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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.


Link to press release:

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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

Link to press release:

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September 16, 2022

HG Ventures Backs ZwitterCo’s Industrial Wastewater Reuse Breakthrough Technology

ZwitterCo Transforms Performance and Economics for Industrial Wastewater Reuse with $33 Million Series A Funding

DCVC leads the largest Series A funding round for a water technology company with $33 million in financing to scale ZwitterCo’s revolutionary membrane technology that treats the toughest industrial wastewaters for reuse and is immune to irreversible fouling.

Boston, September 15, 2022 – ZwitterCo, Inc., the advanced membrane technology company, today announced the largest Series A funding round in history for a water technology company. The $33 million financing, led by DCVC, will expand the development and production of its revolutionary zwitterionic membrane technology.

ZwitterCo’s technology delivers what the water industry has been seeking for decades: a rugged polymeric membrane that is immune to irreversible fouling. Traditional membrane performance degrades with every cleaning cycle until the membranes no longer work and must be replaced. For tough-to-treat wastewaters, membrane replacement occurs frequently, increasing the operational complexity and cost of running wastewater plants. ZwitterCo membranes, by contrast, perform as new after every cleaning cycle.

ZwitterCo superfiltration membranes stacked

ZwitterCo superfiltration membranes

ZwitterCo leverages its patented zwitterionic copolymers to build highly advanced membranes that solve the toughest wastewater separation challenges. The performance advantages of ZwitterCo’s membranes make them unique. They can be used in a wide variety of new applications and operating environments, given their ability to repel thousands of times more organic compounds than standard membranes. The company is building a suite of membrane products with these and other capabilities, bringing the precision and reliability of filtration to historically underserved markets.

“ZwitterCo has unlocked the true potential of zwitterions for water treatment, resulting in a leap in membrane performance,” said Chris Drover, co-founder, and CTO of ZwitterCo. “The mechanisms behind fouling and degradation that plague traditional membranes do not apply to our products.”

A zwitterion is a special class of molecule that is “hydrophilic” or highly attractive to water molecules. ZwitterCo’s patented zwitterionic copolymers self-assemble into hydrophilic channels, acting like flumes at a water park, ushering through H2O molecules, and repelling everything unable to flow through its narrow pores, including organic compounds such as oils, fats, greases, or proteins.

ZwitterCo’s first product, a superfiltration (SF) membrane, targets challenging industrial wastewaters for treatment and reuse. “Today, over 4 billion people experience severe water scarcity at various times during the year,” said Alex Rappaport, co-founder and CEO of ZwitterCo. “As the world works to adapt to population growth and climate change, reusing wastewater safely and economically is imperative.”

Since introducing their SF in 2021, ZwitterCo has booked over a dozen commercial projects and completed dozens more successful pilots. As a result, ZwitterCo is already tackling some of the hardest wastewater treatment challenges, including digestates, leachates, O&G-produced water, poultry & dairy, bioprocessing, and food & beverage wastewaters. Additionally, ZwitterCo membranes are used in novel process applications where fouling recovery, ruggedness, and exacting tolerances are essential, such as protein extraction from bio-fermentation.

The Series A funds will allow the company to add applications development, increase its pilot fleet, and build inventory to meet the strong demand for ZwitterCo products. The funding will also commission ZwitterCo’s state-of-the-art innovation center just north of Boston, accelerating the development of new membrane products based on ZwitterCo chemistry.

One-sixth of the world’s freshwater withdrawals, an estimated 500 billion gallons a day, become industrial and agricultural wastewater. Accelerated depletion of our groundwaters and aquifers, as well as protracted droughts, are worsening water scarcity and threatening food production. As a result, safe and economical wastewater reuse has never been more critical.

“At DCVC, we invest in Deep Tech companies that address urgent, global problems while providing outsized returns for our investors,” said Jason Pontin, a Partner at DCVC and Chairman of ZwitterCo’s Board of Directors. “ZwitterCo’s novel membrane chemistry will help solve water scarcity around the globe by making it easy and affordable for a wide variety of industries to adopt water reuse.”

