First Program of Its Kind in the Banking Industry Fosters Early Stage Clean Energy Technologies
DENVER — Wells Fargo has launched its Innovation Incubator (IN2) program, a $10 million grant for clean technology startups funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s (DOE’s) National Renewable Energy Laboratory (NREL) to foster the development of early stage clean technologies for commercial buildings. The program is said to be the first of its kind in the banking industry.
Announced at the NREL Industry Growth Forum in Denver, clean technology startups will be identified and recommended by Wells Fargo’s network of technical, financial, and industry advisors at laboratories and research facilities across the country. The first of three rounds of selected companies will be announced in early 2015, and will receive up to $250,000 for business development needs, research, and testing support at NREL’s world-class facility in Golden, Colorado, along with coaching and mentorship from Wells Fargo. An independent advisory board of nearly a dozen industry leaders representing the commercial building sector, academia, community organizations, successful entrepreneurs, and technical experts will select the final companies to be included in the IN2 program.