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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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November 18, 2022

Heritage Group finds success with venture fund

When Indianapolis-based The Heritage Group launched its New Ventures Group in 2018, it did so in the belief that it could leverage its expertise in materials science to boost entrepreneurship, generating benefits both inside and outside the company.

The strategy seems to be working even better than expected for the privately held, family-owned company that has an ownership stake in more than 30 operating companies, including Calumet Specialty Products Partners LP, Heritage Environmental Services, Monument Chemical and others.

To date, the company’s venture arm, HG Ventures, has invested nearly $200 million in a total of 30 companies, eight of which had been participants in The Heritage Group Accelerator.

And in 2021, HG Ventures became the first non-Europe-based investor chosen to partner with Innovate UK, a research and innovation funding initiative associated with the government of the United Kingdom.

“I would say the thing that surprised me the most was how strong the market for material-science venture investing turned out to be, and how well-positioned we have been to establish a brand in that area,” said HG Ventures Managing Director Kip Frey. The Heritage Group recruited Frey from North Carolina to launch HG Ventures four years ago.

The venture group has a threefold strategy:

  • Invest in U.S. and international companies that focus on materials science (studying
    the substances things are made of and designing more advanced
  • Launch an annual startup accelerator.
  • Incubate employee ideas that show commercial promise.

The venture group’s investments focus on areas such as energy, sustainable materials, water, infrastructure and the circular economy—the concept of reusing and recycling materials rather than disposing of them.

HG Ventures’ investment portfolio includes companies like Zionsville-based 120Water, which offers water-sampling kits, software and services for water system management and compliance. It also includes Israel-based Valerann, which offers a trafficmanagement platform for road operators and traffic authorities.

The accelerator, whose fourth cohort of startups wrapped up last week, has brought a total of 37 startups to Indianapolis since 2018 for a 13-week, in-person accelerator at The Heritage Group’s headquarters just east of Eagle Creek Park. The startups come from around the world; to date, five have chosen to move their headquarters here.

The Heritage Group also decided this year to run its accelerator on its own, after a three year contract with accelerator operator Techstars came to an end.

The third part of The Heritage Group’s strategy, its in-house incubation process, has already resulted in one new company. That startup, Avenew Inc., is a road-management company that launched in February and is now part of The Heritage Group’s portfolio.

‘Amazing resources’

For The Heritage Group, part of its secret sauce is the expertise and resources it can offer the companies it invests in.

HG Ventures and The Heritage Group Accelerator both operate out of The Center, a 113,000-square-foot building that also serves as The Heritage Group’s corporate headquarters. The facility, in InTech Park, also is home to The Heritage Group’s in-house research and development laboratory, which helps its operating companies develop and test their products.

And The Heritage Group’s 6,000-person workforce includes chemists, engineers, scientists and others with specialized industry knowledge.

“We have 6,000 people. We’ve got amazing resources that we can bring to bear for entrepreneurs that show that it’s not lip service, adding value. It’s truly tangible value that we can bring to these companies,” said Ginger Rothrock, senior director of HG Ventures.

These types of resources can help HG Ventures in multiple ways, said
fellow venture investor David Kerr, managing director of Indianapolisbased Allos Ventures.

Allos and HG Ventures are co-investors in 120Water Inc., which is also a graduate of The Heritage Group Accelerator.

A venture firm that invests in the realm of materials science, clean technologies or hard tech—technology that includes both hardware and software—needs the know-how to find and evaluate potential investments.

One way to find this know-how is to work with consultants, universities or industry partners, Kerr said—but The Heritage Group has this expertise inhouse. “That’s where I do think it really does give Heritage Group an advantage, having ready access to those types of people.”

‘A complete mind shift’

These are the types of resources that caught the eye of suburban Seattlebased entrepreneur Jason Puracal, co-founder and CEO of ZILA Works. The company was one of seven startups from the United States and Canada who came to Indianapolis for this year’s accelerator.

ZILA, which launched in 2014, has developed a process for using industrial hemp to create bio-epoxy resin for use in products from sporting equipment to floor sealants. The company hasn’t yet started generating
revenue but has secured its first paid pilot test, which will take place this winter with Vermont-based Burton Snowboards, Puracal said.

He’d been through three previous accelerators in the U.S. and Canada before coming to Indianapolis for The Heritage Group Accelerator, he said, and this one is different.

“This is the first accelerator program that has had specific expertise that is relevant to our industry,” he said. “It’s been great to have the resources and the muscle of Heritage at our disposal.”

Most of ZILA’s partners before had been universities, Puracal said, so working with an industry-based accelerator has given him a whole new perspective.

“Academia runs at a certain pace, and Heritage has helped us shift our mental framework about, ‘Oh, really we can go much faster in this other setting,’” he said. “It’s
been a complete mind shift for us, and we’re trying to scale up as quick as possible now.”

