Fiscal Year 2024 Innovation and Entrepreneurship Center
In 2024, NREL's Innovation and Entrepreneurship Center (IEC) set out to expand our vision into what it will take to scale technologies. We worked with novel, emerging technologies from the startup landscape while partnering with industry leaders to uncover new programming and opportunities. Together, we're bringing commercially ready technologies developed over the past decade to market at scale.
Director, NREL Innovation and Entrepreneurship Center
Spotlight on Industry Growth and Adoption
Scaling New Heights in Building Tech Adoption
The Wells Fargo Innovation Incubator (IN2), a collaborative program between NREL and Wells Fargo that supports the development and deployment of clean technologies, celebrated its 10th anniversary this year. In response to evolving market dynamics, IN2 launched the Scalable Tech Track, focused on overcoming demand-side market barriers and accelerating widespread cleantech adoption. The inaugural cohort—comprised of large organizations from utilities, real estate, health care, education, data centers, and more—will receive guidance on implementing technologies in the built environment through digitization and change management. At the program's conclusion, participants will compete for up to $250,000 to conduct pilot projects with IN² startups or others based on their needs.
The IN2 Scalable Tech Track is an exciting step toward breaking down barriers and making clean technology more accessible. We're proud to support this effort and collaborate with organizations that are helping provide solutions for the transition to a low-carbon economy and building a more sustainable future."
The inaugural Scalable Tech cohort includes 10 diverse organizations from across the country.
State of Innovation 2024: Low-Carbon Cement and Concrete
Leveraging a unique vantage point between research and industry, NREL's 2024 State of Innovation: Paving the Way for Low-Carbon Cement and Concrete white paper features data and analysis on the future of low-carbon cement and concrete technologies. Over the past two years, 61 startups in this space have secured more than $729 million from 100 unique investments. Additionally, venture capital investments in emerging low-carbon technologies surpassed $700 million from 2022 to 2023. This trend signals a growing interest in decarbonizing the cement industry.
Stakeholders—including cement producers and government agencies—are committed to reducing concrete emissions by 2050, driving demand for innovations from startups (such as lower cement content), optimized production processes, and carbon-mineralized materials. These solutions promise net-zero or carbon-negative outcomes but must economically compete with traditional concrete to succeed at scale. This white paper was released in conjunction with NREL's second annual Cement and Concrete Decarbonization Meeting, which showcased perspectives from concrete contractors and building owners ready to implement low-carbon innovations, as well as entrepreneurs benefiting from NREL's technology evaluation.
In a booming built environment sector that's seen ninefold growth in the past 7 years, active low-embodied carbon startups have quadrupled and attracted 16 times the investment in that same time frame, rising from 7.7% to 12% of investments.
NREL's material testing provided us with phenomenal scientific backup to our approach and a deeper understanding of the nature of our materials. A shift in the marketplace is occurring now, and there is an opportunity for new enterprises to grab market share. We are hearing more and more interest from strategic investors and industry partners."
Startup Portfolio
Startup Portfolio Highlights
Photo from Cartier Women's Initiative
Hexas' CEO won first place from Cartier Women's Initiative for developing XanoFiber, a sustainable, plant-based alternative to wood and fossil fuel materials.
Photo from Antora Energy
Antora Energy was named a Best Workplace for Innovators by Fast Company, raised $150 million in series B funding, and was awarded $14.5 million from the Advanced Research Projects Agency–Energy to scale its factory-made thermal batteries.
Photo from Kelvin
Kelvin secured a partnership with ClearGen, which will finance up to $100 million in energy efficiency projects designed to optimize heat distribution and reduce carbon emissions in legacy multifamily buildings.
Photo from AeroShield Materials
AeroShield Materials awarded $14.5 million from the Advanced Research Projects Agency–Energy to scale the manufacturing of its aerogel materials for energy-efficient windows.
Photo from Refresh Miami
Blue Frontier raised $16.9 million in strategic funding to scale its energy-efficient air-conditioning systems that separate temperature and humidity control, cutting energy use in half.
