PORTLAND, Maine — Maine-based commerce platform company WEX Inc. announced it will invest up to $100 million in young businesses that specialize in the transition to renewable energy.
The company announced it will likely make the investments into startups that focus on renewable energy transition, such as improvements to electric vehicle technology and apps. WEX Inc. CEO Melissa Smith spoke with NEWS CENTER Maine about why they wanted to make such a large financial commitment in this area.
"There’s a lot of change that’s happening really rapidly in this space, and we want to be a part of that," Smith said from her corner office overlooking the bay in Portland's Old Port district. "We get to have a front-row seat when we make these investments, to really understand what trends are working; what trends are not."
Because the world of electrification is evolving so rapidly, Smith said, WEX plans to spend all of this money by the end of 2025.
