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July 29, 2021

New Ventures’ Frey Selected Once Again For Corporate Venture Powerlist

INDIANAPOLIS, IN – July 29, 2021 – For the second year in a row, EVP New Ventures Kip Frey has been included in the Global Corporate Venturing Powerlist 100—the industry compendium of the one hundred most influential corporate venture capitalists in the world.

Announcing the Powerlist for 2021, GCV Editor-in Chief James Mawson commented on its significance: “The GCV Powerlist is designed to uncover the ‘vital few’ who are responsible for tens of hundreds of billions of dollars invested in the entrepreneurs who turn ideas into products and services.”

Frey joined corporate venture leaders from companies like Intel, Samsung, Alibaba and Amazon in making the Powerlist, which drew from a candidate pool of more than 2,000 corporate venturing units around the globe. GVC added that the scope and reach of corporate venture sponsors—in this case The Heritage Group—played an important role in this year’s selection: “These men and women from around the world also bring the power of their parent companies to bear to scale up prototypes and pilots into things we can all benefit from.”

The Heritage Group’s corporate venture arm, HG Ventures, was founded in 2018 and has quickly developed into one of the leading “hard tech” investors in the world—closing more than 25 investments in the past two years. Congratulations Kip!

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June 9, 2021

PowerTech Water, manufacturer of ElectraMet™ brand water treatment technologies, closes $6 million in venture capital to expand operations in Lexington, KY

LEXINGTON, KY – June 9, 2021 – PowerTech Water announced the closing of its oversubscribed Series B financing round led by HG Ventures. The funds will be used to meet the rising demand for sustainable industrial water treatment, accelerate corporate partnerships, and expand operations in Lexington, Kentucky.

PowerTech Water’s ElectraMet™ and INCION® brand water treatment systems offer an environmentally superior solution at a reduced cost for industrial manufacturing and waste streams.   This novel approach disrupts the conventional labor-intensive, chemical-based water treatment processes that have become ubiquitous over the past 50 years. ElectraMet will play an important role in modernizing wastewater treatment and reducing waste for manufacturers, municipalities, and mines.

“In 2021, US-based manufacturing has picked up, and the demand for ElectraMet systems skyrocketed. We are pleased to partner with HG Ventures, the State of Kentucky, and the local Bluegrass Angel Network in this Series B financing round to expand our capabilities and meet the demand,” said Cameron Lippert, Chief Executive Officer of PowerTech Water.

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May 14, 2021

Transcend raises $10M to accelerate sustainable design in water & infrastructure engineering

INDIANAPOLIS, IN – May 12, 2021 –Transcend Software Inc. (“Transcend”), a SaaS provider of generative design and engineering automation tools to the global engineering, construction, technology/OEM, and utility sectors announces the completion of a $10M Equity Investment led by Aspen Capital Group, HG Ventures, and PureTerra Ventures, also with participation from existing investor Vespucci Partners.

Transcend’s SaaS platform, the Transcend Design Generator (“TDG”), is the market’s first fully integrated water treatment design platform, enabling industry participants to design more sustainable water and wastewater facilities in a fraction of the time and cost compared to traditional, manual methods. Designs can easily incorporate new technologies and be assessed for CAPEX, OPEX, land footprint, carbon footprint, and other variables with a level of detail & accuracy that are typically much too time and cost prohibitive for the preliminary engineering phase.

Developed by many of the world’s leading experts in water and wastewater engineering, TDG has been used since 2013 to design over 7,500 treatment facilities to date. Transcend will use the proceeds from the investment to drive continued innovation across the water infrastructure market.

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May 14, 2021

Sustainable Construction Products Company Pretred Announces $3 Million Investment

INDIANAPOLIS, IN – May 11, 2021 –Pretred, a Colorado-based company that produces industrial barriers from >95% recycled materials, has announced a $3 million seed investment led by HG Ventures, the corporate venture arm of The Heritage Group. Pretred will use this investment to scale its US-based tire and plastic recycling process to meet the growing demand for green construction products. Pretred is a graduate of the 2020 cohort of The Heritage Group Accelerator Powered by Techstars®, a program for mentoring and developing early-stage companies in the hardtech industries of advanced materials, infrastructure, and environmental services.

Tire waste has become a worldwide environmental challenge, with >1 billion sent to the landfill or burned every year. The Pretred technology recycles approximately 65,000 tires for every mile of barriers (880 barriers). These barriers reduce 98% of equivalent CO2 emissions vs. concrete barriers, providing a sustainable product for use in construction, roads, parks and beyond.

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March 26, 2021

HG Ventures Partners with Innovate UK to Leverage Sustainable Startups in the United Kingdom

INDIANAPOLIS, IN – March 26, 2021 – HG Ventures has announced a partnership with Innovate UK to leverage HG Ventures investments in environmentally sustainable innovation in the United Kingdom. Innovate UK is part of United Kingdom Research and Innovation, which directs research and innovation funding for the UK government. HG Ventures was chosen as the only investor outside Europe to participate in the program following a competitive selection process.

