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Wells Fargo Innovation Incubator Announces $1 Million in Awards to Address Gaps in Cleantech Development and Commercialization

March 5, 2019

DENVER--(BUSINESS WIRE)--Mar 5, 2019--The Wells Fargo Innovation Incubator (IN 2 ) today announced it has awarded $1 million in grants to support 13 projects that address gaps in the development and commercialization of clean energy (cleantech) and agriculture technology (agtech).

All 13 projects are affiliated with IN 2 Channel Partners, a network of incubators, accelerators and university programs that refer start-up companies to IN 2 and are critical players in IN 2 ’s efforts to advance a robust cleantech ecosystem.

The awards are competitive grants to fund efforts to advance sustainable technology solutions that lead to partnerships, capital flow, job creation and sharing of best practices across the ecosystem.

“Ultimately, the goal with our Channel Partner Awards program is to create a strong, collaborative ecosystem of support across the U.S.,” said Trish Cozart, IN 2 program manager at the National Renewable Energy Laboratory. “We are funding these partners to continue their support of early-stage entrepreneurs and each other, as they create partnerships and share knowledge and learnings.”

IN 2 Channel Partner Awards recipients and their projects

AgLaunch (Memphis) to create a common framework for connecting startups within its incubation program to historical and real-time farm data.

BioSTL (St. Louis) to build a network and convene a strong community of Missouri growers who will provide the “voice of the customer” and test, validate and provide feedback on innovation solutions that meet their needs on their land.

Carnegie Mellon University (Pittsburgh) with several partners, to build a mature, supportive network and differentiate, elevate and amplify the energy, innovation and entrepreneurship ecosystem in Southwest Pennsylvania.

Cleantech Open (Los Angeles) to seed its accelerator model in partner metropolitan areas and scale early-stage startup support resources, curricula and tools.

Cyclotron Road (Berkeley, Calif.) to pilot and identify knowledge gaps with its “Founders Playbook,” an online repository of resources for technology and energy entrepreneurs looking to grow a company from early concept to market impact.

Helix Center (St. Louis) to expand its co-working office and lab space and accelerate the commercialization of research innovations and new business formation in ag-related industries.

Innosphere (Fort Collins, Colo.) to research and address challenges related to artificial intelligence and Colorado’s transportation and energy industries, and to research future artificial intelligence applications to agriculture.

MaRS Discovery District (Toronto) in partnership with ACRE (Brooklyn, N.Y.), to optimize the NewtonX Access Knowledge search engine tool that connects startup ventures with appropriate subject matter experts to help them quickly and efficiently find answers to complex questions.

Powerhouse (Oakland, Calif.) to develop a platform to formalize a process that would allow for a broader network of investors to share deal flow, co-investment opportunities and follow-on funding opportunities.

Rice University (Houston) to conduct an eight-month accelerator program for university-based cleantech startups and early-stage ventures to prepare them for future incubation programs and successfully launching their businesses.

The Tech Belt Energy Innovation Center (Warren, Ohio) to build out the Appalachia regional cluster to develop a yearly event focused on energy storage and IoT.

Austin Technology Incubator at University of Texas–Austin (Austin, Texas) to develop a sustainable food system cluster in Central Texas that provides a proving ground for technologies driving greater efficiency; access and affordability in production, distribution and logistics; and point-of-sale and waste elimination.

VertueLab (Portland, Oregon) to launch its Impact Fund that is focused on filling a critical capital gap for seed-stage cleantech startups in the Northwest.

“The Wells Fargo Innovation Incubator is proud to provide additional support for the IN 2  Channel Partners in their efforts to accelerate the development and commercialization of clean technology and support of early-stage entrepreneurs,” said Ramsay Huntley, Clean Technology and Innovation Philanthropy program officer with Wells Fargo. “These are the leaders who are really disrupting the industry and driving innovation.”

The IN 2 Channel Partner Awards program was established in 2017 with $5 million of committed funding from Wells Fargo to be distributed over four years. Since inception, $2.1 million in competitive and non-competitive grants has supported more than 74 events, strategic meetings and trainings, and 21 larger strategic initiatives involving 23 organizations. In the pilot year of the awards program, funded projects have engaged more than 1,800 participants (entrepreneurs, industry and academic representatives and others), created nearly 200 jobs, led to more than $18.3 million in follow-on funding for startups involved and earned $812,000 in matching funds from outside organizations.

For more information on the Channel Partner Awards program, please visit www.in2ecosystem.com.

About the Wells Fargo Innovation Incubator

The Wells Fargo Innovation Incubator (IN2) is a $30 million technology incubator and platform funded by the Wells Fargo Foundation. Co-administered by and housed at the National Renewable Energy Laboratory (NREL) in Golden, Colorado, IN 2 ’s mission is to speed the path to market for early-stage, clean-technology entrepreneurs. Launched in 2014 with an initial focus on supporting scalable solutions to reduce the energy impact of commercial buildings, IN2 expanded its focus in 2018 to advance technologies that address the interconnection of food, water and energy. Companies selected for participation in the program receive up to $250,000 in non-dilutive funding from Wells Fargo, technical support and validation from experts at NREL and the Donald Danforth Plant Science Center, and ongoing connections to organizations across value chains. For more information, visit www.in2ecosystem.com.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,800 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 259,000 team members, Wells Fargo serves one in three households in the United States. In 2018, Wells Fargo donated $444 million to 11,000 nonprofits. Also in 2018, Wells Fargo team members volunteered 2 million hours and collectively donated $75.4 million to nonprofit and community organizations during the company’s annual Community Support Campaign. Wells Fargo’s corporate social responsibility efforts are focused on three strategic priorities: diversity and social inclusion, economic empowerment, and environmental sustainability. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190305005523/en/

CONTACT: Media

E.J. Bernacki

ejbernacki@wellsfargo.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA COLORADO

INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY TECHNOLOGY OTHER TECHNOLOGY NATURAL RESOURCES AGRICULTURE PROFESSIONAL SERVICES BANKING FINANCE ENVIRONMENT

SOURCE: Wells Fargo & Company

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PUB: 03/05/2019 09:00 AM/DISC: 03/05/2019 09:01 AM

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