Wells Fargo Selects Clean Technology Startups for Innovation
Friday, April 10, 2015
Wells Fargo & Company (NYSE: WFC) today announced the selection of four clean technology startups for the Wells Fargo Innovation Incubator (IN2), a five-year, $10 million program to foster innovative environmental technologies. The program is funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). It is the first philanthropy program of its kind within the financial services industry.
“To address growing climate concerns, it is absolutely crucial to accelerate investments in innovative companies that provide clean technology solutions,” says Mary Wenzel, Wells Fargo head of Environmental Affairs. “We are proud to work with NREL and the community of clean technology innovators to help support startups that are providing long-term sustainable solutions.”
In this first of three selection rounds, four promising technologies were chosen from more than 80 clean technology companies referred by more than 20 leading accelerators, universities and research institutes in the U.S.
The four selected companies are eligible for up to $250,000 each in cash and in-kind technical consultation and services to support the further development of their technologies. Startups will receive research and testing support at NREL’s world-class research facility in Golden, Colo., as well as coaching and mentorship from Wells Fargo’s vast network of financial and technical experts.
Companies selected include:
- Energy Storage Systems (Portland) is developing an advanced flow battery that utilizes earth-abundant iron as its energy storage medium. This translates to unmatched affordability when the All-Iron Flow Battery (IFB) is used to address commercial energy storage needs.
- LiquidCool Solutions (Rochester, Minn.) is developing two forms of total immersion electronics cooling technology for large-scale data centers: Liquid Submerged Servers (LSS) and Liquid Submerged Computers (LSC). Initial testing of the LSS system has yielded 40 percent in energy savings for computer use when compared to a traditional air-cooled system.
- SmarterShade (Chicago) delivers on the promise of smart glass – significant energy savings, glare reduction and enhanced privacy impact – all in a seamless user-controlled shading interface that lasts 4-5 times longer than blinds and shades. SmarterShade’s technology costs a fraction of the price of traditional smart glass and requires no electrical power.
- WattStick Systems (San Francisco) is developing peel-and-stick electricity metering technology that can be safely and easily installed by nontechnical staff. By eliminating the need for sophisticated electrical installation, WattStick Systems’ technology will drastically reduce total submetering costs for commercial buildings and open the door for significant long-term energy use reduction.