Innovate UK is allocating grant funds to startups that can reduce energy and resource use or otherwise drive sustainable innovation. Startups that receive these grants must be funded by one of five investor partners and carry out a development project ranging from £50,000 to £2 million that runs between 12 and 24 months. HG Ventures has already made several European-based investments in its focus areas of environmental services, green chemistry, and sustainable infrastructure.

The UK Government has recognized the critical role that construction, materials, and chemicals industries – or “Foundation Industries” – play in powering its infrastructure and commerce. These industries contribute more than £50 billion to the UK economy, are responsible for 10% of UK carbon emissions, and consume substantial raw materials and energy. Innovate UK views innovation in these important market sectors as key to a greener, more sustainable future.

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March 19, 2021

120Water on growth tear, closes on $4.5M funding round

INDIANAPOLIS, IN – March 19, 2021 – Zionsville-based water management software firm 120Water has seen a recent tidal wave of growth—and more is on the way.

This week, 120Water announced it has closed on a $4.5 million round of capital, which will fuel more growth for the firm.

The round was led by New Ventures/The Heritage Group, with support of Allos Ventures, both based in Indianapolis. The capital will fuel hiring in all areas of the organization, in addition to research and development to support further enhancements to 120Water’s Digital Water Platform, company officials said.

In the past year, 120Water nearly doubled its workforce—to 43 full-time employees, with the vast majority of them based in central Indiana. The fast-growing firm plans to hire 157 additional workers by the end of 2022, company officials told IBJ this week.

“We continue to be impressed by the team at 120Water and see considerable opportunity with the platform they’re building and in the digital water space more generally,” said Kip Frey, New Ventures executive vice president. “Our investment reflects our enthusiasm for the team and our optimism about the future of the company.”

In 2020, 120Water achieved 250% year-over-year revenue growth and expanded its customer base to 19 states. Major new customers included Denver Water, the city of Newark, the city of Asheville and the New Hampshire Department of Environmental Services Drinking Water and Groundwater Bureau.

Last week, 120Water was named one of FastCompany’s most innovative companies for pursuing social good in 2020.

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January 22, 2021

HG Ventures’ Rothrock Named to Global Corporate Venturing “Rising Star” List

INDIANAPOLIS, IN – January 21, 2021 – HG Ventures today announced that Senior Director Ginger Rothrock has been named to the “Top 50 Rising Stars” List by Global Corporate Venturing (GCV), the leading industry publication for corporate venture capital.

The Top 50 Rising Stars Award recognizes the most significant professionals who entered the industry during the previous five years from a global roster of more than 2,500 corporate venture arms. Rothrock received the award on Jan. 21 during Digital Forum 3.0, an online conference sponsored by GCV.

Rothrock is among only 12% of venture capital partners who are women.

“I am honored to receive such a distinguished award,” Rothrock said. “I’m passionate about the power of corporate venture capital to unlock innovation and further the entrepreneurial ecosystem, especially in the materials science and sustainability sectors that are our focus at HG Ventures. I look forward to making further contributions to the industry.”

Rothrock is the second member of the HG Ventures team recognized by GCV. Executive Vice President for New Ventures Kip Frey was included in the Powerlist Top 100 leaders of in-house venture capital groups in 2020.

“Rising Star is an excellent description of Ginger,” Frey said. “She is playing a key role in developing HG Ventures into one of the nation’s premier corporate investment initiatives.”

Rothrock was recruited to HG Ventures in late 2018 while serving as vice president of technology and commercialization at RTI International, a translational research institute in Research Triangle Park, North Carolina. Eleven years earlier, Rothrock, a Ph.D. chemist, co-founded Liquidia Technologies, a clinical biopharma company in Research Triangle that went public in 2018.

At HG Ventures, Rothrock is responsible for sourcing deals, due diligence, and portfolio company governance and support. She is also liaison for internal incubation projects at the more than 30 companies tied to both HG Ventures and its parent company, The Heritage Group. With more than 5,000 employees globally, The Heritage Group is among Indiana’s largest private companies.


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January 5, 2021

Heritage Environmental Services and Romeo Power Launch Commercial Fleet Electrification Program

INDIANAPOLIS, IN – January 5, 2021 –Heritage Environmental Services, Inc. (“HES”), a leader in environmental and recycling services, and Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, announced today that they have launched a program to select fleet electrification partners to execute on HES’s fleet electrification strategy. HES and Romeo Power intend to select leading edge commercial Battery Electric Vehicle (BEV) value chain participants such as Original Equipment Manufacturers (OEMs), integrators and ePowertrain providers, to participate in the program. The goal is to enter into long-term production partnerships with program participants that deliver the best solution for Heritage’s requirements. All participants will be required to utilize Romeo Power’s energy technology and battery management system in their vehicle offerings.

