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March 13, 2024

Emerging Leaders 2024: Ginger Rothrock, HG Ventures

Ginger Rothrock, Senior Director, HG Ventures, is one of Global Corporate Venturing’s Top 50 Emerging Leaders in corporate venturing for 2024.

Original article on GCV’s website linked here.

Born to a family of engineers and entrepreneurs, it was only fitting that Ginger Rothrock, senior director at HG Ventures, would end up working in a highly technical field. With her chemistry PhD in tow, Rothrock co-founded a biotechnology company in grad school and led the technical and commercialisation practice at a billion-dollar research institute before being – to her surprise – recruited to the world of venture capital at The Heritage Group’s CVC.

“First rule of career planning is: don’t plan your career. You have no idea what might happen if you stay open-minded” says Rothrock. “I never once thought I could be a VC. I come from the era where VCs were only men with MBAs that went to certain business schools.”

The highlight of her time so far as a venture capitalist has been the ability to add tangible value to startups – something VCs typically don’t have a good reputation for doing. Being able to deliver for both parent and portfolio companies in ways that they wouldn’t be able to do without the other is meaningful. She’s especially excited about the future of infrastructure, the circular economy and supply chain resilience.

“She exhibits integrity, honesty, and builds trust within our team, The Heritage Group, and with external venture collaborators.”

VCs should be data-driven but fearless, says Rothrock – a philosophy that should extend to the rest of life. “What would you do if you were fearless? We so often, as humans, make personal and professional choices because of perceived needs, or self-doubt, or fear. And I think it’s critical to look back to who our former self was maybe three, five, 10 years ago, and think about how far you as an individual have come. People are really amazed by that,” she says.

“She exhibits integrity, honesty, and builds trust within our team, The Heritage Group, and with external venture collaborators,” says John Glushik, managing director at HG Ventures.  “Over the past year she has become well known in the market and sought for her expertise in our investment sectors, particularly in sustainability.”

See the full list of GCV Emerging Leaders for 2024 here.

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January 16, 2024

INERATEC Raises $129 Million Led by Piva Capital to Usher in the Next Era of Sustainable Mobility

Investment to Accelerate the Production and Commercialization of Carbon-Neutral e-Fuel

KARLSRUHE, GermanyJan. 16, 2024 /PRNewswire/ — INERATEC, a pioneering e-Fuel company, announced it has raised over $129 million in its Series B funding round, led by Piva Capital with additional participation from HG VenturesTDK VenturesCopec WIND VenturesRockCreekEmeraldSamsung Ventures as well as the increased support from current investors, including global corporates like ENGIE New VenturesSafran Corporate Ventures and Honda.

“This financing round is a major milestone for INERATEC as well as the transition from fossil fuels to sustainable e-Fuels,” said Tim Boeltken, CEO of INERATEC. “With the new capital, we are positioned to catalyze a paradigm shift in the energy sector. Our focus is to scale-up e-Fuels enabled by this new investment. By transforming 1GW of renewable energy into 125 million gallons of sustainable e-Fuel by 2030, we are taking solid steps in creating a viable alternative to fossil fuels.”


Every year, more than 4,000 million tons of fossil crude oil are processed into fuels and chemical products. Much of the demand comes from hard-to-abate industries, such as aviation, shipping, and the chemical industry. These sectors currently rely heavily on fossil fuels and are desperately seeking renewable alternatives to achieve carbon-neutral goals. As such, the demand for ‘drop-in’ e-Fuels, or synthetic fuels for use in combustion engines that require little to no adjustments relative to existing fuel infrastructure, is expected to triple by 2030, reaching $13.6 trillion by 2050, expanding at a CAGR of 19.0% over the forecast period 2023-2050.

As the world moves towards cleaner energy solutions, INERATEC is poised to lead this shift and drive the future of transportation and energy. INERATEC’s technological advancement is a scalable patented technology that enables the production of ‘drop-in’ e-Fuels. The process involves two main steps: first, turning COand hydrogen into synthesis gas, then using a second reactor to turn the synthesis gas into liquid and solid hydrocarbons. The e-Fuels are compliant with standards targeted for industries heavily relying on fossil fuels, such as aviation, shipping, road transport, and the chemical industry.

Since it was founded in 2016, INERATEC has built and operated numerous pilot plants and is engaged with over 30 customers in the respective fields of application. Additionally, the company has been recognized with several key awards, including the German Founders Award, the Next Economy Award, and the EARTO Award and was recently selected as Top Innovator by UpLink, the Innovation platform of the World Economic Forum.

The new capital will be used to start the mass production of INERATEC’s industrial-scale Power-to-X plants worldwide and advance the production of e-Fuels made from recycled CO2 and renewable energy. Additionally, INERATEC has begun construction of its largest plant to date in Frankfurt and is expanding through international projects in the Netherlands and Chile. This expansion will yield a 1,500 x increase in production, recycling over 12,000,000 metric tons of CO2 annually – the equivalent of what 1,125,000,000 trees would store. Beyond that, the technology will be implemented globally – wherever CO2 and renewable energy are available.

