Brite Gets $50K Innovation Grant from Wells Fargo
Updated 10:00 a.m., May 18 | Corrected grant total from Brite Energy Innovators to $50,000 from $100,000
WARREN, Ohio – A $50,000 grant from the Wells Fargo Innovation Incubator will help Brite Energy Innovators assist startups, operate its laboratory space and help portfolio companies weather the COVID-19 pandemic.
“Startups have a difficult time getting from prototype to market even under the best of circumstances, and countless promising technologies focused on solutions to pressing global issues are at risk of being lost without immediate help,” said Ramsay Huntley, sustainable finance strategist at Wells Fargo, in a statement. “Startups need to be able to adapt quickly to changing realities. [Innovation Incubator] is showing that it is prepared to do the same by being nimble in our support.”
Of the $50,000 in grant monies, $40,000 is earmarked for use of the lab and related services and the remaining $10,000 will be disbursed to portfolio companies impacted by the coronavirus.
“The advanced testing equipment in the lab is well-suited for performing early-stage testing in the development of energy technologies,” said Bill Whittenberger, Brite’s chief technology officer and lab administrator. “Receiving this allows us to assist companies in using the lab, which could serve as a major step in helping them get their product to market.”
Companies interested in using the Brite lab or joining as a portfolio company can contact director of operations Sara Daugherty at firstname.lastname@example.org.
The Wells Fargo Innovation Incubator award to Brite was part of a $900,000 commitment to energy and clean technology incubators across the country.
Brite, based in downtown Warren, is the only such incubator in Ohio. In early April, Wells Fargo renewed its support for Brite as a channel partner. That designation also resulted in a $100,000 grant award.
Published by The Business Journal, Youngstown, Ohio.