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January 5, 2021

Romeo Power to Trade on NYSE Under Ticker “RMO” as of December 30, 2020

INDIANAPOLIS, IN – January 5, 2021 –Romeo Systems, Inc. (“Romeo Power”), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, announced today that it has completed its business combination (“Business Combination”) with RMG Acquisition Corp. (“RMG”) (NYSE: RMG), a special purpose acquisition company. The Business Combination was approved by RMG stockholders in a special meeting held on December 28, 2020 and consummated on December 29, 2020. Beginning on December 30, 2020, Romeo Power’s shares of common stock will trade on the New York Stock Exchange (“NYSE”) under the ticker symbol “RMO” and its warrants will trade on the NYSE under the ticker symbol “RMO.WT”.

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December 9, 2020

Food Navigator Names Epogee A Food Technology Company to Watch in 2021

INDIANAPOLIS, IN – Dec 9, 2020 –EPG (brand name: Epogee) is a plant-based oil that has been restructured in such a way that virtually none of it is absorbed by the body (instead of the usual 9 calories per gram, this fat has 0.7). And it’s attracting interest from formulators across the food industry, as firms see an opportunity to make significant calorie reductions without compromising taste or texture, claims commercial officer Jayme Caruso.

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December 4, 2020

Portfolio Company and Accelerator Participants Recognized in Forbes 30 Under 30

INDIANAPOLIS, IN – Dec 4, 2020 – MITO Material Solutions co-founders, Haley Marie Keith and Kevin Keith, were named to the 2020 Forbes 30 Under 30 Manufacturing & Industry list. MITO Material Solutions is a HG Ventures portfolio company, and was a member of the 2019 class of The Heritage Group Accelerator Powered by Techstars. The company’s proprietary graphene-functionalization technique creates hybrid polymer modifiers that enhance durability while cutting the weight of materials. HG Ventures participated in the company’s oversubscribed $1M Series Seed round earlier this year.

Congratulations to accelerator participants, Myriam Sbeiti and Daniela Blanco, the co-founders of Sunthetics, for being named to the 2020 Forbes 30 Under 30 Energy list. Sunthetics was a member of the 2020 class of The Heritage Group Accelerator Powered by Techstars. The company is developing the first generation of smart electrochemical equipment that will allow traditional, fossil-fuel reliant reactions to be replaced with faster, more sustainable electric processes.

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February 17, 2020

HG Ventures Invests $1.35 Million Investment in Wildnote

INDIANAPOLIS, IN – February 10, 2020 – HG Ventures, the corporate venture arm of the Heritage Group, today announced a $1.35 million seed round investment in Wildnote, an environmental compliance management solution. HG Ventures invested alongside Entrada Ventures, a Santa Barbara-based venture capital fund. Wildnote is a graduate of the inaugural 2019 cohort of The Heritage Group Accelerator Powered by Techstars®, a thirteen-week program for mentoring and developing early-stage companies in “legacy industries” such as advanced materials, infrastructure, and environmental services.

Wildnote operates a software-as-a-service platform that allows users to document compliance with environmental regulations through surveys, photos, and location tracking to generate agency-ready consolidated reports. Wildnote brings complicated paper reporting into the 21st century, saving time and money. The company’s leadership team is comprised of longtime entrepreneurial software professionals, business developers, and community leaders with deep experience in environmental compliance.

“After getting to know The Heritage Group and HG Ventures through the Techstars® Accelerator program we were honored and grateful that HGV led our seed round investment,” said Kristen Hazard, co-founder and CEO of Wildnote. “We now have the resources to scale this company to ever increasing value for our customers, investors, and employees, while achieving our mission of protecting our natural resources by delivering the best platform to collect, manage, and report on environmental compliance.”

“Wildnote is changing the future of corporate environmental accountability by removing roadblocks for compliance,” said Kip Frey, Managing Director of HG Ventures and Executive VP of New Ventures at the Heritage Group. “Wildnote reflects the quality of companies that graduate from Techstars® programs. We are proud to support Kristen and her team with this investment and beyond.”


About Wildnote

The Wildnote mission is to protect natural resources, and support business by delivering a platform to collect, manage, and report on environmental compliance data. Wildnote is a highly customizable cloud-based system for iOS, Android, and web that streamlines the process of environmental compliance so you can work smarter, not harder. The Wildnote team is passionate about nature, and we stand in awe of those who spend their time studying, protecting, and restoring it. We believe everyone deserves to enjoy a thriving healthy planet, so we work to build the best data collection tool in existence for environmental professionals.

About HG Ventures

HG Ventures is the corporate venture arm of The Heritage Group.  HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with private companies developing new technologies and approaches in both our core and adjacent markets. We leverage the world class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to our portfolio company partners.


Media Contact

Ashlyn Myers

The Heritage Group and HG Ventures