DCVC led ZwitterCo’s Series A financing, with participation from new investors Heritage Group VenturesGenoa Ventures, and Mott Corporation. Existing investors MANN+HUMMEL Corporate VenturesBurnt Island Ventures, and R-Cubed Capital Partners also participated in this round.


About ZwitterCo

ZwitterCo’s breakthrough membrane technology enables filtration for the most challenging separations. The company leverages the remarkable power of zwitterions to create an intensely hydrophilic membrane that resists fouling from organic molecules such as fats, oils, and proteins. The unique properties of their membranes give a pathway to the next generation of water treatment, precision separation, and resource recapture. ZwitterCo has been recognized by the Department of Energy, the National Science Foundation, and the Massachusetts Clean Energy Center as a leader in clean water technologies. For more information, visit

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August 16, 2022

HG Ventures Invests in Carbon Fiber Recycling Company Vartega

Vartega Announces New Facility, Increased Capacity, and Funding

Pecos Logistics Park in Denver, CO

Golden, CO – August 16, 2022 – Vartega – a recycler of carbon fiber and composite materials – is expanding its footprint and is increasing production capacity 10X from its current facility in Golden, CO. Vartega’s new 50,000 square foot manufacturing facility and headquarters will be located in Building 2 of the recently completed Pecos Logistics Park (owned by institutional investors advised by J.P. Morgan Global Alternatives) in Denver, CO.

The facility was selected to meet the growing demand for recycled carbon fiber and Vartega’s EasyFeed carbon fiber bundles used as a low-cost alternative to virgin material for automotive and other industrial applications. With a planned capacity of 2,000 metric tons per year, Vartega will continue to serve its growing customer base in North America as well as address new opportunities in Europe and Asia.

The expansion coincides with a recent capital infusion led by Belle Impact Fund with participation from Autodesk Foundation, Keiretsu Forum, Texas HALO Fund, SWAN Impact Network, New Climate Ventures, HG Ventures, Denver Angels, and other former and new investors. In addition to supporting the new facility and increased capacity, the oversubscribed $5M Series Seed II funds will be used to help grow the Vartega team and support Vartega’s objective to achieve ISO 9001 certification in 2024.

“The Vartega team has worked diligently over the past several years to develop products and processes that solve challenging waste problems,” says Andrew Maxey, CEO of Vartega. “We’re grateful for the considerable trust that our customers and investors have put in us to meet the needs of a changing world. Advanced materials recycling is no longer nice to have, it’s a must have. Our new facility will be a world class manufacturing environment that will allow our team to operate safely and efficiently to deliver a reliable source of high-quality recycled carbon fiber while contributing to our community and providing a meaningful benefit to all our stakeholders.”

A future open house and ribbon cutting will celebrate Vartega’s progress and key partners.

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 J.P. Morgan Global Alternatives

J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$218 billion in assets under management and more than 700 professionals (as of March 31, 2022), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information, visit

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July 7, 2022

HG Ventures Invests in Sustainable Textile Company Simplifyber

Simplifyber Secures $3.5M Seed Investment to Reinvent How Clothing is Made, with Sustainable, Advanced Manufacturing

Led by fashion designer Maria Intscher-Owrang, company will leverage its additive manufacturing technology to bring economically competitive biodegradable garments to market

NEW YORK, July 6, 2022 /PRNewswire/ — Simplifyber, Inc., creator of the world’s first fully-molded garment and shoe uppers made directly from a cellulose-based liquid, announced today the closing of a $3.5M round of seed funding, led by At One Ventures, with participation from Techstars, Heritage Group Ventures, The Helm, W Fund, Jetstream Ventures, Plug & Play Ventures, REFASHIOND Ventures, CapitalX Ventures, Keeler Investments Group and others.

The company has developed a novel approach to clothing and accessory manufacturing that removes traditional spinning, weaving, cutting, and sewing and replaces it with a sustainable, less resource-intensive process, and fully biodegradable solution – cutting out 60% of the steps and reducing the 35% of materials in the fashion supply chain that ends up as waste.

“I saw how additive manufacturing (e.g., 3D printing) was disrupting nearly every other industry, but not in fashion. I set out to find the people that could make this a reality,” remarked Simplifyber co-founder and CEO Maria Intscher-Owrang, who led a 20+ year career as a fashion designer and director at leading fashion houses, including Vera Wang, Calvin Klein, Alexander McQueen, Dirk Bikkembergs, and Edun.

