Wells Fargo Innovation Incubator Launches Scalable Tech Track to Boost Cleantech

Key Takeaways:

1. Wells Fargo Innovation Incubator (IN²) selects 10 organizations for the inaugural cohort of the Scalable Tech Track program.
2. The program focuses on overcoming market barriers to widespread cleantech adoption, with an emphasis on equity and environmental justice.
3. Participants include corporations and communities from various sectors, all committed to decarbonizing the built environment.
4. The program will run from August to December 2024, culminating in pilot project funding opportunities.

The Wells Fargo Innovation Incubator (IN²), a $50 million clean technology initiative funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), has announced the selection of 10 organizations to participate in the inaugural cohort of its new Scalable Tech Track program. This program is designed to address market barriers and accelerate the adoption of clean technologies, representing a significant step forward in the effort to decarbonize the built environment.

Background on IN²

Founded in 2014, the Wells Fargo Innovation Incubator (IN²) initially focused on reducing the energy impact of commercial buildings. Over the years, it expanded its mission to include sustainable agricultural production and affordable housing. As the program marks its 10th anniversary, it is launching the Scalable Tech Track in collaboration with Overlay Build. This new initiative aims to facilitate the widespread adoption of clean technologies by tackling demand-side market challenges.

Program Objectives and Structure

The Scalable Tech Track is designed to support both corporations and communities in achieving their sustainability goals. It provides participants with practical guidance on implementing validated clean technologies, identifying barriers, and fostering collaboration among peers. The program emphasizes equity and environmental justice, ensuring that the benefits of cleantech adoption are accessible to all.

“Organizations are under increasing pressure to decarbonize, facing significant costs and reputational risks if they fail to act,” said Sarah Derdowski, IN² program manager at NREL. “Despite these pressures, many organizations still aren’t adopting clean technologies fast enough. The new Scalable Tech Track is designed to help organizations accelerate cleantech adoption and collaborate in an effort to address urgent climate challenges together.”

Participants and Program Timeline

The inaugural cohort consists of a diverse group of organizations from various sectors, all committed to decarbonizing the built environment. The 10 selected participants are:

• Avangrid (Orange, Connecticut): Focused on building a culture of innovation and scouting new technologies.
• CBRE (Dallas, Texas): Aims to simplify complexity, improve efficiency, and accelerate real estate portfolio decarbonization.
• Coconino County (Arizona): Developing a comprehensive school and district-based decarbonization plan.
• Digital Realty (Austin, Texas): Committed to reducing power consumption while expanding reach without increasing carbon footprint.
• Galvanize Climate Solutions (San Francisco, California & New York, New York): Investing in sustainable real estate to reduce carbon footprints.
• Intermountain Health (Salt Lake City, Utah): Striving for high-quality, affordable healthcare with a focus on sustainability.
• Prime Data Centers (Dallas, Texas): Seeking innovators to advance technology and sustainability together.
• Schneider Electric (Boston, Massachusetts): A global leader in electrification and digitization for smart buildings.
• Southern Company (Atlanta, Georgia): Committed to providing clean, safe, reliable, and affordable energy.
• University of Colorado Boulder: Working towards making its campus carbon neutral by 2050.

From August to December 2024, the participating organizations will engage in a series of virtual and in-person workshops. These sessions will focus on implementing new technologies in the built environment through digitization and change management. By the end of the program, each organization will have developed a comprehensive strategy for adopting new innovations and will be eligible to compete for up to $250,000 to fund pilot projects with IN² startups.

Future Developments

“Wells Fargo is proud to support the expansion of the IN² program to advance cleantech adoption,” said John Moon, senior vice president and sustainable philanthropy leader at Wells Fargo. “The participating organizations will receive actionable steps and knowledge from the experts at NREL to support them as sustainability leaders in their respective industries.”