US-based financial services firm Wells Fargo has chosen five startups to participate in the fourth round of its cleantech and energy efficiency-focused Wells Fargo Innovation Incubator (IN²).
Launched by Wells Fargo and the US Department of Energy’s National Renewable Energy Laboratory (NREL) in 2014, IN² was expanded to $30m following a $10m commitment from the bank in April 2017. It has already graduated 20 startups.
IN² was formed to accelerate the development of early-stage cleantech, and initially concentrated on technology that could reduce the environmental impact of building. It has since expanded to cover transport, sustainable agriculture and the microgrid following the 2017 investment.
The five startups to join the initiative’s fourth batch will each receive up to $250,000 in non-dilutive funding from Wells Fargo as well as technical assistance from NREL experts and access to beta testing at a facility run by Wells Fargo or one of IN²’s strategic partners.
The participants in question include heating, ventilation and air conditioning control system developer 75F; Ladybug Tools, which has created computer applications that support the design of sustainable buildings; and Yotta, a modular energy storage startup.
UbiQD, a provider of nanomaterials for energy harvesting, and Next Energy Technologies, which specialises in printable, transparent energy-harvesting coatings, were also selected.
Ramsay Huntley, vice-president of clean technology for Wells Fargo, said: “This initiative began four years ago to help cutting-edge, clean-technology startups refine and further develop their technology to speed the path to market and improve sustainability in commercial buildings.
“Our $30m program has invited 25 startups to participate, and those companies have gone on to collectively raise more than $100m in external follow-on funding, making the Wells Fargo Innovation Incubator one of the premier launchpads for advancing clean technologies in the US.”