One area ZILA had struggled with, Puracal said, was finding a manufacturer willing to make the company’s product. He said his company had reached out to 40 companies, all of whom said ZILA was too small for them to do business with. But through the accelerator, Puracal is now in conversation with The Heritage Group’s Monument Chemical as a potential manufacturer. “Monument has a different approach because of
the accelerator program.”

During their 13 weeks in Indianapolis, Puracal said, he and his fellow founders were also introduced to representatives from Purdue University, the Indiana Economic Development Corp. and other startup accelerators, as well as Indiana-based venture investors. The accelerator participants also traveled to events in Pittsburgh; Columbus, Ohio; and Louisville.

Being in person for the 13-week program has also allowed Puracal to meet other founders who have become both friends and sources of professional support.

Becoming known

The Heritage Group “seriously considered” 75 applicants for this year’s accelerator cohort, Frey said. Many more companies submitted applications, but the 75 represented the strongest.

New Ventures Group is also gaining traction on its venture investment side.

The Heritage Group’s CEO, Amy Schumacher, said HG Ventures has seen an increase in both volume and quality of investment opportunities that cross its threshold over the group’s four years in existence.

Schumacher is a great-granddaughter of John E. Fehsenfeld, who launched the company in 1930 under the name Crystal Flash. She, along with board Chair Fred Fehsenfeld Jr., had the vision for what became New Ventures Group.

“What has surprised me is how quickly HG Ventures has established themselves as a leader in this space,” Schumacher said.

Some of the investment opportunities are pitched by entrepreneurs, she said. Others come from fellow venture firms looking for co-investors for particular deals.

“They see the value we can bring to an opportunity,” Schumacher said.

The third part of New Venture Group’s strategy is to incubate business ideas that come from within.

As part of this effort, Schumacher said, The Heritage Group launched a year-long Concept to Commerce course, which focuses on how to commercialize an idea. Employees must be nominated to participate, and a second cohort is set to begin early next year.

“It was an overwhelming success,” Schumacher said.

New Ventures Group has already successfully taken one idea from concept to commercialization with Avenew, which quietly launched in February.

The company, which helps local governments manage their road and bridge infrastructure, was born out of an idea from Heritage Group employee Micah Vincent. Vincent, who was director of Indiana’s Office of Management and Budget before joining The Heritage Group, now serves as Avenew’s chief operating officer.

The startup’s CEO is Joe McGuinness, who formerly served as commissioner of the Indiana Department of Transportation. Before that role, McGuinness served as mayor of Franklin.

McGuinness said leading a startup is altogether different from being a government executive. The Heritage Group has helped him with tasks as big as business strategy and as small as creating and ordering business cards.

“They have provided a lot of support,” he said. “They allow you to sleep at night and not be looking around every corner.”

It took about 18 months to develop Avenew’s initial concept into a business, Rothrock said. Other ideas are now making their way through the incubation process, with anticipated business launches in one to three years, though Rothrock declined to reveal details.

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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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June 28, 2022

HG Ventures Backs Circulor to Advance Responsible Supply Chains Globally

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

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

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

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

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

Media Contacts:
Regan Keller
Antenna Group for HG Ventures

Franziska Grammes

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.

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

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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

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April 21, 2022

Puraffinity Receives Innovate UK Grant for PFAS Treatment

LONDON, UK April 21, 2022Puraffinity announced today that it has been awarded a £1.5M grant from Innovate UK, as part of UK Research and Innovation’s Transforming Foundation Industries (TFI) Programme. TFI grants fund research and development projects that demonstrate future technologies capable of addressing the resource or energy efficiency challenges of the UK’s foundational industries (including cement, semiconductors, ceramics, metals, and bulk chemicals).

Under Innovation UK and Horizon 2020 grants, Puraffinity has developed several sustainable materials that target the adsorption of highly challenging forever chemicals pollutants, including Perfluoroalkyl and Polyfluoroalkyl Substances (PFAS), from water and wastewater. PFAS are manmade chemicals used for decades across foundational industries like chemical manufacturing and the cement industry. Unregulated PFAS industrial discharges have caused significant detrimental environmental and health impacts.

Puraffinity will use the grant funds to increase and refine its adsorbent materials to address specific requirements of the chemicals foundational industries. The team continues to grow and develop its staff and has recently expanded into a new lab space to improve throughput while reducing the greenhouse gas emissions of its products.

“Our technology targets foundational industries that require PFAS treatment at the source, as well as additional markets needing large-scale PFAS removal,“ said Puraffinity CEO Henrik Hagemann. “We will use the funds to scale up and deploy our technology in global markets that are in immediate need of a solution to the PFAS problem. We’re testing products against new broad-spectrum PFAS standards and we have seen preliminary results exceed regulatory requirements.”