“INERATEC’s pioneering technology is the most promising e-Fuel solution we’ve seen to date in addressing the hardest-to-decarbonize sectors such as aviation, shipping, and chemicals,” said Adzmel Adznan, Co-founding Partner at Piva Capital. “The company is doing more than just creating e-Fuels; their proprietary reactors are more efficient and scalable, re-imagining how industry can transform waste CO2, green electrons and hydrogen to meet various needs, from fuel to power cars, planes, and ships to green chemicals for our everyday consumptions. We believe that INERATEC has the winning solution to transform industries and help the world meet its collective goal to transition away from fossil fuels for energy.”

The investment consortium for the Series B funding round consists of: Planet A VenturesMPCHigh-Tech Gründerfonds, FO Holding, Safran Corporate VenturesHondaENGIE New Ventures, HG VenturesTDKCopec WIND VenturesRockCreekEmeraldSamsung Ventures, Piva Capital.

INERATEC is a pioneer in the field of Power-to-Liquid applications. The company supplies sustainable e-fuels as well as chemical products. Modular chemical plants for Power-to-X and gas-to-liquid applications use hydrogen from renewable electricity and greenhouse gases such as CO2 to produce e-kerosene, CO2-neutral gasoline, clean diesel or synthetic waxes, methanol or SNG. Founded in 2016, INERATEC has already implemented industrial-scale power-to-liquid plants at German sites to boost the availability of sustainable fuels and chemicals in various transportation sectors, such as aviation. Further information can be found at

About Piva Capital
Piva Capital is a San Francisco-based venture capital firm investing in visionary entrepreneurs solving the world’s critical industrial challenges with breakthrough technologies and innovative business models. For more information, please visit us at, on LinkedIn and Medium.

Media contacts


Isabel Fisch

+ 49 1621852663

SOURCE Piva Capital


Link to press release:

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January 5, 2024

Vartega Secures $10M in Equity Financing

Vartega Secures $10M in Equity Financing Led by Diamond Edge Ventures to Promote Fenix Fiber™ EasyFeed Bundles™ for Applications in Automotive, Additive Manufacturing, Consumer Electronics, and Sporting Goods

DENVER, CO — Vartega, a leading innovator in carbon fiber recycling, announced the close of its oversubscribed $10M preferred equity financing led by Diamond Edge Ventures. The investment will propel Vartega’s mission to solve the world’s toughest advanced materials recycling challenges.

Diamond Edge Ventures, the corporate venture capital arm of the Mitsubishi Chemical Group (MCG), has demonstrated confidence in Vartega’s vision to create circular supply chains for advanced materials. This funding round also included participation from Circular Innovation Fund and existing investors HG Ventures and Techstars.

Vartega’s proprietary recycling processes enable the recovery and conversion of high-performance carbon fiber used in advanced materials for aerospace components, automotive parts, and wind turbine blades. The company’s innovative approach reduces waste and provides manufacturers with a sustainable source of high-quality recycled carbon fiber via Vartega’s EasyFeed Bundles known as Fenix Fiber and Fenix Fiber+™. Fenix Fiber is a strong, stiff, and lightweight carbon fiber reinforcement for compounded thermoplastics. Fenix Fiber+ is enhanced with high-performance additives such as functionalized graphene.

“Diamond Edge Ventures investment validates our efforts to address the urgent need for sustainable solutions in the composites industry. We are grateful for their support as our lead investor for this pivotal funding round,” said Andrew Maxey, CEO of Vartega. “This capital infusion will enable us to expand our operations, enhance our technology, and further establish Vartega as a leader in the circular economy.”

The funds from this financing will be allocated to fully utilize Vartega’s new 82,000 square foot production facility and commercialize additional recycling processes to broaden feedstock availability. The company aims to continue collaborating with industry partners to integrate recycled carbon fiber into various applications, including automotive, additive manufacturing, consumer electronics, and sporting goods.

“As the world shifts towards a more sustainable future, we are excited to support Vartega in their mission to transform the materials industry,” said Curtis Schickner, President of Diamond Edge Ventures. “Vartega’s innovative approach to carbon fiber recycling aligns with our vision for investing in technologies that positively impact the environment and economically meet current and future customer needs.”

Vartega expresses gratitude to all the investors who participated in this financing and prior rounds, contributing to realizing a more sustainable future for composite materials.

For media inquiries or more information, please contact:

Adam Peterson

Marketing Specialist


About Vartega

Vartega is making carbon fiber more accessible by solving the world’s toughest advanced materials recycling challenges to create circular supply chains, decarbonize transportation, and enable a sustainable future. Vartega’s carbon fiber and specialty thermoplastics are used in sporting goods, consumer electronics, additive manufacturing, and vehicle lightweighting. Learn more at

About Diamond Edge Ventures

Diamond Edge Ventures was established in 2018 as the venture capital arm of the Mitsubishi Chemical Group (MCG). The company aims to foster innovation across the MCG Group companies through investment in and strategic partnerships with high-potential startups. For further information, visit or contact us at

About Circular Innovation Fund

The Circular Innovation Fund (“CIF”) is a global venture capital fund focused solely on circular innovation. It is a joint venture between leading cleantech capital managers – Paris-based Demeter and Montreal-based Cycle Capital. The fund invests in growth-stage companies from North America, Europe and Asia developing breakthrough new materials, circular packaging, recycling and waste innovations, logistics, as well as eco-efficient processes & design, and circular business models. For more information on the Circular Innovation Fund, visit:

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December 13, 2023

Aclarity Recognized by Frost & Sullivan for PFAS Company of the Year Award

Mansfield, MA, December 13, 2023 – Aclarity, the leading PFAS “forever chemicals” destruction company, has been recognized by Frost & Sullivan as the 2023 Company of the Year, and was  identified as best-in-class in the North American per- and polyfluoroalkyl (PFAS) substances  treatment industry.

