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June 28, 2022

HG Ventures Backs Circulor to Advance Responsible Supply Chains Globally

INDIANAPOLIS – June 28, 2022 – HG Ventures, the corporate venture arm of The Heritage Group, today announced its participation in a $25 million Series B raise for Circulor, the only proven technology solution that tracks materials, emissions, and compliance within manufacturing and recycling supply chains. Circulor’s suite of technologies gives users data-driven insights into their business to enable responsible sourcing. Through blockchain and AI software as a service (SaaS) technology, Circulor’s platform advances traceability, transparency, and risk management solutions.

“Circulor is helping companies track emissions and prove the sources of their raw materials, which enables decarbonization and mitigates supply chain risks,” said John Glushik, Managing Director at HG Ventures. “HG Ventures is excited to support Circulor’s team in their mission to develop complete industrial supply chain traceability and resiliency.”

Manufacturers in the automotive, extractive, recycling, and construction industries are looking for solutions to track the sources of their materials and decarbonize their operations. Leaders in these industries are seeking a supply chain that is traceable, ethical, and sustainable. Circulor enables them to be transparent about the source of their raw materials, increase the use of recycled plastic, reduce the flow of plastics into oceans, cut greenhouse gas emissions, and decarbonize their materials.

“We’re thrilled to partner with HG Ventures to advance secure and responsible supply chains,” said Douglas Johnson-Poensgen, Circulor CEO. “Digital transparency allows companies to track their material use and be more ethical and informed, and we’re proud to be working with such an experienced partner as we grow.”

HG Ventures invests in growing businesses that are disrupting traditional industries—be it through new processes, technology or materials. The team excels in partnering with visionary entrepreneurs to achieve dramatic business growth. HG Ventures is the corporate venture arm of The Heritage Group, which has more than 5,000 employees and 30 operating companies worldwide and is committed to a sustainable world.

Media Contacts:
Regan Keller
Antenna Group for HG Ventures
hg.ventures@antennagroup.com

Franziska Grammes
Circulor
fg@circulor.com

About HG Ventures:
HG Ventures is the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Ind. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with innovative, high-growth companies to support a sustainable future. The team leverages the world-class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to its portfolio company partners. www.hgventures.com.

About Circulor:
Circulor empowers organizations to have full visibility of their supply chains. The London-based company offers the most mature, proven, and complete technology software solution available to track materials with high environmental and human rights impacts as they change state within manufacturing and recycling supply chains. With Circulor, businesses can follow the physical flow of critical materials from extraction to final production, as well as associated ESG characteristics and embedded carbon across Scope 1, 2, and 3 emissions. The tech company was founded in 2017 in the UK, with offices in the US, Germany, Singapore, and Australia. The company has been named a Technology Pioneer by the World Economic Forum, Global Cleantech 100 and a Future Unicorn by DIGITALEUROPE.
More information can be found at www.circulor.com. Follow us on LinkedIn and Twitter.

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February 10, 2022

HG Ventures’ Glushik Named Global Corporate Venturing “Emerging Leader”

INDIANAPOLIS – February 10, 2022 – HG Ventures, the corporate venture arm of The Heritage Group, today announced that Managing Director, John Glushik, has been recognized among the “Top 50 Emerging Leaders” List by Global Corporate Venturing (GCV), the leading industry publication for corporate venture capital.

Glushik was selected from more than 20,000 industry professionals across 2,500 corporate venturing units. The Emerging Leaders Award recognizes accomplished professionals who are considered the “heir apparent” and the “glue” in their corporate venture capital team. Glushik received the award during the GCV Rising Stars and Emerging Leaders 2022 ceremony, held virtually on February 10th.

At HG Ventures, Glushik leverages more than 20 years of venture investor experience to grow partnerships with innovative, high-growth companies that support a sustainable future in materials, infrastructure, environmental solutions, and industrial systems. Glushik helped start HG Ventures in 2018 after serving as General Partner at Intersouth Partners and Managing Director of the Duke Angel Network, covering all aspects of venture investment and portfolio management.

