• Innovative Clean Tech Support: Wells Fargo’s Innovation Incubator (IN²) has awarded $250,000 in non-dilutive funding to three startups focused on decarbonizing buildings.
• Targeting Energy Efficiency: The startups aim to deploy scalable, drop-in technologies to improve energy efficiency and reduce emissions in commercial and residential buildings.
• Collaborative Development: Selected startups will work with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) scientists to refine and validate their solutions.

Supporting Clean Technology Innovation

The Wells Fargo Innovation Incubator (IN²), co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), has announced three new startups for its 14th cohort under the Emerging Tech Track. Each company will receive $250,000 in non-dilutive funding and access to NREL’s renowned research facilities to advance their market-ready technologies.

The program focuses on solutions that address energy efficiency, emissions reduction, and decarbonization in the built environment—key priorities as urbanization increases and sustainability becomes a global imperative.

“With increasing urbanization, addressing energy demands and building resilience is paramount,” said Sarah Derdowski, Wells Fargo IN² program manager at NREL. “These startups have market-ready technologies poised to make a meaningful impact on how we manage buildings’ energy demands. Their solutions are designed for quick deployment across diverse settings, helping to accelerate adoption and maximize energy efficiency and sustainability.”

The Selected Startups

1. Blip Energy (Chicago, Illinois):
   Specializing in smart battery platforms, Blip Energy’s technology optimizes the energy use of high-load appliances like air conditioners and refrigerators. Their cost-effective solution bypasses typical permitting and installation hurdles. Blip Energy will collaborate with NREL’s Dr. Ravi Kishore.
2. Evercloak (Waterloo, Ontario):
   Using graphene-oxide membrane technology, Evercloak has developed refrigerant-free dehumidification systems that reduce cooling energy use in buildings by up to 50%. Evercloak will work with NREL’s Dr. Jason Woods.
3. Transaera (Somerville, Massachusetts):
   Focused on reducing the energy-intensive nature of air conditioning, Transaera’s dehumidification system integrates with standard HVAC systems to cut commercial air conditioning energy consumption by 40%. Transaera will collaborate with NREL’s Dr. Nelson James.

A Broader Impact

These startups join IN²’s portfolio of 75 companies, spanning sectors from agriculture to housing, with a shared mission to advance sustainability and resilience. The program has enabled its portfolio companies to secure over $2.6 billion in follow-on funding, demonstrating its critical role in clean technology innovation.

Jeff Schub, senior vice president and leader of Sustainable Finance Integration at Wells Fargo, expressed excitement for the cohort’s potential:

“We’re thrilled to continue our work with IN² and support innovative companies working to address energy and resilience challenges in buildings. The demand for innovative solutions in the building and sustainability space is only growing, so we continue to support companies preparing to meet that rising need.”

Driving Decarbonization in the Built Environment

This latest cohort highlights IN²’s dedication to accelerating the adoption of clean technologies that address real-world sustainability challenges. By supporting scalable and impactful solutions, Wells Fargo and NREL are helping reshape energy use in the built environment, paving the way for a more sustainable future.

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