Frost & Sullivan applies a rigorous analytical process to evaluate multiple nominees for each  award category before determining the final award recipient. The process assesses best  practices criteria across two dimensions for each nominated company: visionary innovation and  performance and customer impact. The announcement comes on the heels of a $16 million Series A fundraising earlier this year.

“Unlike the competitive methods for handling PFAS in wastewaters by merely transferring the  chemicals within our environment, Aclarity’s solutions have a one-of-its-kind electrochemical  oxidation system that destroys PFAS contaminants, ammonia, and biochemical oxygen demand  with incredibly low energy at 5 kW-hr/m3,” said Victoria Courtade, Frost & Sullivan industry  analyst.

Aclarity excels in many of the North American PFAS treatment space criteria, leading to the  company being recognized with this award. It leads the market by providing PFAS treatment  solutions that enable industrial facilities and landfills to eliminate PFAS efficiently and safely.

Specifically, the company’s industry-leading Octa™ product enables customers to destroy  PFAS contaminants and cost-effectively reduce downstream risk. Aclarity works closely with its clients during the pre- and post-purchase journey and provides a full Destruction as a Service™ offering —this covers everything from selecting the optimal support treatment processes to  providing full operations and customer support to manage their PFAS waste effectively.

“This award is a well-deserved recognition for Aclarity. Having Aclarity as a portfolio company  reflects our commitment to supporting transformative solutions that address PFAS challenges,  and we look forward to supporting Aclarity’s continued success in shaping the future of waste  management,” said Ginger Rothrock, Ph.D., Senior Director at HG Ventures.

Check out highlights about Aclarity here.

Frost & Sullivan will also highlight Mullen with an in-depth fireside chat focused on the  groundbreaking work of Aclarity. The fireside chat will feature a highlight reel of  Aclarity’s accomplishments this year. Earlier this year, Aclarity was also recognized as  the winner of the Urban Water Challenge for its ability to effectively and efficiently  destroy PFAS forever, along with being an honoree for the 2023 Bostinno Fire Awards.  

For more information about Aclarity and its PFAS destruction technology, please visit


About Aclarity Inc. 

Aclarity is revolutionizing the elimination of persistent and hazardous “forever chemicals” known  as PFAS, which accumulate in humans, animals and persist indefinitely in our environment.  Until now, the prevailing method of remediating PFAS has involved a perilous cycle of extraction  and disposal, either by returning the extracted PFAS to landfills or by incinerating it and emitting  aerosols into the atmosphere. Aclarity’s technology employs electricity to sever the carbon and  fluorine bonds that give PFAS compounds their durability, thus putting an end to the perpetual  PFAS contamination cycle and destroying PFAS forever.

Media Contact:

Leanne Hersey
Vice President of Marketing, Aclarity


Link to Press Release on Aclarity website: 

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December 12, 2023

Currents Launches Marketplace to Support OEMs and Maximize Second-Life Battery Repurposing

PORTLAND, Ore.Dec. 12, 2023 /PRNewswire-PRWeb/ — Currents has officially launched their marketplace with battery inventory eligible for a second-life (2L). One of the first users of the platform is Nissan North America who will provide battery inventory with transparent pricing and state-of-health information.

Currents, a business-to-business marketplace designed for stakeholders throughout the end-of-life (EoL) EV battery supply chain, is a facilitation platform that provides buyers with transparency into inventory, pricing, and state-of-health (SOH) while extending the lives of retired EV batteries, paving the way for a sustainable, renewable future powered by 2L batteries. The platform drives value for buyers by solving pain points around sourcing, while enabling suppliers to scale their operations to the largest available demand pool, fulfilling a real gap in the industry.

This closed-loop model extends the life of valuable battery assets and reduces greenhouse gas emissions created by virgin material production. Currents provides the channel and solution for the EoL lithium supply chain challenged from the growing demand for EV batteries. Maximizing the effective life of every battery is of the utmost importance to strengthen our energy independence, unlock the value of renewables, and bolster domestic supply chains.

“We’re thrilled to go to market with Nissan’s inventory and provide approved buyers with the best available second-life inventory at the fairest, most transparent pricing based on state-of-health,” said Anthony Garbarino, CEO of Currents. “Together with Nissan, we can maximize battery lifecycle value and provide second-life buyers with a single, trustworthy destination to solve their demand needs. Our goal is for integrators to spend less time sourcing and more time scaling.”

“Currents is at the forefront of tackling the demand for sustainable energy solutions and supply chain circularity with their platform,” said Nick Arnold, Principal at HG Ventures.” All OEMs are grappling with the need for end-of-life strategies for EV batteries, which is why we invested in Currents, and it is exciting that Nissan is leading the way in this field.”

