Ventures

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Mitch Black: Leading HG Ventures’ New Entrepreneur-in-Residence Role

Posted on by Joe Ball

Bringing Vision and Experience to New Entrepreneur-in-Residence Role


HG Ventures, the investment arm of The Heritage Group that partners with early stage to growth stage companies, recently appointed Mitch Black as the first-ever Entrepreneur-in-Residence (EIR). This new role highlights a fresh approach to venture investment, startup support and incubation within the company and represents a unique opportunity for both HG Ventures and The Heritage Group.

Traditionally, EIRs in venture capital are temporary leaders who step in to help startups grow or solve specific problems, often acting as interim CEOs or experts. Recently, though, the EIR role has changed. Instead of short-term help, EIRs are now seen as permanent team members, bringing ongoing value by advising, mentoring and supporting companies over the long term, helping them face different stages and challenges.

For The Heritage Group, this transformation in the EIR role aligns well with their New Ventures strategy, which centers around HG Ventures and their portfolio of investments. Founded in 2018, HG Ventures has made significant strides in supporting startups through investment and collaboration, focusing on innovation within and beyond The Heritage Group’s core markets. Over the past six years, the venture arm has invested in 35 companies, helping them develop transformative technologies.

As HG Ventures matures, their portfolio companies are evolving, each entering different stages of growth. This has led to a need for more structured and consistent mentorship, particularly for early-stage founders navigating complex growth phases. Mitch’s role as EIR will support this by providing hands-on guidance and commercial insights that complement The Heritage Group’s technical resources. His appointment represents an opportunity to deepen the support offered to portfolio companies beyond financial investment—by mentoring and advising on challenges that new and seasoned founders alike face.

For Mitch, this appointment marks a culmination of a career that has spanned a mix of entrepreneurial and executive experience that fits well with what The Heritage Group needs. He’s led several companies funded by venture capital and private equity, so he knows what it takes to grow a business from startup to successful company. While his background is in tech and software—different from The Heritage Group’s focus on hardtech—he sees this as a positive. His experience as a founder and leader gives him fresh ideas and practical advice, traits essential to the role he now holds. “I have found a lot more satisfaction in helping others through mentorship work over the years, and I decided this was the trajectory I wanted to take my career,” noted Mitch.

Mitch’s role as EIR represents an opportunity to elevate The Heritage Group’s venture ecosystem, as he supports HG Ventures and potential internal startup projects. His mission is to create value across the board, from mentoring young startups to advising growth-stage companies. This involves a broad range of activities—from helping companies refine their market strategies to advising on operational efficiency, financial planning, and positioning for exits. For him, success isn’t one-size-fits-all; it looks different for each founder and company. He aims to help businesses identify and pursue their unique paths to growth, ensuring that each leader he works with receives personalized, actionable guidance.

Ultimately, Mitch will serve as a bridge, connecting The Heritage Group’s technical expertise with the commercial insight and strategic direction needed for long-term success. “I have a lot of commercial experience, having been through the various stages in a business trajectory. I aim to be helpful to young entrepreneurs, challenging them to look at and think differently, so they refine their go to market strategy,” said Mitch.

This appointment is an exciting next step for The Heritage Group’s New Ventures division. It shows our commitment not just to funding innovation but to actively nurturing and scaling it through hands-on mentorship and strategic guidance. For Mitch, this role is a natural evolution, allowing him to leverage his years of experience to empower a new generation of entrepreneurs.

In the coming years, Mitch’s impact on The Heritage Group and its portfolio companies could set a new standard for how corporate venture arms support early- and growth-stage companies. His appointment underscores a growing trend in the venture world: that sustainable success requires more than capital. By bringing in leaders like Mitch, The Heritage Group is positioning itself as a valuable partner for startups, capable of offering both the financial resources and the mentorship required to help companies achieve their potential. For entrepreneurs within The Heritage Group ecosystem, this new EIR role may provide a crucial edge, offering them the tools and insights they need to thrive in an increasingly competitive market.

