News Release | May 20, 2021
Wells Fargo and the National Renewable Energy Lab (NREL) will provide world-class research support and $250,000 in non-dilutive funding
San Luis Obispo -- The Wells Fargo Innovation Incubator (IN2), a technology incubator and platform funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), has selected NeoCharge and four other startups to participate in the program’s eighth cohort.
NeoCharge has been selected alongside other companies that are developing clean technologies that improve energy efficiency and affordability in residential housing. IN2 launched in 2014 with an initial focus on supporting scalable solutions that improve energy efficiency in commercial buildings. In 2019, IN2 expanded its focus to include clean technologies for residential buildings to address the national affordable housing crisis by commercializing solutions that lower utility bills, improve construction processes and incorporate advanced materials.
NeoCharge – “We are thrilled for the opportunity to utilize the National Renewable Energy Lab's world-class research and development resources to make a greater impact with our Smart Splitters and our new Smart Charging software.”
“We are beyond blessed to be selected by Wells Fargo and NREL to advance our integrated software platform to synchronize energy demand for cleaner and more affordable charging,” said Spencer Harrison, Co-Founder and CEO at NeoCharge. “It goes to show, how an idea can take you farther than you think when you have the drive, the right team, and the passion to make an impact."
IN2 portfolio companies are nominated by a nationwide network of the program’s Channel Partners, which include more than 60 cleantech and agtech business incubators, accelerators, universities and industry experts—before undergoing in-depth review by Wells Fargo, NREL and IN2’s expert industry advisory board.
NeoCharge and the other selected companies will receive up to $250,000 in non-dilutive funding from Wells Fargo. They will conduct their research and development activities at NREL’s state-of-the-art research facilities in Golden, Colorado. NREL researchers will help the startups develop, model, characterize and verify their technologies in one of more than fifty NREL labs and user facilities. As a national laboratory, NREL is a global leader in advancing the science and engineering of energy efficiency, sustainable transportation, and renewable power technologies and provides the knowledge to integrate and optimize energy systems.
NeoCharge’s mission is to ease the transition to an all-electric future by making home electrification and Electric Vehicle (EV) charging more accessible. Launched in 2017, NeoCharge’s flagship product, the Smart Splitter, saves electric vehicle drivers up to thousands of dollars on the installation of EV charging at home. NeoCharge has won a multiple world-class awards from CalTech, the State of California, and the Los Angeles Cleantech Incubator, and are currently building an integrated software platform that will reward EV drivers for utilizing cleaner energy from the electrical grid. For more information, visit NeoCharge's website.
About the Wells Fargo Innovation Incubator (IN2)
The Wells Fargo Innovation Incubator (IN2) is a $50 million technology incubator and platform funded by the Wells Fargo Foundation. Co-administered by and housed at the National Renewable Energy Laboratory (NREL) in Golden, Colorado, IN2’s mission is to speed the path to market for early-stage, clean-technology entrepreneurs. 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. Companies selected for participation in the program receive up to $250,000 in non-dilutive funding from Wells Fargo, technical support and validation from experts at NREL and the Donald Danforth Plant Science Center, and ongoing connections to organizations across value chains. For more information, visit the Wells Fargo Innovation Incubator's website.