Photo from the U.S. Department of Energy's Office of Technology Transitions
Olokun Minerals won second place at the U.S. Department of Energy's 2024 Energy Program for Innovation Clusters Prize pitch competition for its technology to extract minerals from salty wastewater streams.
Photo from Cala Systems
Cala Systems, maker of a highly intelligent heat pump water heater, licensed NREL technology as a result of its project with the NREL Technical Assistance Program.
Photo from Babur Ozden
Aquanta Vision Technologies secured $180,000 in pre-seed funding from Ecosphere and Odyssey Energy Advisors to advance its methane detection using optical gas imaging cameras.
2024 Portfolio Companies
Nine companies and innovators joined IEC programs in Fiscal Year 2024.
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Aquarry combats global warming by adapting carbon removal techniques to clean contaminated pit lakes.
Brint Tech's hydrogen-monitoring system uses optical sensors and advanced analytics for accurate, fast gas detection.
EsterCycle's chemical recycling technology decomposes polyester plastics into original components for true circularity.
Last Loop Metals extracts rare earth elements from waste sources, supporting the energy transition with sustainable mining.
Latimer Controls uses machine learning to stabilize intermittent solar power, improving grid reliability and economics.
Mana Battery develops low-cost sodium-ion batteries that outperform lithium-ion in cost, supply chain, and safety.
SolarMantle developed a polymer material that reflects and emits heat, reducing cooling energy use and improving comfort.
Palanquin Power streamlines energy management by reducing power conversion steps, lowering costs and boosting efficiency.
Sensatek Propulsion Technology's wireless sensors detect wind turbine damage early, reducing costs and improving efficiency.
Events: Convening Networks and Driving Impact
Camp Cleantech Corrals Nationwide Network for Startup Success
Sponsored by Wells Fargo, the 2024 Camp Cleantech was a first-of-a-kind event designed as a one-stop resource for startup executives to access the insights and networking they need. Held at CSU Spur, this inaugural gathering of more than 180 attendees featured 21 workshops on critical topics led by IEC Channel Partners—the nation's top incubators and accelerators. Startups also benefited from one-on-one sessions with mentors, business attorneys, and industry peers, gaining valuable support tailored for their commercialization journey. Camp Cleantech matched attending startups' passion for cleantech solutions with ecosystem supporters who will accelerate their products to market.
It was a chance to meet valuable people and learn crucial skills in a short period of time. Very high return on your investment of time."
We're all trying to do very hard things—climate tech. So here, we're holding each other's hands going, 'This is tough, and we're here for each other.' I got a lot of support, and I feel energized."
Channel Partners Deliver Essential Resources for Startup Growth
The Channel Partner network—IEC's ecosystem of cleantech incubators, accelerators, and universities—delivered impactful content that was essential to Camp Cleantech's success, enriching the dynamic learning experience. In April 2024, the network awarded competitive grants through IN2 to Channel Partners to develop tailored workshops addressing key challenges for cleantech startups. Channel Partners presented 15 workshops on topics such as building relationships with utilities, preparing for successful pilot partnerships, and partnering with communities on clean energy projects.
The 2023 Strategic Award winners also completed their initiatives this year, collectively supporting 37 startups through incubator and accelerator programs and driving 38 new pilots and field trials.
The 29th Industry Growth Forum (IGF) highlighted the power of networking in connecting capital with energy technologies. The sold-out event, themed "Breaking Ground," celebrated the growing share of solar, wind, and battery technologies within domestic industrial investments. It also showcased emerging startups with technologies in advanced materials, electrolyzers, and distributed energy resources—many in pilot and demonstration stages. Despite a downturn in domestic venture capital, the cleantech and climate-tech leaders at IGF demonstrated continued momentum and commitment to advancing the industry.
If you want to talk to anyone in your space, they're coming to the IGF. They're here, and they're totally accessible."
