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HONOLULU, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Shifted Energy has been selected as one of ten companies nationally to receive funding and technical support from 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). Selected for the incubator’s commercial buildings and housing cohort, Shifted Energy’s grid-interactive water heater (GIWH) technology helps stabilize the grid, absorb excess renewable energy, and reduce peak demand at a fraction of the cost of batteries.
IN2 is the proven model for assisting clean technology and agriculture companies to accelerate their paths to market. The program provides funding and technical assistance leveraging the capabilities, facilities, equipment and deep expertise that exists at NREL and the Donald Danforth Plant Science Center (Danforth Center). Shifted Energy will receive $250,000 of non-dilutive grants to validate the company’s technology at NREL, as well as gain the benefits of business connections across the entire IN2 network.
“Being selected to participate in the IN2 program gives our technology an incredible amount of validation,” said Forest Frizzell, Shifted Energy CEO. “The opportunity to receive expert guidance from NREL researchers, as well as access to their world-class facilities, is an invaluable benefit that will enable our electric water heater technology to reach its highest potential.”
In 2019, the Wells Fargo Foundation announced a commitment of $1 billion in philanthropic funding to help solve the nation’s affordable housing shortage. According to the Joint Center for Housing Studies at Harvard University, nearly one-third of U.S. households spend more than 30% of their income on housing, and 18 million households commit more than 50% for a safe place to live.
“The companies in our latest IN2 cohort show incredible promise in the affordable housing and energy efficient commercial building technology sectors,” said Ramsay Huntley, Clean Technology and Innovation Philanthropy program officer for Wells Fargo. “We are helping these start-ups overcome challenges for getting to market because when you look at the results of energy efficiency—improved health, increased productivity, cleaner communities—the benefits and return on investment are clear.”
The IN2 program initially launched in 2014 to support scalable solutions to reduce the energy impact of commercial buildings, which account for 19% of the nation’s energy use. Its commercial buildings portfolio includes a diverse mix of technologies designed to advance energy and water efficiency through HVAC system innovation, building management and controls software, advanced lighting, water-data technologies, and more.
“Wells Fargo’s affordable housing initiative aligns nicely with the IN2 mission and NREL’s expertise in construction innovation and energy efficiency,” said Trish Cozart, IN2 program manager at NREL. “With this cohort, we are taking IN2’s five-year legacy of fostering cleantech innovations that improve commercial building energy efficiency and translating that to the residential space.”
About Shifted Energy
Shifted Energy accelerates the integration of renewable energy by developing and deploying software and controllers that retrofit electric water heaters into fleets of thermal energy storage assets. Using its industry-leading virtual power plant software, Shifted Energy aggregates these assets to help stabilize the grid, absorb excess renewable energy, and decrease peak demand at a fraction of the cost of batteries, helping to engage hard-to-reach customers, such as renters and multi-family apartment dwellers, in the renewable energy transformation. For more information, visit www.shiftedenergy.com.
About the Wells Fargo Innovation Incubator (IN2)
The Wells Fargo Innovation Incubator (IN2) is a $30 million clean-technology incubator and platform funded by the Wells Fargo Foundation. Co-administered by and housed at the U.S. Department of Energy’s (DOE) 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 affordable housing. Companies selected for participation in the program receive up to $250,000 in non-dilutive funding from IN2, 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 https://in2ecosystem.com.
Trevi Communications for Shifted Energy