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Wells Fargo Innovation Incubator Announces Its First Demonstration Cohort
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Rhea-AI Summary
Wells Fargo Innovation Incubator (IN²) announced its first cohort of five building and e-mobility companies receiving up to $250,000 each in non-dilutive funding. This initiative aims to support the demonstration of clean technologies with commercial partners, enhancing economic viability and social impacts. With a total of 61 startups in the portfolio, IN² has facilitated the raising of $1.1 billion in follow-on funding since inception, translating to over $81 for every $1 awarded.
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Selected companies will receive non-dilutive funding of up to $250,000 each.
IN²'s portfolio now totals 61 startups, reflecting strong growth.
Portfolio companies have raised $1.1 billion in external follow-on funding, which is over $81 for every $1 awarded.
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Five building and e-mobility companies will receive non-dilutive funding to demonstrate their technologies with commercial partners
DENVER--(BUSINESS WIRE)--
Today the Wells Fargo Innovation Incubator (IN2), a technology incubator and platform funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), announced the program’s first cohort focused on demonstration projects. The tenth IN2 cohort consists of five companies ready to demonstrate building and mobility technologies with industry partners across the country, proving out their economic viability, low carbon capabilities, and positive social impacts.
CEOs of Cohort 10 companies gather at the NREL campus. (Photo: Business Wire)
“Once startups have spent the time to get over the first valley of death developing, testing and validating their technology, they are quickly faced with the next valley – getting that first customer to raise their hand and take a chance on something new,” said Trish Cozart, IN2 program manager at NREL. “The demonstration cohort brings together impactful clean technologies, real world partners, and third-party NREL experts to walk alongside both parties to help catalyze the success of the project as they prove out the tech for scale.”
The selected companies will receive up to $250,000 in non-dilutive funding to support infrastructure for the project as well as technical guidance from the world-class researchers at NREL, who will help prepare, validate, or analyze the demonstration projects. They will also benefit from a robust IN2 cleantech ecosystem that includes industry experts, investors, and a nationwide Channel Partner network of more than 60 cleantech incubators, accelerators, and university programs.
“Accelerating clean-technology innovation and commercialization is essential to align the economy with the goals of the Paris Agreement,” said Robyn Luhning, Chief Sustainability Officer at Wells Fargo. “By pairing promising clean technologies with companies and community organizations, startups can demonstrate their value to a potential customer and the industry. Validating these potentially game-changing, low-carbon solutions can accelerate their entry to the marketplace and speed the decarbonization of the global economy.”
Originally nominated byprogram Channel Partners, the selected companies underwent an in-depth selection process by Wells Fargo, NREL and IN2’s expert industry advisory board. The selected companies and their respective commercial 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 energy efficiency for buildings in diverse communities.
CorePower Magnetics, based in Pittsburgh, PA, will demonstrate its patented high-performance electric motors, inductors, and transformers with Eaton, which can extend electric vehicle ranges and improve grid efficiency.
Kit Switch, based in San Francisco, CA, will work with Habitat for Humanity, LA to install and analyze its prefabricated 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. to transform vacant and underutilized lots into shared community-scale power plants using solid oxide fuel cells and stationary battery energy storage.
With the addition of these five companies, IN2’s total portfolio now includes 61 startups. Since joining the IN2 program, portfolio companies have raised $1.1 billion in external follow-on funding—equivalent to an average of more than $81 for every $1 awarded by Wells Fargo through IN2.
About the Wells Fargo Innovation Incubator (IN2)
The Wells Fargo Innovation Incubator (IN2) is a $50 million technology incubator and platform funded by the Wells Fargo Foundation. Co-administered by and housed at the National Renewable Energy Laboratory (NREL) in Golden, Colorado, IN2’s mission is to speed the path to market for early-stage, clean-technology entrepreneurs. Launched in 2014 with an initial focus on supporting scalable solutions to reduce the energy impact of commercial buildings, IN2 has since expanded its focus to advance technologies that address the sustainable production of agriculture and housing affordability. For more information, visit in2ecosystem.com.
About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. 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. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.
