Financial services firm Wells Fargo has launched a $10m fund which will target cleantech start-ups developing early-stage technology for commercial buildings.
The Innovation Incubator programme will be funded through the Wells Fargo Foundation andwill be jointly run by the US Department of Energy’s National Renewable Energy Laboratory (NREL).
Cleantech companies will be identified by Wells Fargo’s network of technical, financial and industry advisors at laboratories and research facilities across the US. Candidates will also be sourced from universities and regional incubators
The first year of the programme will focus on funding sustainable buildings technologies that can reduce both cost and the negative impact of the built environment on the natural environment and public health.
Selected companies will receive $250,000 in funding for business development, research and testing support at NREL’s facility. Support and mentorship will also be provided by Wells Fargo.
The first group of selected companies will be announced early next year. The Wells Fargo Foundation has committed to providing $100m to environmentally-focused nonprofits and universities by 2020.