Wells Fargo Helps Finance 4 Energy Start-ups
Wells Fargo & Company selected 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 Alliance for Sustainable Energy, operator of the National Renewable Energy Laboratory (NREL).
In this first of three selection rounds, four technologies were chosen from more than 80 companies through an invitation-only program, referred by more than 20 universities and research groups.
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 affordability when the All-Iron Flow Battery is used to address commercial energy storage needs.
- LiquidCool Solutions (Rochester, MN) 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 smart glass for energy savings, glare reduction and enhanced privacy – all in a user-controlled shading interface that lasts 4-5 times longer than blinds and shades. SmarterShade’s technology is cheaper than traditional smart glass and requires no electrical power.
- WattStick Systems (San Francisco) is developing Stick-on Electricity Meter sensor devices that can be installed by nontechnical staff. By eliminating the need for professional electrical installation, the sensors can reduce total submetering costs for commercial buildings.
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. Business assistance also is available as part of the funding that each company receives. Startups will receive research and testing support at NREL’s research facility in Golden, Colorado, as well as coaching and mentorship from Wells Fargo’s network of financial and technical experts.
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