Wells Fargo Innovation Incubator Announces First Demonstration Cohort | Your money


Today the Wells Fargo Innovation Incubator (IN 2 ), an incubator and technology platform funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy National Renewable Energy Laboratory (NREL), announced the first cohort of the program focused on demonstration projects. The tenth IN 2 cohort consists of five companies poised to demonstrate construction and mobility technologies with industry partners across the country, proving their economic viability, low-carbon capabilities and positive social impacts.

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Cohort 10 company CEOs gather at the NREL campus. (Photo: BusinessWire)

“Once startups have spent the time to overcome the first valley of death by developing, testing and validating their technology, they are quickly faced with the next valley – getting that first customer to raise their hand and try their luck on something new,” said Trish Cozart, IN 2 program manager at NREL. “The Demonstration Cohort brings together impactful cleantech, real-world partners and third-party NREL experts to walk alongside both parties to help catalyze the success of the project as they prove the technology at scale.”

Selected companies will receive up to $250,000 in non-dilutive funding to support project infrastructure as well as technical advice from NREL’s world-class researchers, who will help prepare, validate or analyze demonstration projects. They will also benefit from a strong IN 2 cleantech ecosystem that includes industry experts, investors and a national network. Distribution partner network more than 60 clean technology incubators, accelerators and university programs.

“Accelerating innovation and the commercialization of clean technologies is key to aligning the economy with the goals of the Paris Agreement,” said Robyn Luhning, director of sustainability at Wells Fargo. “By pairing promising clean technologies with businesses and community organizations, startups can demonstrate their value to a potential customer and to industry. Validating these potentially game-changing low-carbon solutions can accelerate their entry to market and accelerate the decarbonization of the global economy.

Originally nominated by program Partner channels, the selected companies went through an extensive screening process by Wells Fargo, NREL and IN 2 ‘s industry expert advisory board. The selected companies and their respective business partners will collaborate on the following demonstration projects:

  • BlocPower, based in Brooklyn, NY, will work with Steffes to replace fossil fuel-based systems with carbon-free technologies and increase the energy efficiency of buildings in various communities.
  • CorePower Magnetics, based in Pittsburgh, PA, will demonstrate its patented high-performance electric motors, inductors and transformers with eatonwhich can extend the range of electric vehicles and improve grid efficiency.
  • Switch kit, based in San Francisco, CA, will work with Habitat for Humanity, LA to install and analyze its pre-engineered wall and ceiling panels with integrated plumbing and electrical systems in underutilized housing units.
  • NineDot Energy, based in Brooklyn, NY, will work with Fermata Energy and Revel Transit, Inc. transform vacant and underutilized land into community-scale shared power plants using solid oxide fuel cells and stationary energy storage batteries.
  • Community energy labs, based in Portland, OR, will demonstrate its AI-powered clean building control platform for Tacoma Utilities and Tenino School District with the aim of supporting and evaluating decarbonization objectives.

With the addition of these five companies, IN 2’s total portfolio now includes 61 startups. Since joining the IN 2 program, portfolio companies have raised $1.1 billion in external follow-on funding, which equates to an average of more than $81 for every $1 granted by Wells Fargo through IN 2 .

About the Wells Fargo Innovation Incubator (IN 2 )

The Wells Fargo Innovation Incubator (IN 2 ) is a $50 million incubator and technology platform funded by the Wells Fargo Foundation. Co-administered and hosted at the National Renewable Energy Laboratory (NREL) in Golden, Colorado, IN 2’s mission is to accelerate early-stage cleantech entrepreneurs to market. Launched in 2014 with an initial focus on supporting scalable solutions to reduce the energy impact of commercial buildings, IN 2 has since broadened its focus to advancing technologies that address sustainable agriculture production and affordability. housing. For more information, visit in2ecosystem.com.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $1.9 trillion in assets, proudly serves one in three American households and more than 10% of small businesses in the United States , and is the leading provider of middle market banking services. in the United States We offer a diverse set of banking, investment and mortgage products and services, as well as consumer and commercial finance services, through our four reportable operating segments: Consumer and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Management. Wells Fargo ranked No. 37 in Fortune’s 2021 ranking of America’s largest companies. In the communities we serve, the company focuses its social impact on building a sustainable and inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. carbon. Wells Fargo news, insights and insights are also available at Wells Fargo Stories.

Additional information can be found at www.wellsfargo.com | Twitter: @WellsFargo.

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Wells Fargo Media

EJ Bernacki, 415-823-3523

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Carlos Villacis

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SOURCE: National Renewable Energies Laboratory (NREL)

Copyright BusinessWire 2022.

PUBLISHED: 06/04/2022 08:00/DISC: 06/04/2022 08:02


Copyright BusinessWire 2022.