Along with Nissan, OEMs, and other industry participants, Currents is developing a first-of-its-kind 2L battery e-commerce platform that will enhance visibility of available EV batteries across North America for stakeholders throughout the EoL supply chain.

To register for Currents’ platform as a buyer or seller, please visit


Currents is a B2B facilitation marketplace designed for retired electric vehicle batteries tailor-made for auto OEMs, second-life (2L) integrators, auto recyclers and dismantlers, and lithium recyclers with a mission of enabling the closed loop economic model for all stakeholders. Currents’ platform facilitates and optimizes the end-of-life EV battery lithium supply chain by ensuring every battery is handled responsibly while maximizing their lifecycle value.



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November 7, 2023

Roads Must Be Reimagined To Keep Economic Wheels Turning

New report from HG Ventures calls for an expanded role for technology innovators in creating ‘smarter’ roads

INDIANAPOLISNov. 7, 2023 /PRNewswire-PRWeb/ — A new report published today from HG Ventures calls for an embracing of new technologies in the way roads are planned, built and managed, if they are to maintain their role in enabling the global economy to function effectively.

The Future of Roads: The Role of Technology in Securing Vital Infrastructure is published by HG Ventures, the corporate venture capital arm of Indianapolis-headquartered international construction company, The Heritage Group. The report highlights the many new technologies that have the potential to solve the decades-old challenges of congestion, safety and sustainability, including: Inductive charging for electric vehicles (EVs); vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) technology; sustainable fuel alternatives; and self-healing and lower-carbon road building materials.

The report makes the case for governments and road operators to partner with innovative technology firms to develop and pilot new technological solutions.

John Glushik, managing director of HG Ventures says: “With increased dependency on our roads, our infrastructure is under intense pressure. This is where technological innovation has a role to play. Across the United States and throughout the world, we see examples of new technologies emerging that can solve challenges around capacity, congestion, safety, sustainability and more.”

Roadmap to the Future

The new report includes a ‘Roadmap to the Future’, which sets out what a tech-enabled road network could look like:

  • Increased use of lower-carbon construction materials
  • Mass ‘sensorization’ of major roads, to enable the real-time sharing of data
  • Use of modular roadways with embedded technology
  • Incorporation of electrification technologies into and under our roads
  • Use of self-healing materials in road surfacing
  • Adoption of ‘autonomous-only’ lanes on highways, to allow for the safe ‘platooning’ of autonomous vehicles
  • Installation of IoT technology at busy intersections

Glushik continues: “In many instances, the real innovation is taking place not only in the R&D centers of established technology giants, but in the laboratories, rented offices, workshops and even garages of entrepreneurs, all over the world. These individuals and their fledgling companies rely on venture capital to bring their products to market, and we need that technological innovation if we are to transform our roads for the better.”

The Future of Roads report references a number of startup companies that are developing technological solutions to the many challenges faced by roads and those who use, build, maintain and police them.

Glushik concludes: “Roads are vital, but what got us here will not get us to where we want to be in the future. I am excited about the technological solutions that exist today, that will exist in the future, and about the role of venture capital as our roads evolve. We are proud to back this spirit of innovation, which also aligns with the mission of The Heritage Group.”

The Future of Roads report may be downloaded from

About HG Ventures

HG Ventures is the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Indiana, USA. 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 firm 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.

Media contact:

Jon Meakin | Coldharbour Communications

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November 2, 2023

HG Ventures Invests in PFAS Destruction Leader, Aclarity

Aclarity Secures $16M in Series A Funding to Deploy Low Energy PFAS “Forever Chemical” Destruction Solution

Mansfield, MA, November 2, 2023 – Aclarity, Inc., the leader in PFAS (Per- and Polyfluoroalkyl Substances) “forever chemical” destruction, announced today the successful completion of its Series A funding round, raising $15.9 million. This funding round was led by Aqualateral, with participation from the HG Ventures, Bidra Innovation Ventures, Nor’easter Ventures, MassVentures, and Burnt Island Ventures. This latest round of funding builds upon a $3.3 million Seed round secured in 2022, propelling the company into an exciting new phase of commercial expansion and innovation.

PFAS, often referred to as “forever chemicals” due to their persistent nature in the environment, have become a major concern worldwide due to their detrimental impact on ecosystems and human health. Aclarity’s Octa™ system offers a sustainable solution for the complete eradication of PFAS contaminants, heralding a new era in wastewater treatment and environmental remediation for landfills, water and wastewater treatment plants, and industrial facilities – where PFAS is particularly prevalent.

Over the last year, Aclarity has deployed mobile systems with full-scale reactors across the country to destroy PFAS chemicals continuously. This has allowed the team to successfully treat PFAS in waters ranging from low ng/Ls in tap water, all the way to landfill leachate treated by foam fractionation with PFAS concentrations of milligrams per liter, including short-chain compounds like PFBS and demonstrating real time PFAS destruction in the field. Aclarity’s achievements have garnered the attention of groups such as Frost & Sullivan, who awarded Aclarity their Company of the Year Best Practices award for 2023 in the North American PFAS treatment industry. With the support of this investment, Aclarity has broadened its pipeline across several industries requiring PFAS destruction such as the waste industry as well as food and beverage manufacturing and the pulp and paper industry. The Series A funds will play a pivotal role in scaling up manufacturing and supply chain capabilities, further increasing market penetration, and advancing partnerships to address PFAS contamination challenges on a global scale.

