Agritech startup GrowFlux selected to join Wells Fargo Innovation Incubator program
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.
Eric Eisele, CEO, GrowFlux: "We are thrilled to work with Wells Fargo, NREL, and the Donald Danforth Plant Science Center to advance our energy saving lighting control algorithms. 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.