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

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

INDIANAPOLIS, IN – 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.



The Heritage Group Hosts Advancing Circularity in Indiana Symposium

The Heritage Group Hosts Advancing Circularity in Indiana Symposium

INDIANAPOLIS, IN – May 6, 2022 –

More than 160 attendees representing 70 organizations across the state gathered at The Center, The Heritage Group’s state of the art facility on Indy’s northwest side, Friday, May 6, to discuss advancing the circular economy in Indiana. The symposium, co-hosted by The Heritage Group, Circular Indiana, and the Indiana section of the American Chemical Society, was designed to bring Hoosier innovators together to accelerate Indiana’s circular economy. Participants heard from industry leaders and subject matter experts to leverage the group’s collective expertise to support Circular Indiana’s mission to eliminate waste, capture resources and build a sustainable ecosystem. Participants engaged in interactive sessions to identify hard problems we’re facing in achieving circularity in Indiana, barriers to success and new ways of working together to overcome these challenges.

Amy Schumacher, CEO of The Heritage Group, began the day with opening remarks. “Circularity is fundamental to what we do,” Schumacher said. “Whether it’s recycling asphalt back into roads or recycling batteries, this idea of leaving the world in a better place than you found it is who we ultimately are.”  Schumacher introduced Governor Eric Holcomb, who described why now is the time for Indiana to translate its manufacturing growth into advances in the circular economy.  “We have to make sure that, as we’re ushering in these new industries, not only do we have to maximize our resources, but we have to put ourselves in a position that’s sustainable,” the Governor said.

The program came to an end with closing remarks from Indianapolis Mayor Joe Hogsett. “I can’t say enough about The Heritage Group and its leadership in this regard,” Hogsett commented after the event. “I mean, it’s always been the gold standard for Indiana,but I think what is represented by meetings like today — and The Heritage Group’s leadership in this regard— is bringing people together from all over, particularly leaders of government.”

The success of the event reflects the importance of the partnership between private industry and the public sector, which is a key focus of the work The Heritage Group, Circular Indiana and the ACS are doing to innovate and invest in Indiana’s circular economy.



The Heritage Group’s Megan Savage Named to Forty Under 40

The Heritage Group’s Megan Savage Named to Forty Under 40

INDIANAPOLIS, IN – March 25, 2022 –

Megan Savage, Senior Director of Government and Community Affairs for The Heritage Group, was honored as a member of Indianapolis Business Journal’s Forty Under 40 Class of 2022. Forty Under 40 recognizes local business and professional leaders who have achieved success and excelled in their field before the age of 40. Savage joins a class of healthcare professionals, entrepreneurs, lawyers, restauranteurs and executives.

Here’s an excerpt from the IBJ article about this honor. (Read this article on ibj.com.)

After working for then-U.S. Rep. Susan Brooks for nearly 10 years, Megan Savage took a newly created position with The Heritage Group, which manages a portfolio of more than 30 companies specializing in heavy construction and materials, environmental services, and specialty chemicals. Savage’s role at Heritage is multifaceted. She advises internal companies on how government policies might affect their business, provides mentorship to startups going through The Heritage Accelerator and builds The Heritage Group relationship with external parties. “I’m fortunate to be in a role where I get to work with my colleagues across the company to help them solve problems faced by our customers,” she said.


Age: 39

Hometown: Indianapolis

Family: husband, Cam; sons: Luke (7), Huck (3), Stone (2)

Education: bachelor’s in political science, American University; law degree, IU Robert H McKinney School of Law


Getting here: Savage started her career as a deputy prosecuting attorney in Marion County, then became chief of staff for Brooks and counsel to the House Committee on Ethics.

First job: Receptionist at Scandals Hair Salon. “It was the best first job and a great education for a 16-year-old. The secrets people share with their hairstylist—wow.”

Proud moment: Participating in a delegation to Iraq in November 2021 to educate their parliament on general operational best practices and how to create ethics rules in a self-governing body. “We have struggles in our democracy in America, but the experience in Iraq showed me that we in America are still the gold standard when it comes to government. People all around the world will fight and struggle for the opportunity to build what we are so lucky to have.”

Watch the video of Megan talking about her proudest career accomplishment here.

Influential person: Her mother, Robyn Moberly (a previous IBJ Women of Influence honoree). “She instilled in me a healthy dose of ambition, helped me navigate professional decisions as they arose, and now, as a mom myself, I realize how she showed me to balance a fulfilling and engaging professional career with being a wife and mom.”

Givebacks: member, Indiana University McKinney School of Law alumni board

Downtime: hot yoga, travel, concerts, family time

Read more about this class of honorees on ibj.com here.


