Program enlists Danforth Plant Science Center as strategic
partner to explore the nexus of food-water-energy, validate
solutions to address agriculture’s environmental impact
The Wells Fargo Innovation Incubator (IN2), a technology
incubator and platform funded by the Wells Fargo Foundation and
administered by the National Renewable Energy Laboratory (NREL), is
expanding its program to advance technologies that address the
interconnection of food, water and energy. The Donald Danforth
Plant Science Center will be a strategic partner to help further
develop and validate promising agriculture technologies addressing
critical sustainability challenges. The announcement was made at
Danforth’s Ag Innovation Showcase on Sept. 11 in St. Louis.
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“In looking to expand IN2, we discovered that one of the
greatest opportunities for creating smart, connected, sustainable
cities is finding efficiencies in the connections among food,
energy and water use,” said Mary Wenzel, head of Sustainability and
Corporate Responsibility at Wells Fargo and IN2 board member.
“Agriculture uses 70 percent of global water and 14 percent of
global energy, and our IN2 program is uniquely positioned to
further the development and commercialization of technologies that
reduce agriculture’s carbon, energy and water impact.”
The Danforth Plant Science Center, the world’s largest
independent plant science institute, will focus on research and
validation of innovative solutions that address how to use digital
agriculture to produce food more sustainably, much like the way
NREL leads the program’s validation of technologies related to
commercial buildings. Future IN2 activities under the
food-water-energy nexus will include food system inefficiencies and
water conservation to help meet IN2’s goal of advancing smart,
connected communities.
“We are extremely pleased to be working with an organization
that deeply understands the trifecta of basic science, innovation
and commercialization,” said Trish Cozart, IN2 program manager at
NREL. “We cannot wait to see the benefit our next round of
portfolio companies will receive.”
“As one of the largest lenders to the agriculture and
agricultural technology (agtech) sectors, Wells Fargo will bring
its expertise to bear in helping these early-stage startups make it
to the commercial marketplace,” noted Ramsay Huntley, Clean
Technology and Innovation Philanthropy program officer with Wells
Fargo.
“Wells Fargo and NREL, through the expanded IN2 program, are the
right partners with which to accelerate delivery of benefits from
science and technology on the farm,” said Jim Carrington, president
of Danforth Plant Science Center. “We are excited about this new
partnership as a way to combine the focused scientific research
capability at the center with pressing needs to deliver more
sustainable and productive agriculture.”
IN2 finds and selects companies through a network of
Channel Partners consisting of incubators, accelerators and
universities across the U.S. After validation, participating
companies with commercially ready technologies have the potential
to beta test with a strategic program partner. IN2 already is
examining its networks for potential beta testing partners and
plans to announce the selection of Round 5 agtech portfolio
companies in spring 2019. To date, IN2 has funded 20 early-stage
companies that have gone on to raise $89.5 million in follow-on
funding from external sources.
“For 20 years, the Danforth Center has been a driver in the
growth of the food and agriculture innovation ecosystem,” said
Sam Fiorello, chief operating officer at Danforth Plant Science
Center. “By leveraging the center’s excellence in plant research
and its best-in-class technology infrastructure, the
expanded IN2 platform will help accelerate agriculture
technology commercialization for early-stage companies across the
U.S. and the world.”
For a complete list of IN2 portfolio companies, visit
in2ecosystem.com/portfolio-companies.
About the Wells Fargo Innovation Incubator
IN2 is a $30 million clean-technology incubator and
platform funded by the Wells Fargo Foundation. Administered by and
housed at the National Renewable Energy Laboratory (NREL) in
Golden, Colo., IN2’s mission is to speed the path to market for
early-stage, clean-technology entrepreneurs. Companies selected for
participation in the program receive up to $250,000 in non-dilutive
funding, technical support and validation from experts at NREL and
the Danforth Plant Science Center’s facilities, and the opportunity
to beta test at a Wells Fargo facility or with a strategic program
partner. Launched in 2014 with an initial focus on supporting
scalable solutions to reduce the energy impact of commercial
buildings, IN2 expanded its focus in 2018 to support innovation in
sectors such as food systems, energy storage, water and others with
the ultimate goal of fostering smart and connected communities of
the future. For more information, visit in2ecosystem.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products, as well as consumer and
commercial finance through more than 8,300 locations, 13,000 ATMs,
the internet (wellsfargo.com) and mobile banking, and has offices
in 38 countries and territories to support customers who conduct
business in the global economy. With approximately 265,000 team
members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 26 on Fortune’s
2017 rankings of America’s largest corporations. In 2017, Wells
Fargo donated $286.5 million to 14,500 nonprofits and Wells Fargo
team members volunteered a record 2 million hours. Wells Fargo’s
corporate social responsibility efforts are focused on three
strategic priorities: diversity and social inclusion, economic
empowerment, and environmental sustainability. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
About The Donald Danforth Plant Science Center
Founded in 1998, the Donald Danforth Plant Science Center is a
not-for-profit research institute with a mission to improve the
human condition through plant science. Research, education and
outreach aim to have impact the nexus of food security and
the environment and position the St. Louis region as a world
center for plant science. The Center’s work is funded through
competitive grants from many sources, including the National
Institutes of Health, U.S. Department of Energy, National Science
Foundation, and the Bill & Melinda Gates Foundation. For more
information, visit danforthcenter.org.
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MediaE.J. Bernacki,
415-840-4469ejbernacki@wellsfargo.comorDanielle Calfo,
720-833-5914dcalfo@mapr.agency
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