Record Attendance at 30th Annual NREL Industry Growth Forum as Innovation Soars
History was made this year at the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) Industry Growth Forum (IGF), and not only because it celebrated the 30th anniversary of the event. The IGF also reached a record high number for attendance: more than 1,000 people
“Thank you all for being here for this milestone anniversary,” NREL Director Martin Keller said during his welcoming remarks. “For 30 years, this forum has brought together the energy ecosystem. You help NREL understand industry challenges, refine our research priorities to address real-world needs, and accelerate market adoption of new technologies. NREL benefits from your market insights and challenges, and you benefit from our technical expertise and research capabilities. This two-way exchange is why the IGF has thrived for 30 years.”
Held March 26–28, 2025, at the Sheraton Hotel in downtown Denver, Colorado, the event featured several new opportunities for investors, startups, and other industry professionals. The theme of the event was unlocking value, inspiring the creation of original programming aimed at leveraging the power of the IGF.
Attendees focused on bringing innovative energy solutions to the market, including battery construction, novel ways to power buildings, and maximizing energy efficiency to lower costs. The event included new programs such as a reverse pitch session, a spotlight of companies that are part of NREL’s Innovation and Entrepreneurship Center (IEC) portfolio, Growth Stage dialogues, resource roundtables, and more.
"What a difference 30 years makes,” IEC Director Trish Cozart said during her opening remarks. “Since the first NREL Industry Growth Forum, we’ve increased the size of the event by tenfold, and while our computers are eight orders of magnitude more powerful than they were 30 years ago, one thing that has not changed is that the key to unlocking value in this business is people. No matter how much compute power we build, I believe 30 years from now, we will still be sitting across the table talking to each other.”
Networking has always been at the core of IGF, and this year was no different with nearly 3,000 meetings held. The marquee event for many attendees was the one-on-one meetings between startups and investors. During this 3.5-hour session, each startup and investor had 10 minutes to talk during each prescheduled meeting before moving on to the next.
The IGF also featured a competition where 52 different presenters pitched in front of panels of investor judges and then received questions and scores from the judges. The pitch competition awarded top ventures across several stages: Growth, Commercialization, Pre-Commercialization, and Early. Other categories awarded included Best International Venture (for the first time), People’s Choice, and Best Overall Venture.
First-Time Attending Startup Seeks Connections
One of those participating in the Early-Stage pitch competition was first-time IGF attendee Michael Solomentsev, co-founder and CEO of Palanquin Power. Solomentsev is also in NREL’s Lab-Embedded Entrepreneurship Program, West Gate. Palanquin helps make data centers more efficient using advanced power electronics, and Solomentsev often describes the technology by pointing to a laptop charger.
“With that type of device, you don’t really care if it’s 80% or 90% efficient,” Solomentsev said. “But a data center has the same need for power conversion, and each percentage point means much more power on that scale, so they have a huge premium for efficiency. Our approach enables efficiencies that no one else can achieve.”
West Gate provides participants technical support via a two-year program at NREL, working with experts to help further develop technology. Solomentsev has about 18 months left in the program, and leading up to the IGF, he was very excited about the one-on-one meetings.
“Meeting that many investors and who are in the particular niche I inhabit, it’s worth its weight in gold,” Solomentsev said.
Long-Time Investor Advises Multiple Entrepreneurs
Tim Woodward, managing director of Prelude Ventures, began coming to the IGF just after its creation in the 1990s. His firm typically funds companies before first revenue with a Seed or Series A check and continues the relationship through commercialization to scaling.
“There really isn’t another event that happens at this scale that brings this many investors and companies together,” he said. “There isn’t an equivalent.”
Over the years, Woodward has acted multiple times as a member of the selection committee that chooses the startups to present at the event).
“I’ve been coming to this for almost all 30 years,” Woodward said. “From a gathering of 50 to 100 investors and startups to more than 1,000 people today, it’s really become the place to be for industry investors and startups.”
Accelerator Looks for Technologies To Take Home
Suzanna Caldwell, tech deployment track manager for Launch Alaska, came to the IGF seeking to expand her program’s reach. Launch Alaska, based in Anchorage, is an eight-month accelerator program for companies to develop technologies in the Alaska environment.
“It’s always great when you find a technology and the innovators are interested in Alaska,” Caldwell said. “It’s amazing to make those connections in a place like this far from home. It’s inspiring. At the end of it, I walk away saying: ‘Wow, this is such a cool space.’”
Several companies in the Launch Alaska portfolio came to this year’s IGF, which Caldwell thinks is an invaluable experience for both her accelerator and the innovators.
“I don’t know of other conferences that are like this,” she said, “that bring together so much diversity in the marketplace. I’m really impressed by NREL’s ability to bring this together.”
Startup Service Provider Keeps Coming Back Each Year
Law firm Wilson Sonsini began sponsoring the IGF several years ago. Bob O’Connor, a partner in the law firm, said the relationship dates back to 2003, when one of the first innovative energy technology companies he represented also happened to be a spinoff that was commercializing NREL-created technology.
