GrowFlux Selected To Join the Wells Fargo Innovation Incubator Program
Wells Fargo, the National Renewable Energy Lab and the Donald Danforth Plant Science Center will provide world-class research support and $250,000 in non-dilutive funding
PHILADELPHIA, July 8, 2021 /PRNewswire/ -- 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 GrowFlux and four other startups to participate in the program's ninth cohort.
GrowFlux has been selected alongside other companies that are developing technologies to help make indoor agriculture more sustainable. Launched in 2014 with an initial focus on scaling energy efficient solutions in commercial buildings, IN2 expanded into sustainable agriculture in 2018 to accelerate technologies that help the agriculture sector overcome barriers and costs of implementing sustainable farming solutions.
"We are thrilled to work with Wells Fargo, NREL, and the Donald Danforth Plant Science Center to advance our energy saving lighting control algorithms," says GrowFlux CEO Eric Eisele. As part of the IN2 program, GrowFlux plans to field test lighting control algorithms which incorporate real time sensor data to deliver the right light to the crop at the right times, saving growers significant amounts of energy. The activities done under the IN2 program complement the company's wireless lighting control products for horticultural lighting, which is compatible with the industry's broadest range of lighting brands.
GrowFlux was nominated to the program by Cleantech Open, a member of IN2's nationwide Channel Partner network, which includes more than 60 cleantech and agtech business incubators, accelerators and university programs. GrowFlux underwent in-depth review by Wells Fargo, NREL, Donald Danforth Plant Science Center and IN2's expert advisory board.
GrowFlux and the other selected companies will receive up to $250,000 in non-dilutive funding from Wells Fargo. They will conduct research and development activities at NREL and the Donald Danforth Plant Science Center in St. Louis, Missouri, a program partner and the world's largest independent plant science research institute.
About GrowFlux
GrowFlux, Inc. is an AgTech company offering automation and cloud technologies aimed at resource efficiency and yield expansion for the controlled environment agriculture industry, including greenhouses and indoor farms. GrowFlux specializes in data driven cultivation techniques that provide faster time to harvest, a lower energy footprint, and increased yields, driving profitability for farmers and opening new opportunities to bring crops into greenhouses and indoor farms. The company offers an ecosystem of commercial scale wireless lighting controls, cloud services, and cloud connected agricultural sensors that work seamlessly together to rapidly scale the farms of the future.
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 in2ecosystem.com.
SOURCE GrowFlux, Inc.
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