PORTLAND PRESS HERALD • July 27, 2023
Hoping to accelerate the transition to electric vehicles, Wex Inc. will spend $100 million funding startups in the EV industry. A new division, Wex Venture Capital, will distribute funds over the next two years to early-stage businesses focused on fleet electrification, EV charging infrastructure, energy management and similar technologies. The company provides payment processing and information management services for commercial and government vehicle fleets. It’s been involved with electric vehicles and their users for as long as commercial EVs have been on the market, Melissa Smith, president and CEO, said.