Wells Fargo started the Innovation Incubator (IN2) in 2014, as a private-public partnership with the National Renewable Energy Lab.
It’s about providing cleantech clients with capital in a non-dilutive grant.
It’s providing them technical resources, and it’s providing them hopefully an ability to pilot within Wells Fargo’s corporate facilities.
(IN2) is focused around building energy efficiency.
We’re now in the midst of exploring and broadening out that platform.
Wells Fargo in starting the Innovation Incubator saw the gap in support for entrepreneurs, right, that had to go through a prolonged commercialization curve to market adoption.
So this was about bringing capital and resources to support those entrepreneurs work through and hopefully towards commercialization.
We support companies of all stages, from early stage venture-backed companies up to large public companies.
Part of the (IN2) platform is about giving entrepreneurs line of sight into the capital that is going to be required as they scale.
Part of the reason we started the Innovation Incubator was to give more support via capital off of the foundation, via resources, right, and hopefully a potential customer in Wells Fargo.
We understand the importance of supporting these businesses throughout their lifecycle. That’s why we started the Innovation Incubator. That’s why we started the cleantech group.
This is an investment, and we are in it for the long run.