Tuesday October 28, 2014 0 comments
DENVER - Wells Fargo (NYSE: WFC) today launched the Innovation Incubator (IN2) program, a $10 million environmental grant for clean tech startups funded by the Wells Fargo Foundation and co-administered by the National Renewable Energy Laboratory (NREL).
The program is the first of its kind in the banking industry and is designed to foster the development of early-stage clean technologies for commercial buildings.
Announced today at the NREL Industry Growth Forum, clean technology startups will be identified and recommended by Wells Fargo's network of technical, financial and industry advisors at laboratories and research facilities across the nation.
The first of three rounds of selected companies will be announced in early 2015 and will receive up to $250,000 for business development needs, research and testing support at NREL's Golden facility, along with business coaching and mentorship from Wells Fargo.
An independent advisory board of nearly a dozen industry leaders representing the commercial building sector, academia, community organizations, successful entrepreneurs and technical experts will select the final companies in the IN2 program.
"The IN2 platform is designed to fill a gap that exists from early-stage concept to production for emerging clean technologies," said Ashley Grosh, VP, Wells Fargo environmental affairs.
"The program leverages Wells Fargo's geographic diversity and expertise in clean energy in commercial buildings to provide early-stage entrepreneurs an alternative pathway towards commercialization.
"Through our collaboration with NREL, we want to give opportunities to national labs, universities and regional accelerator programs and entrepreneurs with great ideas for lighting, sensors and controls, space heating and cooling, windows, energy modeling, plug loads and building envelope."
External partners include Innosphere in Fort Collins and Golden and Telluride Venture Partners in Telluride.