HG Ventures Makes $4 Million Investment in Romeo Systems

HG Ventures Makes $4 Million Investment in Romeo Systems

Investment will be used to scale production and enable industry partnerships.

INDIANAPOLIS, IN – August 2, 2019 – HG Ventures today announced its investment in Romeo Power Technology, an industry leader in sustainable power systems for electric vehicles (EV). Romeo has developed a proprietary, multi-faceted suite of energy storage technologies for lithium-ion battery development, packaging and deployment. Romeo’s products are disrupting the global sustainable energy storage market and extending the capabilities of EVs, while improving the overall safety and reliability profiles of lithium-ion batteries.


Romeo was founded in 2015 by a group of engineers from SpaceX, Tesla, and Samsung on a mission to advance energy technology. Romeo’s power management innovations have enabled multiple joint development agreements with manufacturing partners from around the world, including a joint venture with BorgWarner for hybrid and electric vehicle propulsion funded from proceeds of this round.


“We are excited to partner with HG Ventures as we gear up to bring Romeo’s game-changing technologies to the market,” said Michael Patterson, Co-founder and CEO of Romeo.  “HG Ventures brings a level of technical sophistication and materials science expertise that is uncommon in the venture world. We look forward to deepening our relationship with both its investment professionals and its technical experts.”


“Romeo has become an industry-leading battery module and pack supplier, and we look forward to helping the company accelerate its growth,” said John Glushik, Managing Partner of HG Ventures and VP of HG Ventures’ parent company, The Heritage Group.  “The investment in Romeo exemplifies HG Ventures’ commitment to investing in emerging companies commercializing advanced material technologies.”


About Romeo Power Technology

Romeo‘s mission is to advance technology to help end energy poverty. The company builds “tighter and lighter” battery packs for electric vehicles and stationary energy storage that perform better and last longer thanks to industry-leading energy density and battery management. Learn more at romeopower.com.


Biosynthetic Technologies: A Note From Kip

Biosynthetic Technologies: A Note From Kip

Mark Miller joins The Heritage Group as Biosynthetic Technologie’s CEO.

On behalf of the New Ventures Group, I’m pleased to announce progress on our second strategic investment: Biosynthetic Technologies.


Biosynthetic Technologies (BT) is a start-up focused on creating a sustainable future through the development of a technology platform focused on high performance synthetic base stocks derived from renewable resources.  The manufactured products serve as a base stock for the lubricant and specialty chemical industries in the industrial, marine, and automotive markets.  BT will be a great addition to our portfolio and benefits from THG’s experience in the refining and specialty chemical space.


I’m excited to announce that Mark Miller is joining THG as BT’s CEO. Mark is a serial entrepreneur with a special emphasis on bio and sustainable technologies.  He co-founded and was CEO of Terresolve Technologies, Ltd. an environmentally safe chemical products company. He led the organization from start-up until his exit, creating a multimillion dollar, highly profitable, global industry leader. Mark also sits on the Board for The National Foundation For Animal Rescue (NAFFAR) and he and his wife Shari have adopted more than their share of homeless critters.  The entire BT team, including Matt Kriech and Bruce Marley, will report directly to Mark.


The BT funding should close mid-January. I want to take a moment to thank everyone who made this possible including Julie Austin, Matt Kriech, David Rosen, Tony Kriech, and Jon Schalliol, and the entire BT team.


Please join me in welcoming Mark to The Heritage Group.


Very best,




CustoMem Changes Name To Puraffinity And Announces Successful Fundraise To Accelerate Its Growth

CustoMem Changes Name To Puraffinity And Announces Successful Fundraise To Accelerate Its Growth

NEWS – Aug 07, 2019 – Puraffinity, a spin-out from Imperial College London, that develops advanced materials for selectively removing target chemical compounds from water, has announced an oversubscribed seed round of $3.55M (£2.8M) from leading sustainability investors.


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Biosynthetic Technologies Announces Additional Team Members

Biosynthetic Technologies Announces Additional Team Members

Biosynthetic Technologies has added three great additions to the R&D team.

Alex Kitchel has joined the Research and Development team.  Alex brings to the team strong lab experience and a passion for the environment and sustainability.  He will be helping the R&D team create new products, optimize manufacturing processes, and provide logistics and administrative support.

“When I first joined BT, it was incredibly clear how passionate the entire company is in working to create a better, cleaner, and greener world.  I am excited to work here and be part of such an amazing group of people.  I am hoping that my biology and environmental science background will be able to provide unique observations and new ideas for BT, further helping our team grow in many areas,” said Kitchel.

Alex is an avid environmentalist, and his experience in the field and in the lab will provide many useful insights to the company.  Previously, he graduated from Hanover College in 2018, where he developed studies on aquatic ecology, specifically looking at the impacts of plastics, oils, and coral bleaching on coral reefs.  In his free time, Alex enjoys playing and watching all sports, scuba diving, and reading.

Alex brings a fresh perspective and new innovative voice to BT as it takes its high-performance base fluids to market.

BT has also welcomed Dr. Marlon Lutz to the R&D team. Dr. Lutz brings 17 years of chemistry experience with him which includes six years of his career dedicated to Estolide synthesis and product development. He will be responsible for researching and helping commercialize a new line of biobased products using Estolide technology.

“I am thrilled to be part of the Biosynthetic Technologies core team and I am exceptionally excited to have the role of developing processes for the BT platform that will ultimately provide more sustainable solutions to our customers.” said Lutz.

Previously, Dr. Lutz graduated from Loyola University, Chicago in organic chemistry with the emphasis in synthetic methodology and medicinal and supramolecular chemistry. In addition, Marlon spent nearly 12 years in the pharma sector as a process development chemist at Regis Technologies located in the Chicago area where he developed novel synthetic routes, optimized chemical processes, and translated this information to develop safe, scalable, and robust processes under cGMP regulations.

“We are super excited to have Dr. Lutz joining the team.  He has a wealth of chemical experience and a strong background in Estolide chemistry, which will allow us to quickly grow our portfolio of products to offer the marketplace” – Matthew Kriech Chief Operating Office Biosynthetic Technologies

Biosynthetic Technologies also welcomes Annie Hynes to its R&D team.  Annie brings strong chemistry lab experience and a deep desire to improve the world. She will be helping the team create new products, optimize manufacturing processes, and provide logistics and administrative support.

“As early as my first day, it was clear that this team is zealous about the work they do and the innovations they deliver. I am honored to be around such great minds and hope to bring a unique perspective to the conversation surrounding a more sustainable future. I am incredibly excited to be joining the BT team” said Hynes.

Previously, Annie graduated from the University of Notre Dame with a B.S. in Chemical & Biomolecular Engineering. She conducted two years of drug discovery research on campus and interned in automation engineering at a biotech company dedicated to rare diseases. Now, while working at BT, Annie is participating the Orr Fellowship which is a two year post graduate program focused on developing the next generation of entrepreneurs and business leaders in Indianapolis.

About Biosynthetic Technologies: 
Biosynthetic Technologies (BT) 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, and personal care applications and can be used as the primary base oil of a lubricant 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. BT strives to make their mark on the world by delivering innovations for a sustainable future. For more information about Biosynthetic™ Technologies, please visit www.biosynthetic.com and follow us on LinkedIn and Twitter.