 

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SolarCycle Announces New Recycling Facility

Posted on by Joe Ball

Cedartown, Georgia (October 31, 2024) – SOLARCYCLE, an advanced technology-based solar recycling company, today announced a 5 gigawatt (GW) recycling facility in Cedartown Georgia, in partnership with Georgia Governor Brian P. Kemp.

The 255,000 square foot facility will have the capacity to recycle and recover materials from 10 million solar panels per year, enough to process an estimated 25-30% of the U.S.’s retired solar panels in 2030. It will initially recycle 2 million solar panels per year and scale as the company meets growing market demand for end-of-life solar services and domestic solar supply.

The facility will be adjacent to SOLARCYCLE’s solar glass factory, announced in February. The glass factory will be the first in the U.S. to produce specialized glass for crystalline-silicon (c-Si) photovoltaics and will have the capacity to manufacture 5-6 GW of solar glass every year. SOLARCYCLE will employ more than 1250 full-time employees across both locations once the campus reaches full capacity.

“As Georgia continues to lead the nation in attracting jobs from emerging industries, we’re thankful SOLARCYCLE is moving up creation of these opportunities in northwest Georgia, benefitting that entire region’s economy,” said Governor Brian Kemp. “I want to thank our local and state partners who made this accelerated growth in Polk County possible, and I look forward to its impact in the years to come.”

“We are pleased to accelerate our work in Cedartown, Georgia in response to continued demand for solar recycling. By scaling recycling and solar glass manufacturing through a vertically integrated process, we are filling a critical gap in America’s solar supply chain and closing the loop for domestic solar manufacturing,” said Suvi Sharma, CEO and Co-Founder of SOLARCYCLE. “We thank Governor Kemp and the Biden-Harris Administration for their success driving clean energy policy forward. Their leadership has made it possible for the industry to grow operations in the U.S. and bring good jobs and meaningful investment to local communities as a result.”

To support the acceleration and expansion of the SOLARCYCLE circular economy campus in Cedartown, the company welcomes Microsoft to its roster of strategic investors, which includes Fifth Wall, HG Ventures, Prologis Ventures, Closed Loop Partners, and Urban Innovation Fund.

“The transition to a net zero economy will require massive deployment of renewable energy solutions at scale,” said Brandon Middaugh, Sr. Director of Sustainability Markets at Microsoft. “It’s important to us that companies like SOLARCYCLE are developing innovative solutions for ensuring that the raw materials required for this build out and deployment are returned to the supply chain.”

The facility will debut SOLARCYCLE’s next generation recycling process which will have the capacity to recover up to 99% of PV materials and is optimized for bifacial C-Si panels. This state-of-the-art closed loop process is significantly more flexible and scalable than previous recycling solutions while achieving much higher value and mass recovery rates.  Current recyclers are using the same technology platform for both monofacial and bifacial panels, which is extremely inefficient and leads to much lower quality recovered materials. Recovered materials from this recycling facility will be manufactured into new solar glass at the adjacent factory and sold directly back to American solar manufacturers to fill a critical gap in the country’s solar supply chain. The company has long-term partnerships with more than 70 of the nation’s largest energy companies to recycle and recover value from retired solar panels.

SOLARCYCLE currently operates facilities in Odessa, Texas and Mesa, Arizona. The new recycling facility is move-in-ready and will be operational mid 2025. The adjacent glass factory will be operational in 2026. SOLARCYCLE is hiring full-time jobs in manufacturing, engineering, management, research and design, and support staff. Open roles are available at www.solarcycle.us/careers.

 

About SOLARCYCLE, Inc.
SOLARCYCLE is leading the growth of the circular economy for solar in America. The company partners with the nation’s largest asset owners and manufacturers to recycle solar panels, recover valuable materials, and make key components for the next generation of solar panels and clean energy products. Through its circular economy solutions, SOLARCYCLE enhances the sustainability and resiliency of the solar supply chain in the US. Learn more at www.SOLARCYCLE.us.

