HomeUSAWells Fargo Grant Boosts New Financing Partnership Between Elemental Excelerator and NYCEEC

Wells Fargo Grant Boosts New Financing Partnership Between Elemental Excelerator and NYCEEC

Climate technology company in the EV charging space
Climate technology company in the EV charging space

Wells Fargo, together with Elemental Excelerator, a Honolulu, HI-based nonprofit climate technology investor, and the New York City Energy Efficiency Corporation (NYCEEC), a nonprofit green bank, have joined forces to launch a new debt financing program, called Capital Access for Climate Innovators.

The Capital Access Program was created to pilot innovative lending and co-investing vehicles to catalyze climate technology projects with significant community benefits.  

This collaboration aims to address funding gaps faced by climate technology companies, and particularly those led by traditionally excluded founders. Elemental and NYCEEC are partnering to identify and provide capital to Elemental portfolio companies who face finance gaps on their path toward commercialization and where debt capital can catalyze scale.

To support this effort, Wells Fargo has provided a $400,000 grant, which will allow Elemental and NYCEEC to identify and share best practices and build financing tools and resources for climate technology companies, community lenders, credit enhancement providers and other project investors. 

Over the past decade, Elemental has supported over 150+ innovative climate technology companies through technical support and equity investments, while NYCEEC has provided debt financing to assist building owners, contractors, and developers in funding clean energy projects throughout NYC and the surrounding region.

VCWire

08/03/2024