Credit to Author: Tina Casey| Date: Sat, 23 May 2020 19:05:02 +0000
Published on May 23rd, 2020 | by Tina Casey
May 23rd, 2020 by Tina Casey
Consensus is building for a green recovery from COVID-19, and aside from clean power there is also movement afoot in the agriculture field. The latest piece of the puzzle comes from a technology incubator called IN2, which is on a mission to infuse cash and technical resources into startups with game-changing potential. Agriculture is the theme of IN2‘s newly announced cohort of awardees, and its relationship with the US Department of Energy makes it all the more interesting, so let’s take a look and see what’s cooking.
IN2 — aka the Wells Fargo Innovation Incubator — is administered by the Energy Department’s National Renewable Energy Laboratory with funding from the Wells Fargo Foundation. The Danforth Plant Science Center is another key partner and all of this is very interesting in terms of the potential for a green recovery, so last week CleanTechnica spoke with Ramsay Huntley, who is Sustainable Finance Strategist at Wells Fargo, for the backstory on IN2.
“With IN2, Wells Fargo is trying to stay at the forefront of where we think things are going as connected to clean technology and agricultural technology. They are highly inter-related, and this philanthropic effort gives us license to go where classic investors or venture capitalists wouldn’t go. Our thesis is broader,” he explained.
Huntley’s background in startups also comes into play.
“We keep the perspective of the startup at the heart of this,” he said. “I think of it in terms of the customer experience. How do [startups] gain access to resources that would not be available otherwise, or would be very expensive.”
The basic idea behind IN2 is to speed the way to a future in which there are fewer in-farm inputs [fertilizer, labor, time, etc.] and greater outcomes in terms of yields and food systems.
As Huntley sees it, speed is even more important in the context of COVID-19. While the economic crash has upended nonprofit budgets, IN2 is plowing forward.
“When we think of COVID-19 it’s even more important to keep the focus on providing resources to startups,” he said. “Everything that was critical 3-6 months ago is still critical today, with the added dimension of COVID-19.”
CleanTechnica has been spilling a lot of ink lately on the prospects for a green recovery built on renewable energy, and that goes hand in hand with agriculture.
With that in mind, let’s take a look at IN2‘s newly announced agriculture cohort:
Got all that? Good!
If TerViva rings a bell, that’s a good example of a great idea taking years to kick around before someone comes in with the cash and resources to bring it up to scale.
TerViva crossed the CleanTechnica radar a full eight years ago when we called its hardy, pest-resistent legume trees the “Ginsu Knives” of treedom for their multiplicity of benefits.
Aside from replenishing exhausted soil and producing a perennial crop, we noted the potential for grazing livestock between the trees and providing forage for honeybees.
Pongamia is well known for its use in holistic medicine but its potential for food, feed, and biofuel has barely been scratched, and that’s where TerViva comes in.
TerViva is currently welcoming new growers and product partners, what are you waiting for? Based on IN2’s track record the entire cohort has a good shot at breakthrough success.
With the six new startups, the IN2 portfolio consists of 46 startups which have collectively raised $313 million in external follow-on funding, for an average of $28 for every $1 awarded by IN2.
That could have something to do with the incubator’s non-dilutive funding model, meaning that the startups don’t have to give up any ownership to acquire the assist. That puts them in a better position to raise more money from investors down the road.
IN2 candidates are nominated by a network of 60 institutions before they pass muster with the incubator, and NREL is part of the Energy Department’s sprawling network of national laboratories, academic partners, and public-private initiatives. These resources were hammering away at a green recovery after the 2008 crash and they’ve kept it up ever since.
If this is starting to ring a bell, you may be thinking of the GxCN clean energy incubator that NREL is administering for Shell. That incubator launched in 2018 and now it is dovetailing nicely with Shell’s pivot toward clean power. Apparently the company is intent on dragging the rest of the sector along with it, as GxCN aims at game-changing tech that can be applied across the board.
As with IN2, the GxCN grant-making model doesn’t stop at giving away fish or distributing fishing poles. It provides innovators with the resources to invent a whole new fish and the tools to go with it, too.
Not everybody is banking on a green recovery, but there are some powerful heavy hitters in the green corner and the rumblings are growing stronger every day.
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Image: via TerViva.
Tina Casey specializes in military and corporate sustainability, advanced technology, emerging materials, biofuels, and water and wastewater issues. Tina’s articles are reposted frequently on Reuters, Scientific American, and many other sites. Views expressed are her own. Follow her on Twitter @TinaMCasey and Google+.