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The Power of Innovation: Why The Hardtech Showcase is a Game-Changer

Posted on by Joe Ball

The Power of Innovation: Why The Hardtech Showcase is a Game-Changer

In the ever-evolving world of technology, breakthroughs don’t just happen in Silicon Valley or within the confines of software. Hardtech—where tangible, physical innovations come to life—plays an equally pivotal role in shaping the future. From cutting-edge materials to groundbreaking solutions in transportation, energy and manufacturing, hardtech startups are laying the groundwork for the next wave of industrial transformation. But for these founders to take their innovations to the next level, they need more than just brilliant ideas—they need the right platform, connections and support. That’s why events like The Heritage Group Accelerator’s Hardtech Showcase are not only vital but transformative.

The Heritage Group understands that groundbreaking ideas can come from anywhere. By hosting a dedicated showcase for hardtech startups, we’re creating a bridge between the visionaries who are developing next-gen technologies and the industry leaders and investors who can propel those visions into reality.

“The Heritage Group Accelerator taught us how to tell our story,” said Mark Collins, CEO and founder of Emission Free Generators as well as an alumni of the Accelerator. Storytelling is not only key to a successful showcase presentation, it makes an impact with investors as well. For Collins, that meant standing out among over 180 applicants to secure support from the Rocket Fund.

The value of this event is its ability to bring together two worlds that need each other: startup founders, who are often pushing the boundaries of what’s possible with limited resources, and industry giants, who have the experience, capital and infrastructure to turn those possibilities into scalable solutions. For the founders, it’s an unparalleled opportunity to present their innovations to an audience that can fuel their growth. Whether it’s a new material that will revolutionize construction or a breakthrough energy storage solution that could reshape the renewable energy sector, the ideas on display at the showcase have the potential to change entire industries.

For investors and industry leaders, the Hardtech Showcase is a front-row seat to the future of hardtech. Having access to these innovative startups can make all the difference, and these decision-makers get to see first-hand the ingenuity behind the pitches. The chance to interact directly with the minds behind the innovations—hearing their stories, understanding their challenges and seeing their solutions up close—provides a level of engagement far beyond reading reports or reviewing portfolios. It’s also an opportunity to see how the Accelerator makes an impact on founders.

“The Accelerator pushed the limits of what I thought was possible,” said Nick McRae, Chief Executive Officer of BroadLoop and another program alumni. “It’s changed the way that I operate the business, the way I think about growing more quickly and what’s possible for our company.”

New ways of thinking are at the heart of The Hardtech Showcase, which goes beyond pitching to foster a true collaborative environment. It’s not just about attracting investment—it’s about building relationships. Founders leave the event with invaluable feedback, mentorship and potential partnerships. In turn, industry leaders gain insights into emerging trends and technologies that can keep their companies and products ahead of the curve.

At its core, The Heritage Group Accelerator’s Hardtech Showcase is about celebrating innovation in its most tangible form. It’s about recognizing the immense value that comes from building solutions that are not only visionary but practical and world-changing. For the startup founders, it’s a moment to be heard and supported. For investors and industry leaders, it’s an opportunity to be part of something bigger than themselves—supporting the kind of innovation that doesn’t just influence industries but transforms the way we live and work. While the Hardtech Showcase is the culmination of an intensive 13-week program, it’s also the start of a brighter, more innovative future, all thanks to the hardtech visionaries who dare to dream—and the platforms like The Heritage Group that help make those dreams a reality.

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Under the Hood: The Story of HG Ventures and Battle Motors

Posted on by Joe Ball

Battle Motors, a company transforming the heavy-duty commercial vehicle landscape, has a close partnership with HG Ventures. Following a recent visit to the company’s Ohio production facility, HG Ventures Managing Director, John Glushik, explains what makes this opportunity so special.

At HG Ventures, we often talk about investing in people as much as technology, and that has certainly been the case with Battle Motors. When I first met Mike Patterson, Battle Motors’ CEO, he was already a successful serial founder. So, when he approached us with his vision for a new venture, I was immediately interested. The Heritage Group has always bet on people, and Mike exemplifies the kind of leader we want to support. The values and standards that drive him and his team are consistent with how we do things at The Heritage Group, and it was clear early on that this was a great fit.

Mike saw a unique opportunity: take an existing company, an established refuse vehicle manufacturer, and scale it rapidly by introducing new technologies, unmatched reliability and a growth-oriented team. It was an easy decision to invest in Battle Motors in mid-2021, and as part of the deal, I joined the board. The timing couldn’t have been better.

