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), 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 50 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.
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