“People come to the IGF in order to ascertain what’s next,” O’Connor said. “It is a bit like coming home in many respects. It’s always a great opportunity to see all the key players in the industry catching up and sharing stories, vulnerabilities, and accomplishments. I’ve always thought of NREL as quite literally the most optimistic place on earth. If you aren’t sure we as a community, or as an industry, can meet the challenges ahead of us, come to IGF. The answers are probably here!”
O’Connor gave a keynote address on Friday, March 28, where he focused on what NREL means to the community.
“NREL brings us optimism, and optimism requires resilience. Optimism doesn’t come cheap,” O’Connor said. “Yet, resilience is an opportunity, and that is why the community is rallying around NREL. To me, NREL is resilience.”
New Programs Offer New Opportunities
Solomentsev took part in several of the new programs at this year’s IGF, including the IEC Spotlight session. This invite-only event brought together investors and industry professionals for special pitches from 10 startups that came from IEC programs such as the Wells Fargo Innovation Incubator (IN2), the Shell GameChanger Powered by NREL (GCxN), West Gate, and Chevron Studio.
The spotlight was just one of several new programs. The others included:
- Industry Reverse Pitches: In addition to the regular pitch competition, the IGF hosted a reverse pitch session during the event. Executives with Wells Fargo, Shell, Fortescue, National Grid, Halliburton Labs, and Chevron gave short presentations about what they are looking for from startups to advance their businesses and when considering what to invest in.
- Resource Roundtables: Hosted by service providers, these sessions included advice from lawyers, accountants, and technical analysis companies. Advisors chose topics and answered questions from startups based on their areas of expertise.
- Growth Stage Dialogues: Companies pitching in the Growth Stage met with investors and other stakeholders for 25-minute sessions outside of the pitch competition. The conversations delved into legal issues, insurance questions, and how to bring in partners.
- International Competition: Earlier in 2025, NREL held, a virtual competition for organizations headquartered outside of the United States, Canada, and Europe. The winner, Ampersand, based out of Kigali, Rwanda, was invited to pitch at the in-person IGF, where the company also earned the award for Best Growth Venture.
- Developer University: As a customized offering for the IGF, project development and project finance experts from CREO, Spring Lane Capital, and Wilson Sonsini delivered a snapshot of their Developer University curriculum. The morning session provided attendees with a crash course on the practical tools and strategies used for project development and the finance and legal structures that enable first-of-a-kind energy deployments.
- NREL Tech Talks: Startups and investors alike benefited from discussions with NREL researchers who shared the state of innovation in 30-minute talks spanning across advanced solar manufacturing, built environment, the grid, critical materials and batteries.
Face-to-Face Meetings Encourage Innovation
Nearly 3,000 meetings were held at this year’s IGF, many of them during the must-attend one-on-one sessions. A longtime IGF attendee, Woodward treats the one-on-one sessions like office hours.
“In a perfect world, you come across a company that’s interesting and that you want to continue to do due diligence on, and that ultimately leads to an investment,” he said.
Two of the companies Woodward met with early on are from the West Gate portfolio. He asked pointed questions, tracking responses to challenges and opportunities. His advice for innovators remained consistent.
“Control what you can control, keep your head down, plug away, and build a good team,” he said.
Solomentsev met with 15 to 20 investors during the IGF, many of them during the one-on-one session.
“It was really high value,” he said. “I loved the one-on-ones; I loved meeting a lot of people. I like learning about what other people are doing, and some of my most pleasant conversations are the ones with zero stakes where you’re just talking to another startup and then maybe there’s an introduction or a lead that comes out of that.”
The meetings at the IGF saved him months of work, by bringing everyone together as only NREL can.
“The reputation of the event, of NREL and the IEC, and their ability to attract great people and get them to come to Denver for this is unparalleled,” Solomentsev said.
The Incubator/Accelerator Open House took place at the same time as the one-on-one meetings. The open house provided an opportunity for incubators and accelerators to set up tables in the expo hall and connect with startups, investors, and other IGF attendees to share information about their organizations and services.
“That was so great for me,” Caldwell said. “If I wasn’t able to schedule time with folks, I could at least connect with them then, make eye contact, and say hello because everyone is friendly and willing to support you. Even if you meet someone that’s outside of the sphere you’re working in, there’s probably connections to be made.”
Award Winners and Beyond
Before the closing remarks of the conference, Cozart announced the winners of the pitch competition awards. Solomentsev was among the winners, earning the Best Early Venture award for Palanquin Power.
“I’m very excited—I’m very happy to have won the award,” Solomentsev said. “It is very nice to get some sort of validation that people think the core business is a big enough opportunity.”
“I hope this forum has brought you promising new connections and opportunities,” Cozart said during the closing remarks. “Startups out there, you see things that other people can’t see. Investors, you are bold because you believe in a future that only innovators can see. I look around this room and I see the future. I can’t wait to see the value that’s unlocked from the last couple of days.”
To learn more about the IGF, visit www.nrelforum.com.