HG Ventures’ Glushik Named Global Corporate Venturing ‘Emerging Leader’

HG Ventures’ Glushik Named Global Corporate Venturing ‘Emerging Leader’

INDIANAPOLIS, IN – 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 Feb. 10. 

 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 



About HG Ventures:  

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


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

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

INDIANAPOLIS, IN – January 11, 2022 –

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

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

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

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

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Titan Advanced Energy Solutions Raises $33 Million Series B Led by HG Ventures to Transform Battery Diagnostics and Management

Titan Advanced Energy Solutions Raises $33 Million Series B Led by HG Ventures to Transform Battery Diagnostics and Management

INDIANAPOLIS, IN – November 16, 2021 –

Titan Advanced Energy Solutions (“Titan”), a pioneer in ultrasound-based battery management solutions, announced a $33 million Series B financing led by HG Ventures, the corporate investment arm of The Heritage Group. This new capital positions the company to accelerate industrial-scale deployments of its battery diagnostics and battery sensing/management technologies to drive safer and more efficient manufacturing, operation and repurposing of lithium-ion batteries.

Additional investors from the U.S., EuropeAsia and the Middle East included H+ PartnersGS Futures, the investment arm of the GS GroupGS EnergyDoral Energy-Tech Ventures, the investment arm of Doral Group and Fortistar, along with existing investors Energy Innovation Capital and SE Ventures, the investment arm of Schneider Electric.

“Our ultrasound-based technology spans the battery life cycle. From manufacturing and first use to second life and recycling,” said Shawn Murphy, CEO and co-founder of Titan. “We will continue to propel the shift toward electrification by solving critical issues impacting the performance and safety of new and reused lithium-ion batteries.”

Titan’s primary focus is on the automotive and stationary storage markets. The global EV batteries market is expected to grow from $19.78 billion in 2020 to $38.32 billion in 2025, and the global battery energy storage system market is projected to grow from $2.9 billion in 2020 to $12.1 billion by 2025.1,2


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Retriev Technologies Combines with Heritage Battery Recycling, Creating the Largest Lithium-Ion Battery Recycler in North America

Retriev Technologies Combines with Heritage Battery Recycling, Creating the Largest Lithium-Ion Battery Recycler in North America

INDIANAPOLIS, IN – October 6, 2021 –

Today Heritage announced the combination of Heritage Battery Recycling, its battery management and recycling business, with Retriev Technologies, the largest and most diverse lithium-ion battery processor in North America, with over 30 years in operation. The combination with Retriev marks a key step in Heritage’s expansion to further develop a comprehensive recycling and reuse battery management platform. KBI, a longtime leader in battery recycling and management, will continue as an active equity partner in Retriev. This transaction solidifies the retention of strategic material handling technology and capability to domestically support the manufacturing sector, including US-based OEMs who are investing at unprecedented levels to support the conversion to electric vehicles.

Retriev’s North American operations provide a unique platform for the launch of this partnership, with battery recycling and sorting facilities located in Lancaster, OHBaltimore, OH, and Trail, British Columbia. Also included in the transaction is KBI’s xEV Strategies division.  Located in Brea, CA, xEV Strategies is a specialized testing, refurbishment, warehousing, and logistics platform for large-format electric vehicle batteries. Paired with Heritage’s collection and transportation network via partnerships with Heritage Environmental Services (HES) and Heritage-Crystal Clean, the collaborative operations moving forward represent the only comprehensive logistics, recycling, and reuse platform available in the industry today.

“We’re pleased to partner with Heritage to expand the reach and capabilities of Retriev,” said Steve Kinsbursky, Chairman and CEO of Retriev, and President, CEO of KBI. “Our mission to bring a sustainable model of closed loop recycling for critical materials that are necessary for the North American supply chain is one step closer to a reality with this merger. This partnership will ensure the success in bringing our shared vison of sustainability to fruition. With over 30 years of commercial operations, Retriev represents the only long term North American lithium-ion battery recycling operation. Adding HBR and its affiliation with Heritage’s environmental services expertise and network of fully permitted collection facilities and transportation assets will allow us to further differentiate Retriev as a single solution for all battery management needs.”

Moving forward, Heritage Battery Recycling will operate under the Retriev Technologies brand. Shane Thompson will serve as President of the combined company.

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The Heritage Group Accelerator Powered by Techstars Announces 2021 Class

The Heritage Group Accelerator Powered by Techstars Announces 2021 Class

INDIANAPOLIS, IN – September 24, 2021 –

The Heritage Group and Techstars are teaming up for the third year to help 10 startups scale their innovative ideas.

