Wells Fargo & Company has selected four clean technology startups for the Wells Fargo Innovation Incubator (IN2), a five-year, $10 million program to foster innovative environmental technologies. The program is funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). It is the first philanthropy program of its kind within the financial services industry.
“To address growing climate concerns, it is absolutely crucial to accelerate investments in innovative companies that provide clean technology solutions,” says Mary Wenzel, Wells Fargo head of Environmental Affairs. “We are proud to work with NREL and the community of clean technology innovators to help support startups that are providing long-term sustainable solutions.”
In this first of three selection rounds, four promising technologies were chosen from more than 80 clean technology companies referred by more than 20 leading accelerators, universities and research institutes in the U.S.
The four selected companies are eligible for up to $250,000 each in cash and in-kind technical consultation and services to support the further development of their technologies. Startups will receive research and testing support at NREL’s world-class research facility in Golden, Colo., as well as coaching and mentorship from Wells Fargo’s vast network of financial and technical experts.
Companies selected are:
- Energy Storage Systems (Portland)
- LiguidCool Solutions (Rochester, Minnesota)
- SmarterShade (Chicago)
- WattStick Systems (Sam Francisco)
The IN2 program launched in October 2014 and is part of Wells Fargo’s 2020 Environmental Commitment to provide $100 million to environmentally-focused nonprofits and universities. The goal is to create an ecosystem that fosters and accelerates the commercialization of promising commercial buildings technologies that can provide scalable solutions to reduce the energy impact of buildings.