John Glushik, Managing Director of HG Ventures, walks the Battle Motors facility with Mike Patterson

Thoughtful Innovation at the Forefront of the Electrification Revolution

The commercial vehicle industry, and refuse trucks in particular, have been dominated by diesel for decades, and in some areas, there’s been a shift towards compressed natural gas (CNG). However, electrification offers performance-improving technologies for a range of industries. With that in mind, Battle Motors has taken an established vertical in the commercial vehicle space—specifically, refuse trucks—and launched electrified trucks.

You can’t just dive into electrification overnight. It’s an evolution, and at Battle Motors, they’re approaching it thoughtfully. Battle Motors has built a diverse set of products, so customers can evolve into it as they see fit—whether staying with best-in-class diesel, bringing in CNG, mixing technologies or going 100% electric.

Refuse trucks are a perfect application for electric commercial vehicles. With known duty cycles and routes, there’s no range anxiety—something that often holds back electric vehicle adoption. You can send out a truck with a battery that lasts 100 miles on a 20-mile route, and you’ll never have to worry about charging. This predictability also makes it easy for fleet managers to calculate ROI on a vehicle-by-vehicle basis, further strengthening the case for electrification.

Battle Motors’ growth tear isn’t stopping with just refuse trucks, and the company is rapidly expanding into a wide range of heavy-duty commercial vehicles.

The Battle Motors facility in New Philadelphia, Ohio

Leveraging Existing Relationships

One of the smartest moves Mike made was acquiring and transforming an existing business with established customer relationships, rather than starting from scratch. Battle Motors is the evolution of Crane Carrier Company, a legacy business that had been operating for decades. Through Crane Carrier, Battle Motors already had relationships with most of the major municipalities in the U.S. who were buying diesel trucks along with an established dealer network.

By leveraging these existing relationships, Battle Motors has quickly positioned itself in front of major cities and waste management companies across the country. This has been a key factor in accelerating the company’s growth and ability to gain traction in the market.

A Worthy Investment

The company has expanded the existing Ohio plant and increased production capacity by more than 8X since our original investment, and touring the facility recently was truly exciting. For us, the ideal investment prospect combines many factors, and Battle Motors hits on all of them. It’s a company that embodies what we look achieve with an investment by HG Ventures.

We focus on helping companies with tangible value, and Battle Motors is a prime example of putting that in place. We combine significant venture capital experience—helping build teams, serving as trusted Board members, and helping companies navigate growth challenges—with the unique value that The Heritage Group brings: decades of market expertise, technical knowledge, and strong relationships in key markets.

I’m incredibly honored to be part of a transformation that is set to revolutionize an industry to be more productive and sustainable. I am confident that Battle Motors’ dramatic growth in the commercial vehicle sector will have significant long-term impact, and I am proud we can play a role in that success.

This story was originally reported by HG Ventures and has been republished here with permission.

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Advancing Road Infrastructure Through Innovation

Posted on by Joe Ball

HG Ventures (HGV), the corporate venture arm of The Heritage Group (THG), recently hosted “The Future of Roads” summit that brought together scientists, engineers, policymakers and other visionaries who are working at the leading edges of their respective fields who are developing new technologies that have the potential to transform our world for the better.

Leaders from various sectors participated in the day-long event focused on commitment to innovation and sustainability in road technology. With a focus on decarbonizing construction, extending the life and quality of roads, examining innovative approaches and improving the planet, the event challenged attendees to consider the reimagining of the future road infrastructure.

John Glushik, Managing Director of HG Ventures, emphasized the importance of combining an entrepreneurial spirit with industry expertise to accelerate innovation. John underscored the need for open-mindedness and collaboration to tackle challenges and push the boundaries of what’s possible. Collaboration emerged as a recurring theme, with an emphasis on leveraging expertise across various sectors and industries while forging long-term partnerships.

