Companies will receive up to $250,000 in cash and in-kind
consultation, to accelerate innovative environmental technologies
Wells Fargo & Co. (NYSE:WFC) selected six additional clean technology
startup companies to join the Wells
Fargo Innovation Incubator (IN2), a five-year, $10
million program which is helping accelerate innovative environmental
technologies. The early stage companies will each receive up to $250,000
in cash and in-kind technical consultation to foster solutions focused
on reducing energy and creating innovative clean technologies for
commercial buildings. Launched
in 2014, IN2 is funded by the Wells Fargo Foundation and
co-administered by the U.S. Department of Energy’s National Renewable
Energy Laboratory (NREL).
The six early stage companies – two in California and one each in
Illinois, Indiana, Massachusetts, and New York – are joining the
Innovation Incubator to refine their potentially
game-changing technologies for the commercial buildings marketplace.
This is the second of three selection rounds. In April, Wells Fargo selected
four clean technology startups as the first participants in IN2.
In addition to receiving funding for business development, IN2
participants receive financial and technical consultation from a network
of experts, as well as research and testing support at NRELs
world-class facility in Golden, Colo. Clean technology startups
participating in the Innovation Incubator will have their technologies
validated in the lab, followed by piloting in select Wells Fargo
“The power of IN2 is that it’s built on collaboration with
leaders at Wells Fargo, universities, regional accelerators, and the
experts, researchers, and scientists at NREL,” said Mary Wenzel, Wells
Fargo head of Environmental Affairs. “We’re all rolling up our sleeves
and working together to offer support to these entrepreneurs so that
they will have the best chance for success in getting their technology
to the marketplace and in addressing the increasing constraints on
The six clean technology startups joining IN2 are:
Technologies in Beverly, Mass. Their Liquid Desiccant Air
Conditioning technology reduces electricity and potable water
consumption for cooling and heating by 40% compared to existing
Electric Inc. in Anderson, Ind. Their meter energy solutions and
services for facilities and utilities integrate renewable energy,
advanced batteries, and generators to reduce energy costs, assure
energy security, and enhance grid stability.
Technologies in Alameda, Calif. The early stage company is
utilizing unique, solution-based manufacturing processes for
electrochromic devices, with an emphasis on developing low-cost,
energy-saving smart windows.
in Chicago. This thermal energy storage (TES) company’s module
integrates with small commercial building air conditioning systems to
shift energy demand and consumption to off-peak hours.
Inc in Encinitas, Calif. The startup is focused on developing
novel low-cost, high-tech smart materials whose optical properties can
be changed in a predictable and controllable manner. The technology
has broad applications from dynamic smart windows to displays and
wearable consumer devices.
Inc. in Stony Brook, N.Y. The early stage company is developing a
natural gas-driven heat pump and air conditioner to replace building
heating, cooling, and hot water systems with a single appliance. The
company anticipates the technology can provide a 30-50% reduction in
energy consumption and greenhouse gas emissions.
“This program is proving to be highly valuable to both the IN2
awardees and NREL, and we look forward to engaging with the next round
of building technology companies entering the program,” said Richard
Adams, Director of NREL’s Innovation and Entrepreneurship Center. “IN2
is proving out the model that we had envisioned, and we are enthusiastic
about the opportunity to advance these early stage technologies as well
as to offer real-world test conditions in order to optimize their
potential for success in the market.”
The Innovation Incubator sources potential program participants from
nearly 30 universities and regional accelerator programs that serve as
channel partners. A call for applications for the third and final round
of awardees will take place in the summer of 2016.
The IN2 program is part of Wells Fargo’s 2020
Environmental Commitment to provide $100 million to
environmentally-focused nonprofits and universities.
Innovation Incubator Channel Partners:
Cal-Tech, Flow Program | Los Angeles
Clean Energy Trust | Chicago
Cleantech Group | San Francisco
Cleantech Open | Palo Alto, Calif.
Coachella Valley Economic Partnership | Palm Springs, Calif.
Green Town Labs | Boston
Hawaii Energy Excelerator | Honolulu
Imagine H20, Inc. | San Francisco
Innosphere | Denver
Los Angeles Cleantech Incubator | Los Angeles
Mass Challenge | Boston
MIT Energy Club | Cambridge, Mass.
New England Clean Energy Council | Boston
NextEnergy Center | Detroit
Northwestern University | Evanston, Ill.
Portland State University | Portland, Ore.
Prospect SV | San Jose, Calif.
Rice University | Houston
Stanford, TomKat Center for Sustainable Energy | Stanford, Calif.
Sustainable Startups | Salt Lake City
Telluride Venture Accelerator | Telluride, Colo.
Texas A&M, Research Valley Partnership | College Station, Texas
Texas State University | San Marcos, Texas
UC Berkeley | Berkeley, Calif.
UC Davis EEC | Davis, Calif.
UC Irvine | Irvine, Calif.
UNC Charlotte | Charlotte, N.C.
UT - McCombs Business School | Austin, Texas
University of Washington | Seattle
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified,
community-based financial services company with $1.8 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through 8,700 locations, 12,800 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 36 countries to
support customers who conduct business in the global economy. With
approximately 265,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 30
on Fortune’s 2015 rankings of America’s largest corporations. In 2014,
Wells Fargo donated $281.2 million in grants to 17,100 nonprofits, and
team members volunteered 1.74 million hours around the country. Wells
Fargo’s vision is to satisfy all our customers’ financial needs and help
them succeed financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells
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