Hawaiian Company Selected for Innovation Incubator
Honolulu-based Ibis Networks has been selected for Wells Fargo’s Innovation Incubator, the first and only Hawaii company chosen for the program.
Ibis Networks and fellow Energy Excelerator startup Geli were among 10 companies chosen for the bank’s five-year, $10 million startup program, which looks to further energy efficiency by accelerating sustainable commercial-building technologies.
The startups in the program will be given up to $250,000 in cash and in-kind technical assistance to advance their technologies.
The companies will also have the opportunity to beta test within Wells Fargo’s real estate footprint.
The Wells Fargo Innovation Incubator program launched in 2014 and is funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory.
Ibis recently closed a $2.5 million series A financing, which attracted investors such as Ulupono and EEx Fund One. It has also partnered with Honolulu-based Energy Excelerator and Hawaii Energy to install 1,300 Intelisockets across three University of Hawaii campuses.
Geli, which develops software products that design, automate and manage energy storage, recently closed a $7 million series A and is currently working on designing its Hawaii project as a part of Energy Excelerator’s demonstration track.
All Hawaiian companies conducting research and development and creating innovative products or processes are eligible for the state R&D tax credit. To learn more, contact a Swanson Reed specialist by clicking here.