“We discovered a way to create clothing using soft plant fibers,” she explained. “We start with a liquid cellulose – made in a lab, not in a mill – which is then poured on specially-designed molds and dried, eliminating fabric waste altogether and allowing on-demand, stock-free service.”

Simplifyber’s cellulose formula is 100% natural, derived from a combination of wood pulp and other plant-based material and non-toxic additives, so the result is a fully biodegradable product that can be easily returned to nature, recyclable as paper and as clothing.

“With its single-step process for clothing making, Simplifyber has the potential to beat the unit economics of polyester, becoming an economically and environmentally viable solution against plastic waste,” said Laurie Menoud, Partner, At One Ventures. “We’re looking forward to partnering with the team to bring this solution to scale. We believe Simplifyber could be the apparel of the future: They are not only beautifully designed but have a low carbon footprint and are price-accessible, which is a significant differentiation from other sustainable clothing brands.”

With its manufacturing of daily wear items such as T-shirts, Simplifyber aims to replace wovens and knits, which together represent a $25B market globally. Additionally, the company has collaborated on a pilot with HP to create molded shoe uppers, also from a custom formula derived from natural fibers.


About Simplifyber

Simplifyber creates the “Apparel of the Future” through its soft, cotton-like biodegradable clothing and footwear that are made by injecting liquid into molds, without the need for cutting, sewing, or weaving; transforming the world’s Apparel and Footwear Industries through its proprietary fully-biodegradable material formula and sustainable additive manufacturing system.


SOURCE Simplifyber, Inc.

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May 17, 2022

HG Ventures’ Managing Director Cracks the Top 25 on Annual List of Most Prominent Corporate Venture Capitalists in the World

INDIANAPOLIS – May 17, 2022 – HG Ventures, the corporate venture arm of The Heritage Group, today announced that its Managing Director, Kip A. Frey, has once again been named to the Global Corporate Venturing (“GCV”) Powerlist 2022—representing the top 1% of corporate venturing leaders spearheading the industry’s future. Frey was named to the Powerlist for the third straight time, and this year ranked among the top 25 in GCV’s global rankings.

The Powerlist “allows the strategic, financial and leadership components of the best leaders to shine through,” said James Mawson, Editor-in-Chief of Global Corporate Venturing. “With more than 6,000 corporations having invested minority stakes in private entrepreneurs over the past decade, every year selecting the Powerlist gets harder and harder.” But, he added, “the persistence of the top performers in building networks, selecting deals and adding value remains strong.”

The Heritage Group tapped Frey to launch HG Ventures in 2018, leveraging his more than 25 years of experience in entrepreneurial and venture capital leadership. He previously served as Vice Provost for Innovation & Entrepreneurship at Duke University, and before that was a partner at venture capital firm Intersouth Partners. Additionally, Frey has served as CEO on seven different startup ventures. Under Frey’s leadership, HG Ventures has invested more than $178 million across 30 hardtech startups, all aligned with The Heritage Group’s core mission of providing sustainable solutions in specialty chemicals, environmental services, and transportation infrastructure.

“Congratulations to Kip and our HG Ventures team,” said Amy Schumacher, CEO of The Heritage Group. “From a standing start in 2018, Kip created a fully-functioning business unit that has become a central hub for innovation, disruptive investment, and entrepreneurial spirit at The Heritage Group. He has recruited a world-class team, produced stellar financial returns, enhanced the culture at THG, and built a globally prominent corporate venturing brand. These results have far exceeded our most optimistic expectations.”

HG Ventures Managing Director John Glushik was named a GCV Emerging Leader in 2022 and Senior Director Ginger Rothrock was named a GCV Rising Star in 2021.

Media Contact: 

Meghan Hunt
HG Ventures

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.


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May 13, 2022

HG Ventures Backs Advanced Battery Materials Production Company 6K in Series D Financing Led by Koch Strategic Platforms

Koch Strategic Platforms Leads $102M Series D Funding Investment in 6K To Accelerate Battery Material Production and Recycling

The investment is the first of two funding closes, expected to reach over $150M in total, aimed at building a low-cost, sustainable domestic supply chain for battery materials.

