The Wells Fargo Innovation Incubator (IN2) has selected three startups for its latest cohort focused on enhancing resiliency in building operations. Each company received $250,000 in funding as part of a $55 million energy technology program coadministered with the U.S. Department of Energy’s national laboratory, NREL, based in Golden.
The selected startups aim to improve heating, cooling systems, and grid reliability through innovative technologies. “As our energy systems face growing pressure to perform reliably and efficiently, resiliency has become a strategic advantage for building owners and operators,” said Sarah Derdowski, IN2 program manager at NREL.
The three companies included in this cohort are:
- MicroEra Power (Rochester, N.Y.): Focused on thermal energy storage for flexible heating and cooling.
- SkyCool Systems (Mountain View, Calif.): Develops passive cooling technology for commercial buildings.
- Verv Energy (Los Angeles, Calif.): Uses artificial intelligence to optimize HVAC and refrigeration performance.
These startups have begun collaborations with NREL researchers to enhance their technologies and also gain access to IN2’s network of investors and market partners.
This new cohort adds to IN2’s portfolio of 77 startups focused on various sectors, including agriculture and infrastructure. To date, IN2 portfolio companies have raised more than $2.6 billion in follow-on funding, and 21% have successfully exited through acquisitions or IPOs.