John Glushik of HG Ventures

Geoff Dillon, CEO of Heritage Construction Materials (HC+M), echoes the sentiment, emphasizing HC+M’s commitment to delivering quality infrastructure while embracing innovation. Geoff stressed the significance of partnerships in driving both current and future advancements in road construction and maintenance.

Dr. Allison Black from the American Road and Transportation Builders Association shed light on the evolving landscape of road funding and the pivotal role of technology in addressing infrastructure challenges. Dr. Black emphasized the importance of public-private partnerships and venture capital in driving modernization and maintaining the nation’s road network.

 

Dr. Allison Black of the American Road and Transportation Builders Association

Throughout the day, participants listened to presentations and engaged in breakout sessions highlighting the vital role of partnerships and venture capital in driving forward-thinking solutions to keep roads safe, efficient and sustainable.

Key takeaways from The Future of Roads event:

  1. Importance of Roads: Roads are essential for transportation, connecting communities, and supporting economic activities. With increasing population and vehicle usage, there’s pressure to maintain and improve road infrastructure.
  2. Technological Innovation: There’s a surge in innovation aimed at addressing road infrastructure challenges such as capacity, congestion, safety and sustainability. These innovations encompass various fields like materials science, chemical engineering, software development and emerging hard tech solutions.
  3. Role of Startups: Innovation isn’t limited to established construction giants but also involves startups with unique visions. These startups play a crucial role in driving positive change with their innovative solutions.
  4. Investor Involvement: HG Ventures, as part of The Heritage Group, supports innovation in road technology through investments in startups. Leveraging the expertise of Heritage Construction + Materials, HG Ventures aims to be part of the solution for improving road infrastructure.

As the world continues to evolve, the conversation about the future of road construction and maintenance remains critical. Through collaboration, innovation and investment, The Heritage Group can pave the way for a brighter, more resilient road infrastructure that serves communities for generations to come.

 

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Talking Talent: John Glushik Takes the Helm of New Ventures

Posted on by Joe Ball

Early in 2023, John Glushik took the helm from Kip Frey as Executive Vice President of New Ventures and Managing Director for HG Ventures. The multi-faceted role puts John front-and-center of the ventures arm of The Heritage Group, where he directs the vetting, investment, incubation and growth of companies building innovative technologies and services related to THG’s industries. He also oversees the New Ventures internal incubation activities and the THG Accelerator, which brings a cohort of upstart hardtech company founders to Indianapolis for a three-month intensive program each year. Accelerator founders pilot their products, receive guidance from a network of mentors and prepare for successful launches into their industries. In a recent interview, John discusses his path to New Ventures and how he plans to leverage the entrepreneurial spirit of THG’s family of operating companies to best position us for institutional success.

Let’s discuss your journey to arriving here at The Heritage Group. You have a diverse educational background, studying mechanical engineering at Duke, achieving a master’s in aeronautics and astronautics from MIT and earning an MBA from Kellogg School of Management at Northwestern. What drove your educational pursuits and how have they played into your role today?

Early in my education, there was a lot of trying to find where I wanted to be longer term. I got into technology because I was just fascinated about how it could change the world. By the way, my major was the same as Fred Fehsenfeld Jr’s. We both went through the mechanical engineering and materials science curriculum at Duke University. Following undergrad, I went to work for General Electric (GE), where I completed a technology leadership program that allowed me to move around and become involved in different types of engineering. That exposure sparked my interest in mechanical engineering, first through aerospace, because I was excited about all the new technologies coming out of that industry.

I started research at GE that got me connected to the Draper lab at MIT, which meant being at the forefront of studying modern technologies, including GPS navigation. Now, GPS is part of our everyday lives, but in those days it was very early in its development. As intrigued as I was by research, I realized I didn’t want to be focused on a single technology, and I decided to attend business school. Through my time at Kellogg, I developed some basic skills in business and finance, but more importantly, I started building a network of relationships in the business world and specifically in the venture capital sector. All of this led me to consulting and portfolio work in areas of new technologies, which then led me to the venture industry.

When did you first cross paths with Kip Frey?

