Wells Fargo Invests in Leading Water Innovation Accelerator, Imagine H2O Multi-year support expands opportunities for water innovation
SAN FRANCISCO, Feb. 20, 2013 /PRNewswire/ -- Imagine H2O, a nonprofit supporting entrepreneurship and innovation in the water sector, today announced a three-year philanthropic investment from Wells Fargo to expand its program offerings, including its annual business plan competition for water innovation and the Imagine H2O Accelerator Program, which helps participating entrepreneurs turn their plans into real-world solutions.
"Supporting entrepreneurial solutions to water challenges aligns with Wells Fargo's commitment to providing capital for clean technology companies," said Andrew Kho, head of Wells Fargo's Clean Tech Commercial Banking Group. "Imagine H2O is building an exciting accelerator for water solutions and we're eager to see the results of our more comprehensive, three-year commitment."
Since 2009, Wells Fargo has contributed hundreds of volunteer hours and funding to Imagine H2O's efforts to establish and run a global program for water startups.
Since its inception in 2008, Imagine H2O has:
- Attracted over 200 water startups from more than 15 countries to its competition program
- Provided over $1 million of in-kind services and cash awards to more than 25 new businesses
- Helped its portfolio companies attract over $15 million in investment from angel investors, venture capital funds and project finance funds
- Offered campus water entrepreneurship workshops to over 1,000 students
"Imagine H2O is a global conduit for water entrepreneurship and innovation," explains Tamin Pechet, the organization's Chairman and Co-Founder. "Our programs support entrepreneurs who establish financially viable solutions while creating jobs and generating economic activity. It's a great fit to have a global finance leader such as Wells Fargo supporting our work."
A leader in reducing its own greenhouse gas emissions and building sustainably, Wells Fargo has been recognized by the Carbon Disclosure Project and the U.S. Green Building Council. Since 2006, Wells Fargo has provided more than $11.7 billion in environmental finance, supporting sustainable buildings and renewable energy projects nationwide. This includes investments in more than 260 solar projects and 34 wind projects that generate enough clean renewable energy to power hundreds of thousands of American homes each year. The company is a member of the Ceres network of companies and was listed as one of the 2012 "Best Corporate Citizens" by Corporate Responsibility Magazine. For more information, please visit. www.wellsfargo.com/environment.
About Imagine H2O
Imagine H2O inspires and empowers people to solve water challenges and turn them into opportunities. We offer annual competitions for water innovation with focused, specific challenges including Water Efficiency (2009), Water-Energy Nexus (2010),Wastewater (2011) and Consumer Innovations (2012). In addition to cash prizes for the best ideas, the Imagine H2O Accelerator helps participating entrepreneurs turn their plans into game-changing, real-world solutions. To learn more about Imagine H2O's global ecosystem for water innovation and connect with water entrepreneurs from around the world, please visit www.imagineh2o.org.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
SOURCE Imagine H2O