Wells Fargo IN(2) Welcomes New Cohort Focused on Decarbonization Solutions for Buildings

Rhea-AI Summary

Wells Fargo Innovation Incubator (IN²) has selected three startups for its 14th cohort, focusing on decarbonization solutions for buildings. Blip Energy, Evercloak, and Transaera will each receive $250,000 in non-dilutive funding to develop energy-efficient building technologies. The companies will collaborate with NREL scientists to validate their solutions, which include smart battery platforms, refrigerant-free dehumidification systems, and advanced air conditioning technology. These innovations aim to reduce energy consumption and emissions in commercial and residential buildings. The IN² portfolio now includes 75 companies that have secured over $2.6 billion in follow-on funding.

Positive

• Portfolio companies have secured over $2.6 billion in follow-on funding
• Program expansion to 75 companies demonstrates successful track record
• Strategic partnership with NREL provides access to research facilities and expertise

Negative

• None.

DENVER / ACCESSWIRE / November 20, 2024 / Wells Fargo

Three startups awarded $250,000 each in non-dilutive funding to accelerate energy-efficient, resilient building technologies

The Wells Fargo Innovation Incubator (IN²), a clean technology program funded by Wells Fargo and co-administered by the U.S. Department of Energy's National Renewable Energy Laboratory (NREL), today announced the selection of three startups for its next cohort in the Emerging Tech Track. This cohort targets scalable, drop-in solutions for the built environment to drive energy efficiency, reduce emissions, and support decarbonization across commercial and residential sectors.

"With increasing urbanization, addressing energy demands and building resilience is paramount," said Sarah Derdowski, IN² program manager at NREL. "These startups have market-ready technologies poised to make a meaningful impact on how we manage buildings' energy demands. Their solutions are designed for quick deployment across diverse settings, helping to accelerate adoption and maximize energy efficiency and sustainability."

Each company will receive $250,000 in non-dilutive funding and work closely with NREL's leading scientists and engineers to refine and validate their technologies. The startups were nominated by IN²'s Channel Partner network, which includes more than 60 business incubators, accelerators, and university programs across the United States.

The selected companies in IN²'s 14th cohort are:

• Blip Energy (Chicago, Illinois): Focused on transforming the grid into a resource, Blip's smart battery platform manages the energy consumption of high load appliances like air conditioners, refrigerators, and more. This affordable drop-in technology makes an immediate impact without the typical barriers around permitting and installation. Blip Energy will collaborate with NREL's Dr. Ravi Kishore.

• Evercloak (Waterloo, Ontario): Evercloak is revolutionizing how buildings are cooled with its refrigerant-free dehumidification systems, powered by graphene-oxide membrane technology. The solution can improve building cooling energy use by up to 50%. Evercloak will collaborate with NREL's Dr. Jason Woods.

• Transaera (Somerville, Massachusetts): Transaera's advanced dehumidification system addresses the energy-intensive nature of air conditioning in humid climates. Their solution integrates with standard HVAC systems to reduce the energy consumption of commercial air conditioning by 40%. Transaera will collaborate with NREL's Dr. Nelson James.

These companies' innovations represent critical advancements toward IN²'s mission of enabling clean technology solutions that address real-world challenges. In addition to financial support, selected startups gain access to NREL's unparalleled research facilities and expertise, de-risking their technology in the lab and positioning them for continued market success.

"We're thrilled to continue our work with IN² and support innovative companies working to address energy and resilience challenges in buildings," said Jeff Schub, senior vice president and leader of Sustainable Finance Integration and interim co-head of Sustainability at Wells Fargo. "We are particularly excited that this cohort will get real-time feedback from companies in IN²'s new Scalable Tech Track. The demand for innovative solutions in the building and sustainability space is only growing, so we continue to support companies preparing to meet that rising need."

With the addition of this 14th cohort, IN²'s portfolio now totals 75 companies spanning sectors from agriculture and housing to the built environment. To date, the program's portfolio companies have collectively secured more than $2.6 billion in follow-on funding, reflecting IN²'s pivotal role in fostering technology that advances sustainability and resilience.

About the Wells Fargo Innovation Incubator (IN²)

The Wells Fargo Innovation Incubator (IN²) is a $50 million technology program funded by Wells Fargo and co-administered by the U.S. Department of Energy's National Renewable Energy Laboratory. IN² advances clean technologies from ideation to commercialization-validating emerging startups in the built environment and infrastructure sectors while facilitating connections with end users who receive practical implementation guidance that supports their sustainability goals. IN²'s mission is to foster innovation and accelerate the pace of market adoption of clean technologies to address urgent climate challenges. For more information, visit in2ecosystem.com.

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SOURCE: Wells Fargo

View the original press release on accesswire.com

FAQ

How much funding did Wells Fargo (WFC) provide to each startup in the 14th IN² cohort?

Wells Fargo provided $250,000 in non-dilutive funding to each of the three startups selected for the 14th IN² cohort.

How many companies are now in Wells Fargo's (WFC) IN² portfolio?

With the addition of the 14th cohort, Wells Fargo's IN² portfolio now totals 75 companies across various sectors.

What is the total follow-on funding secured by Wells Fargo (WFC) IN² portfolio companies?

The IN² portfolio companies have collectively secured more than $2.6 billion in follow-on funding.

Which startups were selected for Wells Fargo's (WFC) 14th IN² cohort in 2024?

The selected startups are Blip Energy from Chicago, Evercloak from Waterloo, and Transaera from Somerville.