Wells Fargo last week launched an “Innovation Incubator”program (IN2), a $10 million environmental grant program for clean technology startups.
IN2 was announced 28 October at the NREL Industry Growth Forum in Denver and is the first of its kind in the banking industry, according to Wells Fargo. Under the program, clean-tech startups will be identified and recommended by Wells Fargo’s network of technical, financial and industry advisers at laboratories and research facilities across the country.
The first of three rounds of selected companies will be announced early next year, and will receive up to $250,000 for business development needs, research and testing support at NREL’s Golden, CO facility, along with “coaching and mentorship” from Wells Fargo. An independent advisory board of nearly a dozen industry leaders representing the commercial building sector, academia, community organizations, successful entrepreneurs and technical experts will select the final companies to be included in the IN2 program.