The Wolves play their home games at the Wells Fargo Arena and compete in the Western Conference of the NBA G League.

[3] From 2007 to 2017, the team was known as the Iowa Energy in the NBA Development League (D-League) until being purchased and renamed by the Timberwolves.

The team was owned and operated by Iowa Basketball, LLC, a local ownership group led by attorney Jerry Crawford and also including Gary Kirke, Sheldon Ohringer, Paul Drey, Michael Richards and Bruce Rastetter.

The team would play their home games at the Wells Fargo Arena, parts of the Iowa Events Center.

[14] Energy center Courtney Sims, who averaged 22.8 points and 11.0 rebounds per game, won the D-League Most Valuable Player Award.

[15] He also earned multiple call-ups to the NBA, signing a pair of 10-day contracts with the Phoenix Suns and the New York Knicks.

Guard Othyus Jeffers, who was selected in the third round of the 2008 D-League Draft by the Energy, was named as the Rookie of the Year Award.

[21] In the semifinals, the Energy faced the eighth seed Tulsa 66ers, who eliminated the Sioux Falls Skyforce in the first round.

[31][32] Stinson, who averaged 19.3 points, 9.8 assists and 5.7 rebounds per game, was named as the D-League Most Valuable Player Award.

Jeffers received a call-up to the Washington Wizards and signed a contract for the remainder of the season, while Sims left the team to play in China.

Before the 2011–12 season, the league announced that the Energy would be affiliated with three teams, the Bulls, the New Orleans Hornets and the Washington Wizards.

The Minnesota Timberwolves were added as an affiliate for the 2013–14 season,[39] while Nate Bjorkgren as the franchise's new head coach.

[42] Jed Kaplan, a minority owner of the Memphis Grizzlies, led the new affiliation deal and was named managing partner for the Energy ownership group.

The agreement ended at the conclusion of the 2016–17 season as the Grizzlies began operating their own D-League team, the Memphis Hustle.

[43] On January 23, 2017, it was announced that the Minnesota Timberwolves would be purchasing the Energy to serve as their D-League affiliate beginning with the 2017–18 season[44] and was finalized on May 3, 2017.