Ready to invest in a cleaner future? Banking giant Wells Fargo & Co. (NYSE:WFC) has added more clean technology startup companies to the Wells Fargo Innovation Incubator (IN2). The incubator is a five-year, $10 million program which aims to help accelerate innovative environmental technologies.
Each company will receive up to $250,000 in cash and in-kind technical consultation to create solutions to reduce energy and create innovative clean technologies for commercial buildings. The six clean technology startups joining IN2 are 7AC Technologies in Beverly, Massachusetts; Go Electric Inc. in Anderson, Indiana; Heliotrope Technologies in Alameda, California; NETenergy in Chicago; Polyceed, Inc in Encinitas, California; ThermoLift, Inc. in Stony Brook, New York.
IN2 participants receive more than just the funding for these solutions. They also are granted financial and technical consultation from a network of experts, plus research and testing support at NREL’s world-class facility in Golden, Colorado. The companies participating in the Innovation Incubator will have their technologies validated in the lab, followed by piloting in select Wells Fargo locations.
Mary Wenzel, head of Environmental Affairs at Wells Fargo, says the incubator’s strength is it’s collaboration between all of its participants.
“The power of IN2 is that it’s built on collaboration with leaders at Wells Fargo, universities, regional accelerators, and the experts, researchers, and scientists at NREL,” she said. “We’re all rolling up our sleeves and working together to offer support to these entrepreneurs so that they will have the best chance for success in getting their technology to the marketplace and in addressing the increasing constraints on natural resources.”
This is the second of three selection rounds for the incubator. In April, Wells Fargo selected four clean technology startups to be the first participants in IN2. The Incubator, launched in 2014, receives funding from the Wells Fargo Foundation. It is co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL).