SYRACUSE, N.Y. — The SyracuseCoE, New York State’s Center of Excellence in Environmental and Energy Systems, is now a channel partner of the Wells Fargo Innovation Incubator (IN2). The U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) co-administers the IN2. IN2 is a $50 million technology incubator and platform funded by the Wells Fargo […]
SYRACUSE, N.Y. — The SyracuseCoE, New York State’s Center of Excellence in Environmental and Energy Systems, is now a channel partner of the Wells Fargo Innovation Incubator (IN2).
The U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) co-administers the IN2.
IN2 is a $50 million technology incubator and platform funded by the Wells Fargo Foundation. Housed at NREL in Golden, Colorado, IN2’s objective is to “speed the path to market” for early-stage, clean-technology entrepreneurs, the SyracuseCoE, which is led by Syracuse University, said in a news release.
The SyracuseCoE is one of only two New York–based, clean-tech partners to join the nationwide network of channel partners. The network includes more than 60 colleges and universities, business incubators and accelerators, and their affiliated clean-technology programs.
An invitation-only program, IN2 relies on channel partners like SyracuseCoE to refer promising companies to the program for consideration in a competitive application and down-selection process prior to being invited to join the next cohort.
Cohort 10, a cleantech-demonstration cohort, will be launched within the next few months.
The SyracuseCoE has spoken with three Syracuse-area startups, one located downstate, and another in Florida to gauge their interest in participating, Tamara Rosanio, associate director of partner programs at SyracuseCoE, tells CNYBJ in an email.
Those companies are assessing their R&D needs before deciding by the mid-September deadline, Rosanio added.
Launched in 2014 with an initial focus on supporting “scalable solutions” to reduce the energy impact of commercial buildings, IN2 has since expanded its focus to “advance technologies” that address the sustainable production of agriculture and housing affordability.
IN2 supports clean-energy startups and agriculture companies by providing funding for projects of up to $250,000, including technical assistance that leverages the capabilities, facilities, equipment, and expertise available through NREL, as well as at the St. Louis, Missouri–based Donald Danforth Plant Science Center (Danforth Center).
To date, 56 portfolio companies have each received up to $250,000 in technical and project assistance from the IN2 program. For every IN2 program dollar awarded, on average, IN2 companies raise more than $95 dollars in external follow-on funding. IN2 portfolio companies have gone on to raise $1.1 billion from external follow-on funding, creating 774 jobs.
“Relationships with DOE national labs are critical to growing the clean-tech innovation cluster in New York state,” Eric Schiff, director of SyracuseCoE. said. “We are thrilled to become an IN2 Channel Partner. In addition to providing much-needed support for project funding, startups that are invited to join an IN2 cohort are paired with experts from NREL or the Danforth Center who can help them address critical milestones on their paths to commercialization.”