2022: The Year of Demonstrating Solutions

Rhea-AI Summary

Wells Fargo Innovation Incubator (IN2) highlighted its achievements for 2022, showcasing a commitment to cleantech and sustainable solutions. IN² welcomed nine new portfolio companies, each receiving up to $250,000 for technology validation. The total portfolio raised $1.64 billion in follow-on capital, illustrating significant leverage of investments. Notably, eleven companies had successful exits. IN² distributed $1 million in Channel Partner Strategic Awards to bolster a network of over 60 incubators and universities. This initiative supports diversity and inclusion efforts, benefiting thousands in the cleantech sector. For more details, refer to the 2022 Annual Report.

Positive

• IN2 welcomed nine new companies, each receiving up to $250,000 for testing and validating technologies.
• Portfolio raised $1.64 billion in follow-on capital, translating to over $88 for each $1 invested.
• Eleven companies from the portfolio achieved successful exits via mergers or acquisitions.
• $1 million distributed to seven channel partners, promoting the ecosystem of cleantech startups.
• Support for diversity and inclusion with initiatives impacting thousands of BIPOC individuals and organizations.

Negative

• None.

NORTHAMPTON, MA / ACCESSWIRE / February 28, 2023 / Wells Fargo

Wells Fargo Innovation Incubator (IN2)

2022 was the year of demonstrating solutions. Not only did our portfolio companies demonstrate solutions for potential customers and investors-IN² demonstrated itself, yet again, as a solution for accelerating the transition to a low-carbon economy.

IN² welcomed nine new companies into its portfolio in 2022, representing building, mobility, and agricultural technologies. The selected companies each received up to $250,000 in funding to test, validate and demonstrate their technologies with the National Renewable Energy Laboratory (NREL) or the world-renowned Donald Danforth Plant Science Center. They are in good company-as of 2022, our portfolio of 65 now boasts $1.64 billion in follow-on capital since joining the program. That means our portfolio companies raise more than $88 for every $1 invested by IN².

In April, we launched our first all-demonstration cohort which brought together five startups prepared to conduct a real-world installation of their technology with assistance from a community partner. With technical assistance from NREL, IN² is helping these companies validate their solutions and build credibility to accelerate adoption.

For example, Kit Switch is working with Habitat for Humanity LA to deploy its plug-and-play kitchens in Los Angeles, and is doing a separate installation in San Francisco, to turn abandoned buildings into affordable apartment complexes. Community Energy Labs (CEL) is testing its model-predictive building control platform at more than 20 school campuses across the Pacific Northwest. NineDot Energy installed its first vehicle-to-grid charging system in a Brooklyn, New York, parking garage in partnership with Fermata Energy and Revel. In 2023, CorePower Magnetics plans to demonstrate its patented high-performance power electronics with Eaton, and BlocPower hopes to work with Steffes to replace fossil fuel-based appliances in low-income communities.

In June, we welcomed four companies focused on improving the resilience of global food systems into our newest agriculture cohort. These companies began collaborative research projects at the Danforth Center, and the now 20 companies in IN²'s agriculture cohorts continue work on commercializing solutions to improve the sustainability and resilience of agriculture.

Several of our agtech companies completed field trials with our partners at Farmers Business Network during the 2022 growing season to test their products on real farms, providing invaluable learning experiences. Intrinsyx Bio held trials in Indiana and Illinois, collecting usable data for learning how to adjust their product. New West Genetics held a trial in Montana to test two hemp hybrids for yield and quality. EarthSense learned how to adapt their solution to bigger fields and different weather patterns in the Midwest.

We were pleased to see the many accomplishments of our alumni companies over the past year, proving that IN² provides an accelerated path to market. Eleven of our portfolio companies saw successful exits in the form of mergers or acquisitions. IN² also serves as a breeding ground for companies to form strategic alliances and partnerships.

For example, alumni 75F and J2 Innovations announced a collaboration to improve the energy efficiency of mid-sized commercial buildings. 75F and J2 will standardize the use of a tool that allows community members to contribute peer-reviewed, plug-and-play digital twin models of building controls and equipment.

These examples only provide a small glimpse into the work that NREL and Wells Fargo do to catalyze cleantech innovation for the built environment and agriculture sector.

This year, IN² also distributed $1 million to seven of our channel partners. Launched in 2017, the Channel Partner Strategic Awards foster an ecosystem of expertise and support within the IN² Channel Partner network, which consists of more than 60 incubators, accelerators, and universities that mentor and refer companies to the IN² program. For example, in 2022, BioGenerator helped Plastomics, an IN² cohort company, spin out a new company called Solis Agrosciences, using IN² award funding to help set up the new company. Since 2017, IN² has distributed $6 million through the Channel Partner Strategic Awards.

The Channel Partner Strategic Awards also support IN²'s diversity, equity, and inclusion (DEI) initiatives. In 2021, IN² presented the Channel Partner Strategic Awards, totaling $350,000, to four organizations that provide entrepreneurial opportunities for historically underrepresented individuals in the cleantech industry. The awards supported thousands of BIPOC people and organizations in 2022 including six historically Black colleges and universities, 134 students, 70 farmers, 11 startups, six community partners, and 1,820 businesses.

As we enter our ninth year, IN² aims to multiply the economic and environmental impact of its proven technology incubation model by bringing on new corporate partners that want to find cutting-edge solutions for a more sustainable future. For more information, read the 2022 Annual Report.

The Wells Fargo Innovation Incubator (IN²) is a technology incubator for cleantech startups. Co-founded and co-administered by the National Renewable Energy Laboratory (NREL) since 2014, its results are transformative and catalytic.

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SOURCE: Wells Fargo

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FAQ

What were the key achievements of Wells Fargo's IN2 program in 2022?

Wells Fargo's IN2 program welcomed nine new companies, raised $1.64 billion in follow-on capital, and saw eleven portfolio companies achieve successful exits.

How much funding did new companies receive from IN2 in 2022?

Each new company welcomed into the IN2 portfolio received up to $250,000 for testing and validating their technologies.

What is the total follow-on capital raised by IN2 portfolio companies?

IN2 portfolio companies raised a total of $1.64 billion in follow-on capital since joining the program.

How does IN2 support diversity and inclusion in cleantech?

IN2's Channel Partner Strategic Awards support diversity initiatives, benefiting thousands of BIPOC individuals and organizations in the cleantech industry.

What are the future goals of Wells Fargo's IN2 program?

IN2 aims to expand its impact by bringing on new corporate partners to develop cutting-edge solutions for sustainability.