantech companies.

Since 2006, through its one-of-a-kind annual business competition and mentorship program, the Cleantech Open has helped hundreds of clean technology startups bring their breakthrough ideas to fruition, helping alumni contestants raise over $200 million and creating an estimated 1,200 green collar jobs. Fueled by a network of more than 750 volunteers and sponsors, the Cleantech Open unites the public and private sectors in a shared vision for making America's cleantech sector a thriving economic engine.

In 2009, Wells Fargo introduced its National Cleantech group, a division of the company's commercial banking group dedicated to supporting clean technology companies. The group provides customized 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.

For more information or to see the list to to Cleantech Open finalists for 2010.

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