“The industry is overwhelmingly demanding a solution to the PFAS problem, responding to existing and pending regulations. We are extremely grateful for the enthusiastic support from our investors and the confidence they have shown in our mission to combat the widespread issue of PFAS contamination,” said Julie Bliss Mullen, Founder and CEO of Aclarity. “The Series A funding is already enabling us to grow our team, build more PFAS destruction skids and bring them to more communities and industries, ultimately making a lasting positive impact on public health and the environment.”

Aclarity’s innovative approach to PFAS destruction has garnered attention and support from both investors and environmental advocates alike. The technology boasts several key advantages, including its cost-effectiveness, environmental safety, and efficiency in eliminating PFAS compounds, offering a sustainable alternative to conventional remediation methods.

“Aclarity has the potential to revolutionize the field of environmental remediation and solve one of the most pressing environmental challenges of our time. We are confident that they will deliver on this promise,” said Jiten Manglani, Aqualateral’s Chief Investment Officer. “The Aclarity team has the capacity and vision to deliver far-reaching transformative results to communities across the globe.”As Aclarity continues to make strides in the fight against PFAS pollution, the company remains committed to its core mission of destroying PFAS to safeguard the environment and public health. The Series A funding will be instrumental in driving Aclarity’s growth and accelerating the deployment of its groundbreaking technology to communities and industries in need.

For more information about Aclarity and its PFAS destruction technology, please visit

About Aclarity Inc.

Aclarity is revolutionizing the elimination of persistent and hazardous “forever chemicals” known as PFAS, which accumulate in human and animal tissues and persist indefinitely in our environment. Aclarity’s Octa™ PFAS destruction systems employ innovative proprietary technology to disrupt the ongoing PFAS contamination cycle. The conventional approach for removing and disposing of PFAS has led to concentrated PFAS materials being reintroduced into the environment through methods like landfill disposal, incineration, and deep well disposal, recontaminating the air, soil, and water. PFAS compounds are inherently resilient due to their strong molecular bonds. Until now, the prevailing method of “remediating” PFAS has involved a perilous cycle of extraction and disposal, either by returning the extracted PFAS to landfills or by incinerating it and emitting toxic aerosols into the atmosphere. Aclarity’s technology employs electricity to sever the carbon and fluorine bonds that give PFAS compounds their durability, thus putting an end to the perpetual PFAS contamination cycle.

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September 6, 2023

HG Ventures Makes Follow-On Investment in Puraffinity

PFAS removal start-up Puraffinity raises US$13.9mn in funding

Picture of Henrik Hagemann in lab
Puraffinity’s Henrik Hagemann.

Puraffinity, which develops precision technology for the removal of PFAS across water treatment applications, has raised US$13.9 million in Series A funding.

The round was led by Octopus Ventures, with participation from existing investors Kindred Capital, HG Ventures, Verve Ventures and Acequia Capital. Materials science sector specialist fund Universal Materials Incubator Co (UMI) also joined the round.

The investment will allow Puraffinity to scale up its operations and transition from being an R&D focused organization to being a full commercial entity.

Puraffinity, which is aiming to provide PFAS-free water to one billion people by 2030, will invest in manufacturing, accelerate its commercial business and strengthen its R&D capabilities to develop new products. Additionally, a dedicated £700,000 was invested from a new Investor Partnership grant by Innovate UK called Future Economy focused on Net Zero aligned companies.

The funding will also allow the company to expand its team from 20 to more than 40 and build out its IP base with a rapidly growing patent and trademark portfolio.

“There is no time to waste in dealing with the ‘forever chemical’ contaminants that have population-wide health implications,” said Puraffinity CEO Henrik Hagemann. “This funding round is aimed at addressing the need to have a sustainable material that tackles PFAS removal with improved efficiency to aid the destruction of PFAS.”

Link to press release here:

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August 3, 2023

HG Ventures Participates in Transcend’s Series B Financing

Transcend Raises $20M Series B to Automate Critical Infrastructure Design

Investors in the round include Autodesk, Inc., PureTerra Ventures, HG Ventures, Riverstone Holdings LLC and Arosa Capital

Princeton, NJ, August 1st, 2023 /PRNewswire/ — Transcend Software Inc. (“Transcend”), the leading SaaS provider of generative design tools for critical infrastructure, announced today it has closed on its Series B financing round with participation from Autodesk, Inc., a leading software provider for the architecture, engineering, construction, manufacturing, product design, and media and entertainment industries. Existing investors HG Ventures and PureTerra also participated in the round, along with new investors Arosa Capital and Riverstone Holdings LLC.

The investment will allow Transcend to continue to expand its customer base, which already includes many of the leading infrastructure players in the world such as Arcadis, Black and Veatch, Brookfield Asset Management, Anglian Water, Xylem, and Veolia. In less than two years, designs generated through Transcend’s software have already positively impacted the lives of over 100M people in 65 countries around the globe.

