SAN FRANCISCO--(BUSINESS WIRE)--Mar 17, 2025--
Wells Fargo & Company (NYSE: WFC) today confirmed that the Office of the Comptroller of the Currency (OCC) terminated its 2021 consent order related to loss mitigation practices in the company’s Home Lending business. This is the eleventh consent order closed by Wells Fargo’s regulators since 2019.
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Charlie Scharf, Wells Fargo’s CEO, said of today’s news:
“We are pleased that the OCC has again validated our work and terminated this consent order in just three and a half years. This timeframe is much improved from other historical orders, including two 2011 Federal Reserve orders which were terminated earlier this year. This is our fifth closed consent order since the beginning of 2025. We remain confident that we will complete the work required in our remaining consent orders.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.
News Release Category: WF-CF
Facade of a Wells Fargo bank branch in Manhattan (Photo: Wells Fargo)
SCHLESWIG-HOLSTEIN, Germany & BERLIN--(BUSINESS WIRE)--Mar 18, 2025--
LUMENION has successfully completed the test operation of a plant for the supply of "green steam" in combination with a large-scale thermal storage solution. The completion of this LUMENION solution marks an important milestone on the way to a decarbonized industry. The TÜV-certified system is available for applications in all industrial sectors.
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LUMENION's thermal energy storage system uses a few hours of electricity supply to charge and to store energy in the form of heat of up to 600° Celsius. The energy can be charged flexibly at intervals throughout the day and is made available to customers in the form of steam or process heat over longer periods of time. Ideally, cheap electricity is obtained from the client's own renewable energy sources or during attractive time slots in the electricity market, which reduces the need for fossil fuels and allows production processes to be electrified cost-effectively. Due to the high charging flexibility of the storage system, energy demand can also be controlled in a smart and optimized way.
Measured by the storage volume of 20 MWh and the maturity of the technology, the plant in Schleswig-Holstein is unique, pioneering worldwide and highly scalable thanks to its modular design. The construction, from the foundations to test operation, was completed in just one year. The technology is ready for use also on a larger scale in all industrial sectors that rely on process heat or steam.
"The successful practical application of producing CO2-free steam for a major food producer with the help of our thermal storage system is an important milestone for LUMENION and the entire industry," says Peter Kordt, CEO of LUMENION: "The flawless implementation is impressive proof of the potential of this technology."
Jobst Hoyningen-Huene, CEO and co-founder of econnext AG, explains: "This solution for CO2-free process steam offers a practicable and immediately available way to advance the decarbonization of industry on a large scale and at high speed. The solution is highly attractive economically at many locations. It also offers clients the possibility of decoupling from strongly fluctuating costs for fossil fuels and rising CO2 pricing, especially when using their own renewable energy sources due to the large storage facility and thus securing the costs of steam production at an attractive level in the long term. With this application, LUMENION can therefore offer industrial customers a genuine 'green discount solution'.”
Significant parts of industry that rely on temperature requirements of up to 450° Celsius or process steam can reduce their fossil energy consumption and electrify their production processes cost-effectively by using this solution. LUMENION is systematically driving the development of these pioneering decarbonization solutions to support the energy transition - including "Heat-as-a-Service" contracts - and sees enormous market potential for their broad industrial application.
About LUMENION:
LUMENION is a leading company in the field of sustainable energy solutions and specializes in the development and implementation of thermal energy storage systems (TES) that store wind and solar energy as high-temperature heat and thus supply customers around the clock with green process heat/steam and optionally with electricity (combined heat and power, "CHP" concept).
While the system discharges and provides heat evenly around the clock, it can be charged simultaneously and quickly (typically in 4-6 hours). All core materials are fully recyclable, available worldwide and have a decades-long economic life. LUMENION has been part of the econnext Group since 2018.
https://lumenion.com
About econnext AG:
Founded in 2016, econnext AG is the parent company of a diversified group of ClimateTech companies with a focus on decarbonization and the circular economy. econnext holds majority stakes in Autarq (solar roof tiles), Circular Carbon (CDR technology for renewable heat and biochar from waste materials), ESG Screen17 (sustainability screening for investment portfolios), FLAXTEC (solar module recycling, among other circular economy technologies), GRIPS Energy (renewable energy supply worldwide) and LUMENION (renewable process heating and cooling with energy storage) as well as a minority stake in Ambibox (e-mobility and decentralized energy systems).
https://econnext.eu
LUMENION TES