US-based HG Ventures partnered with Innovate UK to drive environmentally sustainable innovation in the United Kingdom. HG Ventures was chosen as the only investor outside Europe to participate in the program following a competitive selection process. HG Ventures led the investor group that matched the TFI grant, with participation from US-based group Acecap, and participated in Puraffinity’s Series Seed in 2019, alongside lead VC firm Kindred Capital from the UK and co-investor Verve Ventures from Switzerland.

“We have been impressed by Innovate UK’s ability to work collaboratively with venture investors to support innovative startups, and our partnership continues to deliver outstanding benefits,” said Jon Schalliol, Director at HG Ventures. “We are really pleased to continue to support this program and proud to work with the Puraffinity team as they continue developing smart materials to address the global PFAS problem.”

HG Ventures has made several European-based investments in environmental services, green chemistry, and sustainable infrastructure. UK companies can connect with HG Ventures at

About Puraffinity

Puraffinity specialises in the design and development of precision materials and has developed a sustainable novel adsorbent capable of removing highly challenging forever chemicals from contaminated water and wastewater. The company is at the forefront of developing solutions for overcoming imminent water quality challenges, whilst sustainable and positive environmental impact lies at the heart of the company’s ethos.

About HG Ventures

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


Regan Keller
Antenna Group for HG Ventures

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February 22, 2022

Smart Mobility Startup Valerann Raises US$17 Million in Series A Funding Round

LONDON, UK February 22, 2022 – Valerann – a UK-based Israeli smart transportation startup – today announces its latest growth milestone, raising US$17 million in Series A funding. The investment will support the increasing demand for the company’s software product – Lanternn by Valerann™ – and will enable its implementation with multiple road operators in the UK, Europe and the Americas.

The round was led by HG Ventures, the corporate venture arm of The Heritage Group. Previous investors RIO Ventures Holdings and 2B Angels also participated in this round.

Founded in 2016, Valerann has since expanded through investments and research and development initiatives to offer data-driven, intelligent traffic management systems using artificial intelligence (AI), data analytics and data fusion.

The latest innovation, Lanternn by Valerann™, is an intelligent transportation solution that helps city and highway authorities make more informed decisions around traffic management.

The company’s technology employs a proprietary Real-Time Data Fusion Engine that applies powerful, state-of-the-art AI and machine learning techniques to combine multiple data sources. These sources include navigation apps, IoT sensors, cameras (machine vision), social media, and connected vehicles. The company leverages cloud and big data technologies to achieve the scalability required to process the increasingly large data streams available today.

This deep fusion of data empowers road network operators – who currently have access to limited data – with real-time, accurate road intelligence to enable faster, better, and more effective analysis and decision-making. Future planning, strategy and prioritisation are also made possible via the software’s predictive analysis tools. This leads to safer roads, reduced congestion, lower emissions, and increased sustainability.

“Our vision is for Lanternn by Valerann™ to become an intelligent transportation software as a service (SaaS) solution that helps city and highway authorities make more informed decisions around traffic management, no matter their size or budget,” said Gabriel Jacobson, CEO and Co-Founder of Valerann.

“We are excited to have received this new strategic funding. It will allow us to grow the company and enhance our product – Lanternn by Valerann™ – and accelerate its implementation worldwide,” Jacobson said.

“We are delighted to partner with Valerann on the next generation of roadway technology,” said John Glushik, Managing Director of HG Ventures. “Safer and more efficient roads are possible with better monitoring capabilities and actionable data. We look forward to backing this team of infrastructure experts to support the evolution of smarter roads and vehicles.”

About Valerann

Valerann is a smart mobility company that operates in the intelligent transportation industry. It started operating in 2016 and has since grown to become a leading provider of advanced traffic management systems.

Valerann was founded by Michael Vardi, Daniel Yakovich, Gabriel Jacobson and Shahar Bahiri. It has offices in London, UK and Tel Aviv, Israel.

Follow us on Twitter: @VALERANN_LTD and on LinkedIn: Valerann

Contact: Noam Halperin, Marketing Manager, +44 7471 215422,

About HG Ventures 

HG Ventures is the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Indiana, US. 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 centre to offer a unique value proposition to its portfolio company partners.

Contact: Regan Keller, Antenna Group for HG Ventures,

Press enquiries:

Sophie Dupuis Bates, Marketing and Communications Consultant, Defence Media Ltd:

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February 10, 2022

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

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

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

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

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

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

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

Media Contact:
Regan Keller
Antenna Group for HG Ventures

HG Ventures
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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February 2, 2022

Biosynthetic® Technologies Raises $7.5M Led by HG Ventures

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

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

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

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

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

For more information on Biosynthetic Technologies fundraising efforts please contact Mark Miller at

Media Contact
Debby Neubauer
Biosynthetic® Technologies
O: (317) 556-1050 M: 317-697-7304

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

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