Wells Fargo Innovation Incubator Selects Five Early-Stage Companies Focused on Energy Efficiency in Residential Housing
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), today announced that its eighth cohort consists of five startups that share a focus on technologies that help make housing both more affordable and more sustainable.
The selected companies will receive up to $250,000 in non-dilutive funding from Wells Fargo and will conduct research and development activities at NREL’s state-of-the-art research facilities in Golden, Colorado. NREL researchers will help the startups develop, model, characterize and verify their technologies in one of more than fifty NREL labs and user facilities. They will also join a cleantech ecosystem that includes industry experts, investors, technology bankers, demonstration partners, and a nationwide Channel Partner network of more than 60 cleantech and agtech business incubators, accelerators, and university programs.
The eighth IN2 cohort includes community- and district-level planning technologies, design-planning tools and energy-efficiency technologies. Originally nominated by program Channel Partners, the companies underwent in-depth review by Wells Fargo, NREL and IN2’s expert industry advisory board. The selected startups are:
- NeoCharge – San Luis Obispo, CA – Building an integrated software platform that will synchronize charging of electric vehicles and appliances for cleaner and more affordable charging.
- Darcy Solutions – Excelsior, MN – Using groundwater-sourced heating and cooling systems to eliminate emissions, improve energy efficiency and reduce HVAC costs in buildings.
- Radiator Labs – Brooklyn, NY – Designing an insulated smart thermostatic cover system for home-heating radiators to enable homeowners and tenants to control temperature via a software application, while improving functionality and reducing energy costs and emissions.
- Pivot Energy Services – New York City, NY – Lowering energy costs for renters and homeowners through a software platform that captures specific and precise energy-performance data for buildings.
- Stash Energy – Fredericton, NB – Developing a ductless heat pump with built-in thermal energy storage and a thermostat that allows electric utilities to balance heating and air-conditioning demand to lower costs.
“We need to accelerate technology innovation and invest in new ideas to avoid the worst impacts of climate change,” said Jenny Flores, head of Small Business Growth philanthropy at Wells Fargo. “IN2 is uniquely positioned to identify start-ups and promising companies that can tackle complex societal and environmental challenges. The energy efficiency solutions from the newest group to join the incubator can have an enduring impact on today’s homes, the environment and future residential housing.”
“Millions of households, especially low-income households, spend an outsized percentage of their monthly income on energy bills,” said Trish Cozart, IN2 program manager at NREL. “IN2 companies are addressing this problem through innovative energy efficiency solutions.”
With the addition of these five companies, IN2’s total portfolio now includes 51 startups. Since joining the IN2 program, portfolio companies have raised $568 million in external follow-on funding — equivalent to an average of more than $46 for every $1 awarded by 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 diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. 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
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