North Andover, MA, May 12, 2022 – 6K, a leader in the sustainable production of engineered materials for lithium-ion batteries and additive manufacturing produced from its UniMelt® plasma technology, announced today it has raised $102 million in its Series D funding first close. The round was led by Koch Strategic Platforms (“KSP”), a subsidiary of Koch Investments Group, an investment arm of Koch Industries, with participation by investors Energy Impact Partners, Albemarle, HG Ventures, as well as participation by 6K’s existing investors. The Series D proceeds will fund production expansion for premium 3D metal powders in its 6K Additive division and accelerate the deployment of cathode production plants in its 6K Energy division.

“Lithium-ion battery markets will increase tenfold in the next decade, fueled by growth in EVs, as well as supporting critical infrastructure for telecom back-up, data centers, and power plants. The fact that there is no lithium-ion battery material production on US soil is a concern for both national security and for the industries that are relying on these critical materials,” said Aaron Bent, PhD, CEO of 6K. “6K is the only company capable of battery material production at costs lower than Asia, while also reducing impact on the environment by 70%-90%.  Disruptive approaches such as this are the only viable way to repatriate this industry. The investment from Koch Strategic Platforms not only brings the capital required to fuel our growth, but equally important they bring unparalleled commitment and reach within the battery value chain.”

6K’s UniMelt® system replaces a three-day, multi-step, high waste chemical co-precipitation (hydro-met) process with one that is ultra-clean and ultra-fast (as low as 2 seconds), powered by a 6000K microwave plasma. Compared to state-of-the-art CAM plants today, 6K uses half the footprint, substantially lower CapEx, and half the conversion costs or less. If deployed across the 400 GWh of announced capacity by 2025, implementing a 6K solution for NMC811 has the potential to save billions of dollars and eliminate solid and liquid hazardous waste while reducing water usage by 90% and energy usage up to 70%. The UniMelt systems are already deployed in 24/7 high volume production in 6K Additive’s 45 acre, ISO9001 certified facility.

“We have been following 6K Energy’s progress since inception and have found that 6K’s UniMelt plasma technology delivers a competitive, production process built on US soil,” said Jeremy Bezdek, managing director for Koch Strategic Platforms. “They have created a transformative battery material production and recycling eco-system, delivering a versatile technology capable of full-scale production with various chemistries. This innovation will help realize advancements in energy transformation and the battery value chain.”

The $102 million raised is the first of two funding tranches for Series D, which is expected to reach $150 million in total. With an expected close in spring 2022, 6K will add a limited group of strategic investors. 6K is working with partners throughout the supply chain with the intent to build an end-to-end solution, including its partnership with Albemarle for the sustainable production of lithium products, and Heritage/Retriev for the production of cathode from end-of-life batteries. 6K is opening its $30M Battery Center of Excellence in August 2022 and working through site selection for its first 10-20 GWh cathode plant with production launch in early 2024.

About 6K
With sustainability at its core, 6K was founded in North Andover, Massachusetts, has developed UniMelt®, a proprietary advanced microwave plasma production system, to transform engineered materials into revolutionary products that advance industries across additive manufacturing, renewable energy, aerospace, consumer electronics, and more. 6K represents 6000 degrees, both the temperature of the operation of UniMelt®, the world’s only microwave production scale plasma system, and the temperature of the sun’s surface.

The 6K Energy division is focused on the production of low-cost, sustainable, and domestically produced battery material accelerating the pace of battery production and adoption of electric vehicles. The 6K Additive division specializes in sustainably sourced, AM metal powders production and reclamation, using a proprietary milling and cleaning process that ensures contamination-free, high-quality powders. For more information, visit and follow @6KInc on Twitter. 

About Koch Strategic Platforms
With offices in Atlanta and Wichita, KSP desires to be the preferred investment partner of growth focused, strategic companies who are innovating in industries with disruptive potential. Created in 2020, the KSP team pursues public and private investments with companies where long-term mutual benefit can be realized.

About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global investment firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $2.0 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit

Koch Industries
Christin Fernandez

Bruce Bradshaw