Transcend’s market-leading generative design software, the Transcend Design Generator (TDG), fully automates the conceptual and preliminary design of critical infrastructure assets, enabling asset owners to reduce design costs and timelines and prioritizes the incorporation of innovative and sustainable technologies. TDG integrates process, mechanical, electrical, and civil engineering calculations and decisions to automatically generate complete and accurate preliminary engineering designs for a variety of water and power infrastructure projects. The outputs include 3D Building Information Modeling (BIM) models, carbon footprint estimates, equipment lists, operating and capital expenditure calculations, and many others.

“Autodesk feels strongly that new and better ways of designing and making can lead to a more equitable, resilient, and sustainable world for all. So we appreciate how Transcend is applying generative and outcome-based design to accelerate development of sustainable critical infrastructure,” said Theo Agelopoulos, Vice President of AEC Design Strategy at Autodesk. “This investment and our collaboration with Transcend will help make advanced technologies more accessible to a wide range of asset owners, engineering firms, and equipment suppliers, enabling them to achieve better outcomes faster.”

Transcend will use the investment to accelerate its go-to-market strategy and product roadmap, further establishing its market leadership in generative design software for critical infrastructure.

“We look forward to this next phase of growth as we continue our mission to help engineers, utilities, and technology suppliers design innovative and sustainable critical infrastructure,” said Ari Raivetz, Founder and CEO of Transcend. “Autodesk’s commitment to our business as part of this Series B is a clear indicator that the world is moving towards the automation of preliminary design activities to develop resilient infrastructure for the future. That is good news for everyone, because we must move faster to build the next generation of green infrastructure if we are going to solve the climate crisis.”

Autodesk customers and other users working with TDG can automatically generate complete, accurate preliminary designs for a variety of water and wastewater treatment facilities and electrical substations including editable design documents that are native to Autodesk products including AutoCAD®, and Revit®.

“This investment is not only a catalyst for the growth of our business, but a catalyst for our customers as well. We will continue investing heavily in product features that our users can leverage to build a better world for all of us to live in,” said Adam Tank, Co-Founder and Chief Customer Officer at Transcend.

To learn more about Transcend, visit

About Transcend

Transcend is a B2B Software-as-a-Service company focused on design and engineering automation for critical infrastructure. Their flagship product, the Transcend Design Generator (“TDG”), integrates process, mechanical, structural, electrical, civil, and architectural design disciplines into a hosted cloud-based software and generative design platform that permits users to input data and automatically generate a preliminary engineering design for critical infrastructure projects and vertical assets, including automatic generation of a wide variety of engineering documents and files. For more information, visit them at, or follow them on LinkedIn at

Transcend Media Contact
Simone Migliori

Autodesk, the Autodesk logo, AutoCAD and Revit are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders.


Link to the original press release: 

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August 1, 2023

HG Ventures Invests in Leading Industrial Biotechnology Company

Bind-X secures €10 million in financing as part of its Series B financing round

Specialist in biological binding of materials expands internationally and prepares further market entries in agriculture, mining, and infrastructure.

Martinsried, Germany / August 1 – Bind-X, a fast-growing industrial biotechnology company, has successfully closed a €10 million financing round. The funding was provided by renowned investors from Germany and abroad (HG Ventures, K&K 1, Greeneering Invest, Saxovent) and will help drive the decarbonization and biologization of established industries.

Bind-X’s further growth will focus on products for alternative weed control in agriculture, biological dust suppression in the mining industry, and the reduction of the use of bitumen in road construction.

“We are pleased to partner with Bind-X on their unique industrial biotechnology platform. We look forward to backing this team of experts to support this critical area of innovation and explore new product applications,” said John Glushik, Managing Director of HG Ventures, the corporate venture arm of Heritage Group, headquartered in Indianapolis, USA.

The latest investment round demonstrates investors’ continued confidence in Bind-X’s versatile technology platform, Bind-Tech®, and its pioneering commitment to making entire industries more sustainable and efficient. The company’s goal is to save its customers megatons of CO2 emissions through innovative binders.

“Our new shareholders are an ideal complement to the existing consortium. Their relevant industry experience will further increase the current momentum and lead to strong growth in our core markets,” says Kay Balster, Principal at High-Tech Gründerfonds (HTGF).

“We are thrilled about the strong interest in our Series B financing round and grateful for the trust our existing shareholders (HTGF and Vantage Value) and new investors place in Bind-X,” said Martin Spitznagel, founder and CEO of Bind-X. “This financing will allow us to continue our global expansion, increase production capacity, and expand our team further at three international locations.”


About Bind-X

Bind-X is an industrial biotechnology company based in Martinsried near Munich. Its mission is to increase the sustainability of established industries through the use of biobased products. Bind-X’s broad product portfolio includes innovative solutions for various industries and is based on the multi-patented technology platform Bind-Tech®. Currently, a multi-disciplinary team at three locations is working towards the goal of transforming the global agriculture, mining, and infrastructure sectors, thereby making a tangible contribution to a sustainable future today. In line with the company´s slogan: Turn solid into impact!