“I’m honored to be recognized in this year’s Emerging Leaders list by the esteemed GCV team,” said Glushik. “It is a privilege to work with such a talented, diverse and passionate team of experts and innovators who are building solutions to our most pressing challenges. I look forward to continuing our work driving meaningful innovation in critical industries.”

Glushik is the third HG Ventures executive recognized among GCV’s leaders. Senior Director, Ginger Rothrock was named a GCV Rising Star in 2021 and Executive Vice President, Kip Frey, was included in the Powerlist Top 100 leaders of in-house venture capital groups in 2020 and again in 2021.

“John’s commitment to trust, transparency and partnership perfectly demonstrates our team’s values,” said Frey. “His unwavering focus on these tenets is key to our long-term, collaborative, and successful engagements with entrepreneurs, investors, and ecosystem of experts.”

Media Contact:
Regan Keller
Antenna Group for HG Ventures
hg.ventures@antennagroup.com

HG Ventures
HG Ventures is the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Ind. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with innovative, high-growth companies to support a sustainable future. The team leverages the world-class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to its portfolio company partners. www.hgventures.com.

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February 2, 2022

Biosynthetic® Technologies Raises $7.5M Led by HG Ventures

INDIANAPOLIS – Biosynthetic® Technologies, LLC today announced that it has raised $7.5 million in a series A-1 funding led by HG Ventures, the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Ind.

Biosynthetic Technologies is developing and marketing a new class of high-performance bio-based oil, or Estolides, that is biodegradable, non-bioaccumulative, and non-toxic. The patented Estolides can be used as a sustainable alternative to petroleum in lubricants, metalworking fluids, personal care items, and many other applications. These products also provide improved environmental, social, and governance (ESG) calculations sought after by corporations on a global scale.

Funding from this series will be used to scale operations, sales and manufacturing, support work on global regulatory compliance, and enable a deeper lifecycle assessment. The money also helped fund Biosynthetic Technologies’ acquisition of Innoleo®, LLC, a distributor of quality Oleo derivatives.

“We are excited to partner with HG Ventures,” said Mark Miller, CEO of Biosynthetic Technologies. “In addition to capital, HG Ventures has brought passion, expertise, and assets to support us as we’ve executed our strategy for success. The market traction for our products across a wide range of industries and applications has provided us with a bright future. Everyone is seeing the need for more sustainable products, moving toward carbon neutrality, and improving ESG standards. As such, Biosynthetic Technologies is uniquely positioned to expand our business globally.”

“Biosynthetic Technologies’ focus on delivering innovative solutions for a sustainable future in industrial markets aligns with HG Ventures’ mission of supporting cutting-edge innovators in markets where we can help them grow,” said John Glushik, Managing Director of HG Ventures. “We appreciate the opportunity to support Biosynthetic Technologies in a manner that enables transformational growth and expansion of their product offering of sustainable materials.”

For more information on Biosynthetic Technologies fundraising efforts please contact Mark Miller at memiller@biosynthetic.com

Media Contact
Debby Neubauer
Biosynthetic® Technologies
O: (317) 556-1050 M: 317-697-7304
dneubauer@biosynthetic.com

About Biosynthetic® Technologies LLC
Biosynthetic® Technologies manufactures a revolutionary new class of biobased synthetic compounds called Estolides that are made from organic fatty acids found in various bio-derived oils. These highly functional biosynthetic oils have numerous uses in lubricant, automotive, marine, pharma and personal care applications and can be used as the primary base oil of a formulation, a component of a base oil co-blend, or even as an additive. In addition to their high-performance properties, these renewable oils are biodegradable and nontoxic. Biosynthetic Technologies strives to make their mark on the world by delivering innovations for a sustainable future. For more information about Biosynthetic™ Technologies, please visit www.biosynthetic.com and follow us on LinkedIn.

HG Ventures
HG Ventures is the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Ind. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with innovative, high-growth companies to support a sustainable future. 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. www.hgventures.com.

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January 11, 2022

HG Ventures Invests in and Partners with American Rare Earth To Expand Battery Recycling and Metals Supply for U.S. Manufacturing

Partnership will support circular economy rare earth mineral sourcing in the U.S.

