Friday January 13, 2017 0 comments
SAN FRANCISCO -- Wells Fargo & Company (NYSE:WFC) announced three Colorado-based startups have been selected among the third round of clean technology startup companies to join the Wells Fargo Innovation Incubator (IN2), a five-year, $10 million program that 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 Lab (NREL) in Golden.
The 10 early-stage companies include a diverse mix of technologies designed to advance energy and water efficiency through HVAC system innovation, building management and controls software, advanced lighting, water-data technologies and more.
They join 10 other companies selected for IN2 in prior rounds, bringing the total to 20 early-stage companies now participating in the highly selective program.
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.
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, Well Fargo VP and IN2 co-lead.
“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.”
“IN2 continues to attract high-quality applicants and companies, and is proving out the model that we had envisioned,” 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.
Wells Fargo said 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 in Colorado include CSU Energy Institute and Innosphere in Fort Collins, Telluride Venture Accelerator, CU-Boulder and the University of Denver.