Press contact:  +49 89 2620 344 40,


About High-Tech Gründerfonds

The seed investor High-Tech Gründerfonds (HTGF) finances tech start-ups with growth potential and has supported more than 700 start-ups since 2005. With the launch of its fourth fund, HTGF now has about 1.4 billion euros under management. Its team of experienced investment managers and start-up experts support young companies with expertise, entrepreneurial spirit, and passion. HTGF’s focus is on high-tech start-ups in the fields of digital tech, industrial tech, life sciences, chemistry, and related business areas. To date, external investors have injected more than 4.5 billion euros of capital into the HTGF portfolio via more than 2,000 follow-on financing rounds. In addition, HTGF has already successfully sold shares in more than 170 companies.

Fund investors in this public-private partnership include the German Federal Ministry for Economic Affairs and Climate Action, KfW Capital, and 45 companies from a wide range of industries.


About HG Ventures

HG Ventures is the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Indiana, USA. 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 firm 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.

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March 15, 2023

HG Ventures Invests in Solar Panel Recycling Leader

SOLARCYCLE Raises $30M to Scale Advanced Recycling for the Solar Industry 

Oakland, CA / March 15 – SOLARCYCLE, a tech-driven recycling company focused on producing sustainable materials at scale for the solar industry, today announced that it has raised $30M in Series A funding, bringing the company’s total funding to $37M since its inception a year ago.

The funds, consisting of both company equity and infrastructure financing, will be used to scale the company’s growth in solar panel recycling capacity and expand materials remanufacturing capabilities. The round is led by Fifth Wall, the largest asset manager focused on improving, future-proofing and decarbonizing the built world, and HG Ventures, the corporate venture arm of The Heritage Group. The round also included participation from Prologis Ventures, as well as existing investors Urban Innovation Fund and Closed Loop Partners. The announcement follows the initial $6.6M seed round the company raised in May 2022.

Experts in panel manufacturing, advanced recycling, and climate technology founded SOLARCYCLE in 2022 to create a more sustainable, domestic supply chain for the solar industry. Solar adoption is expected to accelerate over this decade, increasing from 150 GWp installed in 2021 to 650GWp installed per year in 2030. In order to meet the increasing demand for new solar panel production, SOLARCYCLE has developed proprietary technology that can cost-effectively return more than 95% of all the valuable materials, like aluminum, glass, copper, silver, and silicon, back into the solar value chain to help create a sustainable and scalable solar industry.

The infrastructure financing, led by Fifth Wall Infrastructure and Special Situations Partner Alok Sindher, provides asset-level equity capital for SOLARCYCLE’s first-of-a-kind Odessa, Texas factory. Fifth Wall’s complementary venture and infrastructure investments address a critical gap in investment for hardware-intensive businesses.

“Fifth Wall looked far and wide, and we believe SOLARCYCLE is the only company within North America aiming to do true, end-to-end solar panel recycling. Their deep solar industry partnerships and ability to extract valuable materials at reasonable cost, with efficient logistics, is what differentiates the company’s position,” said Peter Gajdoš, Partner and Co-Head of The Climate Tech Investment Team at Fifth Wall. “The rapid adoption of customers speaks to the quality of the solution and the growing market demand as solar panel portfolio ages. We are confident in management’s ability to help lead the solar industry into the next chapter and make solar energy even more sustainable.”

“I spent nearly twenty years in the solar industry, helping grow two large solar companies from scratch. When I co-founded SOLARCYCLE in 2022, I knew the moment was right to build an industry-backed advanced technology solution to recycling solar panels that ensures that valuable materials go back into the domestic supply chain,” said Suvi Sharma, CEO and Co-Founder of SOLARCYCLE. “This Series A funding will allow us to further advance our patented technology, grow partnerships with industry leaders, and rapidly build recycling infrastructure in the United States and beyond to mine old solar panels for making new solar panels.”

Recent research projects that recyclable materials from solar panels will be worth more than $2.7 billion by 2030, up from $170 million this year. SOLARCYCLE works with residential, commercial and industrial (C&I), and utility companies to recycle solar panels at scale. The company is on track to install capacity to recycle one million solar panels per year by the end of 2023, and plans to open a vertically integrated, advanced recycling factory capable of processing millions of panels annually in 2024.

“SOLARCYCLE provides customers with the first scalable model for solar panel recycling, which aligns perfectly with HG Ventures’ mission to partner with innovative, high-growth companies that support a sustainable future. We are delighted to support SOLARCYCLE’s world class team developing a business model that is both an economic opportunity and an environmental necessity,” said Kip Frey, Managing Director of HG Ventures.

“As the #2 generator of onsite solar in the U.S., we see a strong and urgent need for an advanced circular solar supply chain solution, which SOLARCYCLE delivers,” said Will O’Donnell, Managing Director of Prologis Ventures. “We like that they are making solar energy even more sustainable, given their ability to extract 95% of the material from a panel and return them to the supply chain to make new solar panels.”

The funding announcement follows a founding year in which SOLARCYCLE opened their first, advanced-technology solar recycling facility in Odessa, Texas, inked customer partnerships with major US solar companies, including Sunrun, Silicon RanchDEPCOM PowerSOLV EnergyNovaSourceGreentech Renewables, and Forum Energy Partners, and assembled a world-class management team with experience scaling companies such as Amazon, SunPower, and Nextracker.