I first met Kip through my work with Intersouth Partners, a venture firm in Durham, North Carolina that invests in early-stage life science and technology companies. Kip was a rockstar entrepreneur, and our professional relationship began through Intersouth’s investments with his companies. We also had a chance to work together as partners at Intersouth for a few years. After leaving Intersouth, I reported to Kip when he hired me to help create the Duke Angel Network. Slowly throughout the years, our dynamic developed into a personal friendship. In collaborating with one another for so many years, our styles and roles are very complementary of one another. He’s been a fantastic mentor and our dynamic is built on a deep sense of trust and respect that you can only find when working with someone for years upon years. Kip is how I first learned of Fred Fehsenfeld, Jr. and what he and Amy were starting to develop with The Heritage Group with Kip’s help.

What was Kip’s pitch to you to uproot your family and move to Indianapolis to work with Ventures?

Kip indicated that Fred and Amy Schumacher were interested in building a new model of corporate venture investing that capitalized on the capabilities of The Heritage Group. He said, “Just come to Indianapolis and meet with the folks at The Center. Meet with Fred and Amy, see the vision that they’re building around their corporate venture practice.” And because it’s Kip, I could only say, “Yes, I trust you.” So I got on a plane and met with the three of them in early2018. My visit to the Center and my discussion with Fred and Amy validated everything that Kip had told me. There was a special opportunity to build something unique with great people. It also helped that my wife, Robyn, knew Kip and trusted him. We made the decision to start the process of leaving North Carolina. I commuted for a year, and eventually moved my family to Indianapolis in the summer of 2019.

Since arriving, what’s been the most surprising thing to you about The Heritage Group?

There’s an unprecedented level of partnership, collaboration and understanding that The Heritage Group has with its customers and business partners – it’s been built over decades. This isn’t your typical customer relationship, and it cuts across all our businesses as part of the culture at The Heritage Group. This was important to me because of some issues I have seen with other venture investing groups. They often interact with entrepreneurs in a strictly transactional way. Not here. It speaks to the stability and unparalleled understanding of our businesses and their partnerships with clients.

From a Ventures perspective, what’s it like collaborating across industry partnerships and the network of experts we employ at The Heritage Group?

When we started the group, we made it our mission to not simply be an investor, but to invest in areas where we can add value. I think that’s how we distinguish ourselves from a pure venture company. Of course, we perform deep diligence on all our investments and we structure deals with a focus on being good stewards of THG capital. However, what we do is very different, because it’s not strictly transactional. We will do everything we can to make companies a success by utilizing our connections and our Heritage network. Entrepreneurs are blown away by the level of feedback they receive across our companies. What The Heritage Group can do in terms of business relationships is something no other company can do in our industries.

What’s something you wish our employees and companies better understood about HG Ventures?

I want to make sure our employees know that we want to collaborate. If there’s a challenge they’re trying to overcome, we want to know about it, because we might be able to help. We can provide a window into the entrepreneurial ecosystem, which includes an awareness of early-stage companies that are creating innovative solutions for our industries. We want to create an open door for communication.

You’ve inherited this position with Ventures from Kip. Where do you plan to take it?

First, I think it’s important to note that while, yes, I’ve inherited this from Kip, I’ve always been aligned with his and Amy’s vision of Ventures. I want to lead Ventures in what I would call a deeper integration into our industries. Given what we’ve been able to build and develop in terms of a nice track record of success, I want to weave Ventures into the fabric of The Heritage Group. We can deepen our integration and leverage each other’s expertise so that we add value across our businesses.

If anyone within our operating units has any big ideas, anything they think can be the basis for a new business, we want to help. That’s where we see great potential to create game changing businesses. When I look at the next five years, that’s where I think we can make the biggest impact with our venture work. Internal incubation is where we’re truly harnessing the power of the innovative people that we have here.

What are some ideas emerging on the horizon that you’re particularly excited about?

Well, it certainly varies from quarter to quarter, depending on our market intelligence. Right now, I’m excited about a wide range of innovation trends including the future of roads, circular economy/recycling technologies and sustainable approaches to chemical manufacturing.

We’re good at finding entrepreneurs and companies that are creating things to address specific business and technology challenges. Effective communication across THG is really important so that we can leverage the power of people in our businesses who understand those challenges.