Beyond the shadow of a doubt, [the IGF] has helped us tremendously in raising capital."
Investor Advisory Board Explores Carbon Value Potential
NREL's Investor Advisory Board connects top clean energy and climate-tech investors, from early- to growth-stage, with NREL researchers and industry experts to explore investment trends, research perspectives, and opportunities. This group of highly engaged members not only participated in the IGF as table hosts, judges, and members of the selection committee, but they also met quarterly to discuss how to encourage next-generation technologies. In 2024, meetings focused on value from carbon and business models that capture demand for upgraded hydrocarbons. Members represent more than $17 billion in available capital and $25 billion in assets under management.
Lab-Embedded Entrepreneurship Program Demo Day Builds Cross-Lab Network for Startups
In July 2024, West Gate and NREL hosted the U.S. Department of Energy (DOE) Lab-Embedded Entrepreneurship Program's (LEEP) 2024 LEEP Demo Day, which showcased more than 30 cleantech entrepreneurs developing transformative energy technologies. Nearly 200 guests attended the event, which featured business pitches from LEEP ecosystem innovators from Chain Reaction Innovations at Argonne National Laboratory; Cyclotron Road at Lawrence Berkeley National Laboratory; Innovation Crossroads at Oak Ridge National Laboratory; and West Gate at NREL.
This event underscores IEC's commitment to strengthening NREL's connections across the DOE network. Through initiatives like West Gate, IEC promotes collaboration among national labs and engages with key DOE technology offices. West Gate's most recent cohort represents technologies supported by six distinct DOE offices, exemplifying the program's impact in advancing groundbreaking energy solutions across the sector.
[DOE is] proud to support the national labs and the [clean energy] entrepreneurs who are leading this effort, and it is critically important that we work together to scale these technologies, commercialize them, and get them out there to make that difference."
We [all] want to have a real impact, and do something that's good for society, for the planet. And the only way to do that is through large scale. And so the question is, 'How do you get from here to there?'"
Canadian Startups Pitch NREL Researchers
IEC hosted two opportunities for Canadian companies to pitch their cleantech innovations and technical challenges to NREL researchers. The events were part of NREL's Canadian Technical Assistance Program, a partnership with the Canadian Technology Accelerator Climatetech Program that facilitates two-way conversations between lab researchers and pitch companies and access to NREL's brain trust. Held Oct. 23, 2023, and April 16, 2024, the events also allowed NREL researchers to build relationships with other innovators, offer constructive feedback on the technologies, and hear what's happening in technology from another part of the world. Eleven promising Canadian startups pitched during the events, for which 26 principal investigators provided feedback.
Programs: Moving Technology Forward
IEC programs provide solutions to suit our partners’ needs by identifying gaps that prevent innovations from entering or growing within the market.
The 72 companies in IN2's portfolio surpassed $2.3 billion in follow-on capital raised and achieved a 259% increase in employment growth.
The Shell GameChanger Accelerator Powered by NREL celebrated a new agreement to dramatically grow the number of startups the program can support and introduced strategic awards as well as an internationally focused innovation network.
West Gate welcomed six new innovators in August and graduated four in September, with participants raising more than $17 million and creating 30 jobs since joining the program.
Now working with 47 technical partners, Chevron Studio funded six discovery phase entrepreneurs, supported three companies in scale-up, and advanced its first company to field trials.
Twenty-eight teams participated in Energy I-Corps, representing 10 national labs and technologies ranging from innovative building material to quantum computing.
Twelve Canadian companies participated in two cohorts and 23 NREL researchers participated in two pitch days to share technical expertise and feedback.
The Global Power System Transformation Consortium's network of 37 power system operators, who deliver 35% of global electricity, advanced technical solutions for accelerating utilization of variable renewable energy.
The NREL Technical Assistance Program received $100,000 from NREL's Technology Transfer Office to support 20 additional projects. One previous program project resulted in the startup licensing the technology.
Innovation and Entrepreneurship Center Team
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Last Updated Feb. 5, 2025