50.2 F
Fort Worth
Monday, November 30, 2020
Banking Startup with UTA connections named to Wells Fargo Innovation Incubator’s Agtech Program

Startup with UTA connections named to Wells Fargo Innovation Incubator’s Agtech Program

Other News

A look at big issues on Supreme Court’s agenda

Some of the issues either already on the Supreme Court's docket when it begins its new session or likely to be before the justices...

Wall Street posts solid gains after surge in corporate deals

By ALEX VEIGA and DAMIAN J. TROISE AP Business Writers Wall Street kicked off the week with a broad rally Monday, clawing back much of...

Tarrant County ranks low in work-from-home study by NAR

North Texas ranks pretty high in the “Work from Home” category, according to a just-released study by the National Association of Realtors. But Tarrant...

Commentary: Universities and COVID-19: Charting turbulent times

Ray Perryman As the COVID-19 pandemic emerged this spring, college campuses across the United States swiftly sent students home in droves and switched to...

Arlington-based SolGro is one of five companies to be selected to participate in the Wells Fargo Innovation Incubator (IN2) in the incubator’s first agtech cohort.

IN2 is a technology incubator and platform funded by the Wells Fargo Foundation and co-administered by the National Renewable Energy Laboratory (NREL).

The news release said that SolGro is an agtech startup developing innovative light-converting greenhouse canopies that can help produce food more sustainably.

In selecting SolGro for the inaugural agtech cohort, IN2’s goal is to advance technologies that can reduce agriculture’s carbon, energy and water impact, which collectively account for as much as 70% of water and 14% of energy usage worldwide.

SolGro will receive up to $250,000 in non-dilutive funding to test, validate and advance its technologies with experts at the Donald Danforth Plant Science Center (Danforth Center), the world’s largest independent plant science institute.

“The biggest challenge startups face is validation, and our entry into the IN2 program is a really big step for SolGro, especially since we can work so closely with the Danforth Center,” said Tyler Sickels, CEO and co-founder of SolGro. “We’re so honored to be one of only five companies in the country selected for this program, and we’re excited to make the most of this exceptional opportunity.”

IN2 started in 2014 with an initial focus on supporting scalable solutions to improve energy efficiency in commercial building and expanded its focus in 2018 to advance innovations in agtech, or the application of software and hardware technology to farming.

“Wells Fargo is excited to be supporting and nurturing innovations that will ultimately lead to more sustainable and productive agriculture,” Ramsay Huntley, Clean Technology and Innovation Philanthropy program officer for Wells Fargo, said in the news release.

“As one of the largest lenders to the agriculture and agricultural technology sectors, Wells Fargo will bring its expertise to the table in de-risking these early-stage startups and help move them to the next level,” he said.

“The companies involved with IN2 might be small, but they’re solving big problems,” said Trish Cozart, IN2 program manager at NREL. “SolGro was an extremely strong applicant, and we cannot wait to see the strides they make by being a part of our program.”

Claire Kinlaw, director of Innovation Commercialization at the Danforth Center, said the center has been a driver in the growth of agriculture innovation for 20 years.

“We look forward to leveraging the IN2 model and working with these early-stage companies to accelerate their technologies to commercialization,” Kinlaw said.

SolGro was developed in partnership with the University of Texas at Arlington and has created plastics that amplify sunlight into the wavelengths that are best for plant growth. These greenhouse materials passively increase crop production, decrease harvest time and improve overall plant health the news release said.

The Wells Fargo Innovation Incubator (IN2) is a $30 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.

The Donald Danforth Plant Science Center, founded in 1998, is a nonprofit research institute with a mission to improve the human condition through plant science.




– FWBP Staff


Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Biden to nominate Yellen, highlights diversity on econ team

WILMINGTON (AP) — President-elect Joe Biden on Monday announced his senior economic team, including his plans to nominate the first woman to head the...

GM walks away from stake in electric vehicle maker Nikola

NEW YORK (AP) — General Motors will not take an initial stake in the electric vehicle company Nikola, which announced Monday that it would...

DoorDash looking for a valuation of nearly $30B

NEW YORK (AP) — DoorDash is looking for a valuation of nearly $30 billion when it takes itself public, reflecting how integral food delivery...

FCC Chairman Ajit Pai to leave telecom agency on January 20

Federal Communications Commission Chairman Ajit Pai, a Republican, says he is leaving the telecommunications regulator on Inauguration Day. President-elect Joe Biden will choose a new...

Holiday trends to watch: Adult Play-Doh; stores that ship

NEW YORK (AP) — The pandemic is turning this into a holiday shopping season like no other. Toy companies are targeting stuck-at-home grown-ups with latte-smelling...