SOLARCYCLE is a technology-driven platform designed to maximize solar sustainability by offering solar asset owners a low-cost, eco-friendly, comprehensive process for recycling retiring solar panels and technologies and repurposing them for new uses. The company’s proprietary technology allows it to extract 95% of a solar panel’s valuable metals, such as silver, silicon, copper and aluminum, and to recycle or repurpose panels currently in use. Experts in solar technology, recycling and sustainability founded SOLARCYCLE in 2022 to accelerate the circular economy for solar and renewables.

About Fifth Wall 

Founded in 2016, Fifth Wall, a Certified B Corp, is the largest asset manager focused on improving, future-proofing and decarbonizing the built world. Since 2016, Fifth Wall has raised the third-most capital of any venture firm globally ($2.9B), according to SEC Form D filings. With approximately $3.2B in commitments and capital under management, Fifth Wall is backed by a global mix of more than 110 strategic limited partners (LPs) from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Hines, Host Hotels & Resorts, Kimco Realty Corporation, Lennar, Lowe’s Home Improvement, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others. This consortium represents one of the largest groups of potential partners in the global built world ecosystem, resulting in transformational investments and collaboration with portfolio companies to cut emissions, improve efficiency, and maximize returns. Founded in Los Angeles and headquartered in New York, Fifth Wall’s other offices include San Francisco, London and Singapore. For more information about Fifth Wall, its LPs, and portfolio, visit

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.


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February 23, 2023

HG Ventures Invests in P2 Science’s Latest Funding Round

P2 Science raises funding round led by Lewis & Clark AgriFood

WOODBRIDGE, Conn.Feb. 23, 2023P2 Science Inc., a leading green chemistry company, announced today the close of a funding round led by Lewis & Clark AgriFood. In the round, Lewis & Clark was joined by existing investors, including Heritage Group Ventures, Chanel, Elm Street Ventures, and SaferMade. Prior investors in P2 also include BASF Venture Capital, Connecticut Innovations, Advantage Capital, and others.

The proceeds from this round will primarily be used to expand sales and production of Citropol®, P2’s flagship product platform. Through a proprietary process called Process Intensified Continuous Etherification (“PICE”), P2 transforms renewable forest-derived feedstocks into high-performance ingredients for use in a variety of personal care, cosmetics, and beauty products. Citropol® exceeds the performance of traditional emollients, including silicones, and is easy to formulate while safe for human health and the environment. In 2022, P2 won five industry awards, including the Innovation Best Breakthrough Supplier Award from BeautyMatter, one of the most trusted voices in beauty. In addition, in January 2023, Unilever’s haircare brand, Living Proof, launched three new products built on P2’s ingredients.

“We’ve built a new patented, market-leading ingredient platform, that allows customers to build incredibly high-performance products which also satisfy consumer demands, regulatory requirements, and internal sustainability goals,” said Neil Burns, CEO of P2 Science. “There is nothing in the market today like Citropol®. We now have 22 patented Citropol® products that are used in every product category across personal care and beauty. This new round of financing will allow us to supercharge production and accelerate our global sales pipeline.”

In addition to Citropol®, P2 has developed other proprietary products and chemistries for use across industries, such as flavor and fragrance, specialty materials, and more. A process that has also garnered particular interest is P2’s Process Intensified Ozonolysis (“PIOz”), which has a much smaller footprint, is more efficient, and is more scalable than traditional ozonolysis. In May 2020, P2 announced a Joint Development Agreement with Archer Daniels Midland to commercialize renewable plant-based products across high-value markets, such as nylons, polyesters, lubricants, and agrochemicals, utilizing PIOz.

“P2 is one of the very few successful sustainable chemistry platform companies,” said Chuck Warta, Operating Partner with Lewis & Clark AgriFood. “Consumers and companies across industries are looking for highly functional, new, sustainable alternatives. Many in the personal care and beauty space are now turning to P2 for innovation. We are excited to partner with the P2 team and existing investors to grow a world-leading green chemistry company, deeply rooted in technology, with a portfolio of sustainable, high-value, and high-performance products.” As part of this financing, Chuck Warta has joined P2’s Board of Directors.

Stifel acted as an advisor and placement agent to P2 Science for this transaction.

About P2 Science

P2 Science is a green chemistry company co-founded by Professor Paul Anastas, head of the Yale Center for Green Chemistry and Green Engineering. P2 has developed and patented technologies for converting renewable feedstocks into high-value specialty products. Investors in P2 include Lewis and Clark AgriFood, Heritage Group Ventures, BASF Venture Capital, and Chanel. The company started its first manufacturing plant in September 2018, producing renewable aroma chemicals and cosmetic ingredients. For more information, visit

About Lewis & Clark AgriFood

Lewis & Clark AgriFood is a St. Louis-based group of experienced investment professionals passionate about investing in companies at the forefront of food and agriculture innovation. We look for companies that deliver benefits to the stakeholders in the food and agriculture sector, from the producer, through the supply chain, all the way to the consumer. We invest in companies that are at the growth stage of their evolution, poised to scale their technology to a national or global scale. As founders, operators, investors, and scientists, our seasoned investment team brings a breadth of quality sector experience to every investment. For more information, visit

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