BUSINESS WIRE — 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, announced the program’s first cohort focused on demonstration projects. The tenth IN2 cohort consists of five companies ready to demonstrate building and mobility technologies with industry partners across the country, proving out their economic viability, low carbon capabilities, and positive social impacts.
“Once startups have spent the time to get over the first valley of death developing, testing and validating their technology, they are quickly faced with the next valley – getting that first customer to raise their hand and take a chance on something new,” said Trish Cozart, IN2 program manager at NREL. “The demonstration cohort brings together impactful clean technologies, real world partners, and third-party NREL experts to walk alongside both parties to help catalyze the success of the project as they prove out the tech for scale.”
The selected companies will receive up to $250,000 in non-dilutive funding to support infrastructure for the project as well as technical guidance from the world-class researchers at NREL, who will help prepare, validate, or analyze the demonstration projects. They will also benefit from a robust IN2 cleantech ecosystem that includes industry experts, investors, and a nationwide Channel Partner network of more than 60 cleantech incubators, accelerators, and university programs.
“Accelerating clean-technology innovation and commercialization is essential to align the economy with the goals of the Paris Agreement,” said Robyn Luhning, Chief Sustainability Officer at Wells Fargo. “By pairing promising clean technologies with companies and community organizations, startups can demonstrate their value to a potential customer and the industry. Validating these potentially game-changing, low-carbon solutions can accelerate their entry to the marketplace and speed the decarbonization of the global economy.”
Originally nominated by program Channel Partners, the selected companies underwent an in-depth selection process by Wells Fargo, NREL and IN2’s expert industry advisory board. The selected companies and their respective commercial partners will collaborate on the following demonstration projects:
- BlocPower, based in Brooklyn, NY, will work with Steffes to replace fossil fuel-based systems with carbon-free technologies and increase energy efficiency for buildings in diverse communities.
- CorePower Magnetics, based in Pittsburgh, PA, will demonstrate its patented high-performance electric motors, inductors, and transformers with Eaton, which can extend electric vehicle ranges and improve grid efficiency.
- Kit Switch, based in San Francisco, CA, will work with Habitat for Humanity, LA to install and analyze its prefabricated wall and ceiling panels with integrated plumbing and electrical systems in underutilized housing units.
- NineDot Energy, based in Brooklyn, NY, will work with Fermata Energy and Revel Transit, Inc. to transform vacant and underutilized lots into shared community-scale power plants using solid oxide fuel cells and stationary battery energy storage.
- Community Energy Labs, based in Portland, OR, will demonstrate its AI Powered Clean Building Control platform for Tacoma Public Utilities and Tenino School District in an effort to support and assess decarbonization goals.
With the addition of these five companies, IN2’s total portfolio now includes 61 startups. Since joining the IN2 program, portfolio companies have raised $1.1 billion in external follow-on funding—equivalent to an average of more than $81 for every $1 awarded by Wells Fargo through IN2.
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