Program helps advance energy efficiency for commercial buildings by providing startups with cash grants and in-kind resources to accelerate innovative clean technologies
Wells Fargo & Company (NYSE: WFC) today announced it has selected the third round of clean technology startup companies to join the Wells Fargo Innovation Incubator (IN2), a five-year, $10 million program which helps advance energy efficiency by accelerating sustainable commercial-building technologies. The 10 early-stage companies in Round 3 will each receive up to $250,000 in cash and in-kind technical assistance to advance their technologies and an opportunity to beta test within Wells Fargo's real estate footprint. 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).
In addition to receiving non-dilutive funding from the Wells Fargo Foundation, IN2 participants receive financial and technical consultation from a network of experts, as well as research and testing support at NREL's world-class facility in Golden, Colo. Clean-tech startups participating in IN2 will have their technologies validated at NREL's facilities, and many will follow the lab validation with beta testing at select Wells Fargo locations. The real-world beta testing is a signature component of the IN2 program and an important validation exercise for startups to learn how their technologies will perform and integrate with other systems.
"As an organization managing nearly 100 million square feet of real estate, we know that efficiency matters, and we are pleased that our efforts to build and foster an ecosystem that accelerates the commercialization of clean technologies for commercial buildings is bearing fruit," said Ashley Grosh, vice president and IN2 co-lead for Wells Fargo. "Companies from rounds one and two have achieved significant milestones on their way to the commercial marketplace. We are pleased to add this third round of innovators to IN2 and expect the momentum we've seen to date continue across the program."
The 10 clean technology startups joining Round 3 of the IN2 program are:
Transformative Wave: (Kent, Wash/Boulder, Colo.) HVAC, light, and battery storage retrofit kit for commercial buildings
Software Motor Corporation: (Sunnyvale, Calif.) Super high-efficiency Internet-enabled motor for HVAC applications
PowerFlex Systems: (Los Altos, Calif.) Adaptive EV charging network for demand response and renewable integration
simuwatt®: (Boulder, Colo.) Rapid energy auditing software and platform.
Maalka: (New York, N.Y.) Open modeling platform for managing large scale building sustainability initiatives
Geli: (San Francisco, Calif.) Software platform to design, automate, and manage energy storage systems
APANA: (Bellingham, Wash.) C&II smart water management systems using IoT and prescriptive analytics
EdgePower: (Aspen, Colo.) Cloud-hosted energy simulation application for analyzing and enhancing building performance
Ibis Networks: (Honolulu, Hawaii) Plug load management for the enterprise.
J2 Innovations: (Chino, Calif.) Building automation and operating system for connecting and controlling devices
"IN2 continues to attract high quality applicants and companies, and is proving out the model that we had envisioned; participating companies have been acquired by successful clean-technology corporations, received follow-on funding, and beta demonstrations are underway within the program," said Richard Adams, Director of NREL's Innovation and Entrepreneurship Center. "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 IN2 program is part of Wells Fargo's 2020 Corporate Social Responsibility Commitments, which include commitments to accelerate the transition to a lower carbon economy and provide $65 million to environmentally-focused nonprofits and innovative projects that are delivering social, economic and environmental impact. IN2 would not be possible without the collaboration and partnership of its 44 Channel Partners across the U.S., which include universities, business plan competitions and other clean technology accelerators. These Channel Partners provide a pipeline of early stage, high quality startup company referrals to IN2.
Wells Fargo Innovation Incubator Channel Partners include:
ACRE |Urban Future Lab / Powerbridge NYU Tandon School of Engineering | Brooklyn, N.Y.
Advanced Research Projects Agency - Energy (ARPA-E) | Washington, D.C.
Cal-Tech, Flow Program | Los Angeles, Calif.
Carnegie Mellon University | Pittsburgh, Penn.
Case Western Reserve University | Cleveland
Clean Energy Trust | Chicago, Ill.
Cleantech Group | San Francisco. Calif.
Cleantech Open | Redwood City, Calif.
Coachella Valley Economic Partnership | Indio, Calif.
Colorado State University Energy Institute | Fort Collins, Colo.
Energy Excelerator | Honolulu, Hawaii
Fraunhofer CSE TechBridge Program | Boston, Mass.
Green Town Labs | Boston, Mass.
Imagine H20, Inc. | San Francisco, Calif.
Innosphere | Denver, Colo.
Los Angeles Cleantech Incubator | Los Angeles, Calif.
Mass Challenge | Boston, Mass.
MIT Energy Club | Cambridge, Mass.
Northeast Clean Energy Council (NECEC) Institute | Boston, Mass.
NextEnergy Center | Detroit, Mich.
Northwestern University | Evanston, Ill.
Oregon BEST | Portland, Ore.
Portland State University | Portland, Ore.
Prospect SV | San Jose, Calif.
Purdue University | West Lafayette, Ind.
Rice University Rice Alliance for Technology and Entrepreneurship | Houston, Texas
Stanford, TomKat Center for Sustainable Energy | Stanford, Calif.
Sustainable Startups | Salt Lake City, Utah
Telluride Venture Accelerator | Telluride, Colo.
Texas A&M University, Research Valley Partnership | College Station, Texas
Texas State University | San Marcos, Texas
The Water Council | Milwaukee, Wis.
UC Berkeley, Cleantech 2 Market (C2M)| Berkeley, Calif.
UC Davis Energy Efficiency Center (EEC) | Davis, Calif.
UC Irvine | Irvine, Calif.
UC San Diego | San Diego, Calif.
University of Colorado | Boulder, Colo.
University of Denver | Denver, Colo.
University of Michigan | Ann Arbor, Mich.
UNC Charlotte | Charlotte, N.C.
UT Austin, Austin Technology Incubator (ATI) l Austin, Texas
UT Austin, McCombs Business School Texas Venture Labs| Austin, Texas
University of Washington Foster School of Business | Seattle, Wash.
University of Wisconsin - Madison | Madison, Wis.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune's 2016 rankings of America's largest corporations. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. In 2015, Wells Fargo donated $281.3 million to 16,300 nonprofits, ranking No. 3 on the Chronicle of Philanthropy's rankings of the top corporate cash philanthropists. Wells Fargo team members volunteered 1.86 million hours in2015, serving more than 40,000 nonprofits. Wells Fargo's corporate social responsibility efforts are focused on three priorities: economic empowerment in underserved communities, environmental sustainability, and advancing diversity and social inclusion. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.