Billions’ worth of energy transition investment dollars present as WEX Venture Capital Summit kicks off

Sixteen venture capital funds representing an estimated $12 billion of assets under management, as well as startup founders, energy transition experts, and more are slated to descend on Portland, Maine for the inaugural WEX Venture Capital Summit, July 30-31. 

With the traditional fueling and fleet ecosystem evolving and the EV ecosystem rising to meet the changes, WEX announced WEX Venture Capital (WEX VC) one year ago as a strategic move to strongly position the company as an active participant within the energy transition. By investing in and working to incorporate portfolio companies’ technology into WEX’s product development cycle for mixed-energy fleets comprised of both traditional internal combustion engine (ICE) and electric/hybrid vehicles, WEX is on the forefront of early-stage innovation accelerated by agile, global startups. 

WEX VC is authorized to invest up to $100 million in early-stage companies focused on the energy transition, including areas such as: 

• Software enabling commercial EV adoption
• EV charging, energy management, and mixed-energy fleet optimization
• Data-driven fleet insights, automation, and vehicle data integrity
• Energy markets, flexibility, V2X, and other value creation from aggregating energy demand
• Emerging payments use cases in the energy transition
• New value and business models for WEX’s global fleet customers

The goal? Invest in early-stage companies focused on software and technology enabling commercial EV adoption and new opportunities in the energy value chain, while also creating new value for WEX’s 600,000+ global fleet customers and approximately 19.4 million vehicles serviced globally that are navigating the evolving electric mobility ecosystem. The portfolio companies in which WEX VC invests will have the potential to benefit from the capital investment, as well as the potential commercial opportunities presented by WEX’s fleet mobility customers and partners across the broader and evolving fueling and charging ecosystem. 

That’s why WEX VC is convening startups, VCs, ecosystem partners, and thought leaders  around this year’s Summit theme: “Power Shift: Simplifying the Road to 2030” – to redefine the trajectory towards sustainable energy and transportation systems by 2030. The Summit intends to serve as a dynamic platform for collaboration, offering a holistic exploration of solutions and collaborations essential for driving progress. It will include discussions on the pivotal role of WEX Inc. and WEX VC in fostering innovation and investment in sustainable mobility, ultimately propelling us towards a cleaner, more resilient future. 

“The rising demand from customers to operate mixed-energy fleets and the emergence of new technology and business models that can benefit from WEX’s platform influenced our decision to establish an investment arm,” said WEX Venture Capital Director David Klein. “We hope that through collaboration at the Summit we can further stimulate innovation in an essential industry and drive advancements that contribute to the energy transition in Maine, nationally, and globally.”

For the latest news from WEX, visit the Newsroom. For investor relations, go here.