Wells Fargo Adds 10 Clean-Tech Startups to Innovation Incubator

Wells Fargo & Company (NYSE:WFC) today announced it has selected the
third round of clean technology startup companies to join the Wells
Fargo Innovation Incubator (IN2)
, a five-year, $10
million program which helps advance energy efficiency by accelerating
sustainable commercial-building technologies. The 10 early-stage
companies in Round 3 will each receive up to $250,000 in cash and
in-kind technical assistance to advance their technologies and an
opportunity to beta test within Wells Fargo’s real estate footprint.
Launched in 2014, IN2 is funded by the Wells Fargo Foundation
and co-administered by the U.S. Department of Energy’s National
Renewable Energy Laboratory (NREL)

The 10 early-stage companies include a diverse mix of technologies
designed to advance energy and water efficiency through HVAC system
innovation, building management and controls software, advanced
lighting, water-data technologies and more. They join 10 other companies
selected for IN2 in prior rounds, bringing the total to 20
early stage companies now participating in the highly selective program.

In addition to receiving non-dilutive funding from the Wells Fargo
Foundation, IN2 participants receive financial and technical
consultation from a network of experts, as well as research and testing
support at NREL’s
world-class facility in Golden, Colo. Clean-tech startups participating
in IN2 will have their technologies validated at NREL’s
facilities, and many will follow the lab validation with beta testing at
select Wells Fargo locations. The real-world beta testing is a signature
component of the IN2 program and an important validation
exercise for startups to learn how their technologies will perform and
integrate with other systems.

“As an organization managing nearly 100 million square feet of real
estate, we know that efficiency matters, and we are pleased that our
efforts to build and foster an ecosystem that accelerates the
commercialization of clean technologies for commercial buildings is
bearing fruit,” said Ashley Grosh, vice president and IN2
co-lead for Wells Fargo. “Companies from rounds one and two have
achieved significant milestones on their way to the commercial
marketplace. We are pleased to add this third round of innovators to IN2
and expect the momentum we’ve seen to date continue across the program.”

The 10 clean technology startups joining Round 3 of the IN2
program are:

  • Transformative Wave: (Kent, Wash/Boulder, Colo.) HVAC, light, and
    battery storage retrofit kit for commercial buildings
  • Software Motor Corporation: (Sunnyvale, Calif.) Super high-efficiency
    Internet-enabled motor for HVAC applications
  • PowerFlex Systems: (Los Altos, Calif.) Adaptive EV charging network
    for demand response and renewable integration
  • simuwatt®: (Boulder, Colo.) Rapid energy auditing software
    and platform
  • Maalka: (New York, N.Y.) Open modeling platform for managing large
    scale building sustainability initiatives
  • Geli: (San Francisco, Calif.) Software platform to design, automate,
    and manage energy storage systems
  • APANA: (Bellingham, Wash.) C&II smart water management systems using
    IoT and prescriptive analytics
  • EdgePower: (Aspen, Colo.) Cloud-hosted energy simulation application
    for analyzing and enhancing building performance
  • Ibis Networks: (Honolulu, Hawaii) Plug load management for the
  • J2 Innovations: (Chino, Calif.) Building automation and operating
    system for connecting and controlling devices

“IN2 continues to attract high quality applicants and
companies, and is proving out the model that we had envisioned;
participating companies have been acquired by successful
clean-technology corporations, received follow-on funding, and beta
demonstrations are underway within the program,” said Richard Adams,
Director of NREL’s Innovation and Entrepreneurship Center. “We are
enthusiastic about the opportunity to advance these early stage
technologies as well as to offer real-world test conditions in order to
optimize their potential for success in the market.”

The IN2 program is part of Wells
Fargo’s 2020 Corporate Social Responsibility Commitments
which include commitments to accelerate the transition to a lower carbon
economy and provide $65 million to environmentally-focused nonprofits
and innovative projects that are delivering social, economic and
environmental impact. IN2 would not be possible without the
collaboration and partnership of its 44 Channel Partners across the
U.S., which include universities, business plan competitions and other
clean technology accelerators. These Channel Partners provide a pipeline
of early stage, high quality startup company referrals to IN2.

Wells Fargo Innovation Incubator Channel Partners include:

  • ACRE |Urban Future Lab / Powerbridge
    NYU Tandon School of
    Engineering | Brooklyn, N.Y.
  • Advanced Research Projects Agency – Energy (ARPA-E) | Washington, D.C.
  • Cal-Tech, Flow Program | Los Angeles, Calif.
  • Carnegie Mellon University | Pittsburgh, Penn.
  • Case Western Reserve University | Cleveland, Ohio
  • Clean Energy Trust | Chicago, Ill.
  • Cleantech Group | San Francisco. Calif.
  • Cleantech Open | Redwood City, Calif.
  • Coachella Valley Economic Partnership | Palm Springs, Calif.
  • Colorado State University Energy Institute | Fort Collins, Colo.
  • Energy Excelerator | Honolulu, Hawaii
  • Fraunhofer CSE TechBridge Program | Boston, Mass.
  • Green Town Labs | Boston, Mass.
  • Imagine H20, Inc. | San Francisco, Calif.
  • Innosphere | Denver, Colo.
  • Los Angeles Cleantech Incubator | Los Angeles, Calif.
  • MassChallenge | Boston, Mass.
  • MIT Energy Club | Cambridge, Mass.
  • Northeast Clean Energy Council (NECEC) Institute | Boston, Mass.
  • NextEnergy Center | Detroit, Mich.
  • Northwestern University | Evanston, Ill.
  • Oregon BEST | Portland, Ore.
  • Portland State University | Portland, Ore.
  • Prospect SV | San Jose, Calif.
  • Purdue University | West Lafayette, Ind.
  • Rice University Rice Alliance for Technology and Entrepreneurship |
    Houston, Texas
  • Stanford, TomKat Center for Sustainable Energy | Stanford, Calif.
  • Sustainable Startups | Salt Lake City, Utah
  • Telluride Venture Accelerator | Telluride, Colo.
  • Texas A&M University, Research Valley Partnership | College Station,
  • Texas State University | San Marcos, Texas
  • The Water Council | Milwaukee, Wis.
  • UC Berkeley, Cleantech 2 Market (C2M)| Berkeley, Calif.
  • UC Davis Energy Efficiency Center (EEC) | Davis, Calif.
  • UC Irvine | Irvine, Calif.
  • UC San Diego | San Diego, Calif.
  • University of Colorado | Boulder, Colo.
  • University of Denver | Denver, Colo.
  • University of Michigan | Ann Arbor, Mich.
  • UNC Charlotte | Charlotte, N.C.
  • UT Austin, Austin Technology Incubator (ATI) | Austin, Texas
  • UT Austin, McCombs Business School Texas Venture Labs| Austin, Texas
  • University of Washington Foster School of Business | Seattle, Wash.
  • University of Wisconsin – Madison | Madison, Wis.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through more than 8,600 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42 countries and
territories to support customers who conduct business in the global
economy. With approximately 269,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 27 on Fortune’s 2016 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy our customers’
financial needs and help them succeed financially. In 2015, Wells Fargo
donated $281.3 million to 16,300 nonprofits, ranking No. 3 on the
Chronicle of Philanthropy’s rankings of the top corporate cash
philanthropists. Wells Fargo team members volunteered 1.86 million hours
in 2015, serving more than 40,000 nonprofits. Wells Fargo’s corporate
social responsibility efforts are focused on three priorities: economic
empowerment in underserved communities, environmental sustainability,
and advancing diversity and social inclusion. News, insights and
perspectives from Wells Fargo are also available at Wells
Fargo Stories

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