Synergies expedite the path to being the first and lowest cost producer of domestically-sourced, purified and sustainable battery and magnet metals

INDIANAPOLIS – January 11, 2022 –  HG Ventures, a venture capital investment firm and division of The Heritage Group that supports a sustainable future in materials, infrastructure, environmental solutions and industrial systems, announced today that it has invested in and formed a strategic partnership with American Rare Earth LLC, a subsidiary of the American Resources Corporation (NASDAQ:AREC) to scale up recycling of batteries, magnets and e-waste to recover and supply critical and rare earth metals to U.S. and global markets and contribute to the circular economy. Through its investment, HG Ventures has an ownership stake in American Rare Earth, as well as rights and warrants for subsequent investment.

The companies will pair American Rare Earth’s recycling technology and capabilities processing waste materials to recover and produce raw materials, with HG Ventures’ and The Heritage Group’s industry knowledge and supply chain expertise and connections to scale U.S. rare earth and critical metals production to supply manufacturers of electric motors and magnets.  

With American Rare Earths’ first purification facility expected to be operational in the first half of 2022, this partnership further strengthens American Rare Earth’s foothold into various feedstock relationships for battery and magnet material including from spent electric vehicle and windmill motors and e-waste for which there is currently no comprehensive, sustainable, end-of-life solution.  Additionally, the partnership opens up relationships with public and private customers demanding these purified metals to drive the growth and success of the electrification and clean tech markets while advancing national security interests.  

American Rare Earth and Heritage are expediting the path to being the United States’ first and lowest cost producer of domestically-sourced, purified and sustainable battery and magnet metals. 

“We look forward to partnering with American Rare Earth to expand production of rare earth elements and critical metals by recycling electric motors, batteries and other e-waste, which will help address U.S. supply chain and sustainability challenges,” said Jonathan Schalliol Director at HG Ventures. “As demand for batteries and smart electronics soars, this partnership aims to help drive growth in the U.S. raw materials market to expand our country’s domestic manufacturing capabilities. The U.S. has the opportunity to lead in closed-loop and circular material supply, and it starts with this type of cross-sector collaboration.”

The partnership will also enable Heritage portfolio companies to work directly with American Rare Earth and utilize their technology and processes to produce rare earth and critical metal raw materials.

“We are thrilled to team up with HG Ventures and benefit from their outstanding expertise, network and shared vision to redefine how critical and rare earth elements are sourced, processed and purified as part of a sustainable, circular supply chain,” said Mark Jensen, CEO of American Resources Corporation. “Scaling up a closed-loop and circular supply of these increasingly important materials will bring impactful solutions to the domestic supply of rare earths and critical metals, and enable the U.S. to compete on a global basis.”

The partnership builds on HG Ventures’ proven track record delivering new solutions and advancing socio-economic progress through science, world-class R&D, business, venture capital and strategic acquisitions. 

About HG Ventures

HG Ventures is the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Ind. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with innovative, high-growth companies to support a sustainable future. 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. www.hgventures.com.

About The Heritage Group

Founded in 1930, The Heritage Group (THG) is a fourth-generation, family-owned business managing a diverse portfolio of companies specializing in heavy construction and materials, environmental services, and specialty chemicals. Companies within the THG portfolio include Heritage Environmental Services, Heritage Construction + Materials, and Monument Chemical. With more than 5,000 employees and 30 operating companies worldwide, THG aims to build a safer, more enriching and sustainable world by harnessing the power of family. 

About American Resources Corporation

American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated. 

American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com

About American Rare Earth LLC

American Rare Earth is redefining how critical and rare earth elements are both sourced and processed while focusing on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as coal-based waste streams and byproducts to create a low-cost and environmentally-safe, circular supply chain.  American Rare Earth has developed its innovative and scalable “Capture-Process-Purify” process chain in conjunction with its licensed intellectual property including 16 patents and technologies and sponsored research partnerships with three leading universities to support the domestic supply chain’s growing demand for magnet and battery metals.  For more information visit arareearthcorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.

Media Contact:
Regan Keller
Antenna Group for HG Ventures
hg.ventures@antennagroup.com(415) 977-1933