This year’s cohort represents diverse geographies and industries within the hard tech and deep tech spaces. Over the next 13 weeks, each startup will scale their business and go to-market strategy under the guidance of mentors from Techstars and THG’s networks. Founders will work with experts to accelerate and overcome some of hard tech’s common challenges, including planning commercialization strategy, demonstrating proof of technology, securing pilot project opportunities, and acquiring new customers to grow revenue streams.

“We identified remarkable founders working towards building innovative solutions in some of the world’s toughest industries,” said Scott Kraege, Techstars Managing Director. “Our 2021 class of companies align with the most pressing areas of innovation for The Heritage Group including: material science, energy, chemicals, and construction technology. Every person involved in our program – from the founding teams to The Heritage Group’s 5,000+ employees to the Techstars team – shares the mission of solving these challenges.”

Introducing the 2021 class of The Heritage Group Accelerator powered by Techstars:


Cancrie transforms waste into superior quality advanced battery material to increases the efficiency of energy storage devices through a simple drop-in solution.



EnviCore’s technologies offer the mining industry a revolutionary circular oil tailings mitigation and dewatering solution that provides unique environmental benefits.



InFLOWS AI creates next-gen Computer Aided formulation toolboxes for chemists, enabling R&D labs to design chemicals faster, smarter, and cleaner.



Simplifyber is transforming fashion’s antiquated factory system into sustainable, advanced manufacturing.



Kintail simplifies and integrates analytics for commercial construction firms, empowering construction teams to make smarter, faster decisions.



Innovakote turns used powder coating into fresh powder through its proprietary recycling process, eliminating waste and reducing the carbon footprint of the industry’s supply chain.


 Engaged Citizens

Engaged Citizens’ AI-powered platform delivers the government data you need so you can stay focused on your business.


 Carbon Limit

Carbon Limit transforms CO2 pollution into carbon negative sustainable resources and products we use everyday.



Cybrik has developed an enterprise platform that captures and automates administrative data for project management teams in the engineering and construction industry.



BroadLoop is a virtual fleet logistics and dispatch intelligence platform that brings material producers, contractors, and fleet operators together to drive down costs and increase job profitability



New Ventures’ Frey Selected Once Again For Corporate Venture Powerlist

New Ventures’ Frey Selected Once Again For Corporate Venture Powerlist

INDIANAPOLIS, IN – July 29, 2021 –

For the second year in a row, EVP New Ventures Kip Frey has been included in the Global Corporate Venturing Powerlist 100—the industry compendium of the one hundred most influential corporate venture capitalists in the world.

Announcing the Powerlist for 2021, GCV Editor-in Chief James Mawson commented on its significance: “The GCV Powerlist is designed to uncover the ‘vital few’ who are responsible for tens of hundreds of billions of dollars invested in the entrepreneurs who turn ideas into products and services.”

Frey joined corporate venture leaders from companies like Intel, Samsung, Alibaba and Amazon in making the Powerlist, which drew from a candidate pool of more than 2,000 corporate venturing units around the globe. GVC added that the scope and reach of corporate venture sponsors—in this case The Heritage Group—played an important role in this year’s selection: “These men and women from around the world also bring the power of their parent companies to bear to scale up prototypes and pilots into things we can all benefit from.”

The Heritage Group’s corporate venture arm, HG Ventures, was founded in 2018 and has quickly developed into one of the leading “hard tech” investors in the world—closing more than 25 investments in the past two years. Congratulations Kip!


Heritage Sustainability Investments and ClimeCo provide capital to Restore the Earth Foundation

Heritage Sustainability Investments and ClimeCo provide capital to Restore the Earth Foundation

INDIANAPOLIS, IN – July 15, 2021 –

Heritage Sustainability Investments, LLC, a subsidiary of The Heritage Group and affiliate of Heritage Environmental Services, LLC, (collectively, Heritage), and ClimeCo joined together to provide strategic capital to Restore the Earth Foundation, Inc. (Restore the Earth) to provide for the native trees and planting for the reforestation of 4,000 acres of the Pointe-aux-Chenes Wildlife Management Area in Louisiana.  The freshwater marsh area will be planted with native Bald Cypress seedlings. In addition to the sequestration of CO2, the project will reduce flood and storm risk to local communities by creating a first line of defense in the form of healthy forest ecosystems and restore fragmented wildlife habitats. The project is anticipated to create 800,000 Climate Action Reserve Forward Mitigation Units (FMUs).

“The benefits of reforestation projects like this reach far beyond the immediately impacted areas,” said Chad Peterson, President of Heritage Sustainability Investments. “The work Restore the Earth is doing not only benefits the environment, but also the people and businesses in southern Louisiana. Collaborating with ClimeCo on this project will help us make a lasting difference in the community and drive future GHG reduction.”

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