INCUBEX - Key Persons
Albert de Haan has worked as an Advisor for IncubEx since July, 2018, focusing mainly on product development and China Carbon markets. In 2004 Albert co-founded European Climate Exchange and left in 2009 to start the European Milk Exchange in 2010. Following this, Albert returned to environmental markets working in carbon markets in Turkey and Ukraine. In 2012 he was hired by IFC to develop new carbon products in China. During this time beginning in 2017, Albert worked for the Worldbank China team. Then in July, 2018, he came back "home" to work again with the IncubEx team of carbon and renewables experts from Chicago and London.
Job Titles:
- Founding Partner of Synergy Law Group
- General Counsel of Incub
Bart J. Loethen serves as General Counsel of IncubEx. Bart is a founding Partner of Synergy Law Group (May 2000) and has a background that has enabled him to develop expertise in a variety of disciplines. Bart practices in all the firm's transactional practice areas, including Corporate Law, Securities & Finance Law, Mergers & Acquisitions, Technology & Licensing, Real Estate, and Litigation. Bart has an emphasis on corporate law, specializing in information technology and marketing companies. His experience includes work with privately-held and public companies, mergers and acquisitions, private placement investments, financial transactions and licensing matters, as well as general corporate matters. Bart has significant experience with software providers, software platform companies, real estate settlement companies (mortgage, title and mortgage due diligence), hedge funds, real estate developers and service companies. Bart also does significant work in the emerging alternative public offering sector, working with several companies that have become public through reverse mergers and other alternative means. Prior to the practice of law, Bart was a Revenue Agent with the Internal Revenue Service. Bart holds a B.S./B.A. in Accounting from the University of Missouri (1986), took and passed the CPA exam and received his J.D. from the University of Illinois College of Law (1994). Bart is a member of the Illinois and Chicago Bar Associations.
Job Titles:
- Chief Operating Officer
- Founder
- Leader
- President
Dan Scarbrough serves as President and Chief Operating Officer of IncubEx. Dan has been a leader in environmental and energy markets for more than a decade. As Senior Vice President of the pioneering Chicago Climate Futures Exchange, a CFTC Designated Contract Market, Dan built customer relationships and drove rapid growth of exchange-traded environmental products, leading the development of NOx futures and options, renewable energy certificate (REC) futures, and various carbon futures and options contracts. After Intercontinental Exchange (ICE) acquired Climate Exchange in 2010, Dan continued to focus on the environmental markets in the U.S. and Europe as well as the international coal markets. He speaks frequently at industry events on environmental trading and serves on the Board of Directors of the Environmental Markets Association (EMA). Dan was a four-year letterman on the Trinity University track & field team as well as the basketball team, serving as team captain 2002-2003. He graduated from Trinity University with a degree in Business Administration.
David Hartley serves as Analyst of Incubex and is based in the London office. He graduated from the University of Surrey with a BSc in Physics with a focus on quantum technologies. During this time David was a member of the Surrey Men's Lacrosse team and enjoyed working summers at Glyndebourne Opera House. David joined Incubex soon after graduating while looked to enter the environmental sector.
Donny serves as an advisor to IncubEx and is an experienced Trader with a demonstrated history of working in the financial services industry. He has strong demonstrated expertise in Commodities, Environmental Finance, Energy, Risk Management, Proprietary Trading, Foreign Exchange (FX) Options, and Market Risk.
Job Titles:
- Managing Director of Public Policy & Research
- Managing Director of Research & Public Policy
Michael Walsh is Managing Director of Public Policy & Research at IncubEx. He has been a leader in the design and implementation of environmental markets. As a co-founder of the Chicago Climate Exchange, Walsh directed new product R&D and played a central role in building the market-leading Chicago Climate Futures Exchange and European Climate Exchange. Walsh has testified at the U.S. House, Senate and White House and Co-Chaired the Hawaii Symposium that honored the 50 th anniversary of the Keeling Curve. At the Chicago Board of Trade, Walsh directed the first three auctions of SO2 emission allowances conducted for the highly successful U.S. EPA acid rain reduction program. Earlier, Walsh served in the U.S. Department of Treasury's Office of Tax Policy and was an instructor at the University of Notre Dame. Walsh earned a Ph.D. in Economics at Michigan State University.
Jim Kharouf serves as Communications Director at IncubEx, responsible for content development for the firm. Jim is a veteran editor, media and content specialist in the financial markets media space. During his 20-plus years in the financial markets, he helped launch and expand several financial publications (including the Environmental Markets Newsletter), financial websites and produce specialized content for banks, brokers and managed funds. He worked for John J. Lothian & Co. for 11 years in a variety of senior roles including CEO, President and Editor-in-Chief of John Lothian News and led John Lothian Productions. Jim has worked for and contributed to a number of financial publications in the US and Europe for more than two decades and is recognized for his knowledge of global markets and market structure. He has frequently spoken and moderated at industry events. He earned his B.A. in journalism from Marquette University in Milwaukee.
John Sullivan serves as Operations Manager of IncubEx. John gained experience in the financial industry at Belvedere Trading, spending time across the S&P 500, Crude Oil, and Softs desks in both a trading and operations capacity. John graduated from Cornell University with a BS in Applied Economics where he was also a member of the Heavyweight Rowing team.
Job Titles:
- Environmental Markets Analyst
Jordan Farraj is an Environmental Markets Analyst at IncubEx. Jordan has a background in risk management and compliance and worked at Segal Consulting and West Monroe prior to joining IncubEx. She graduated with Honors in Liberal Arts from the University of Wisconsin-Madison with a Bachelor of Arts in Economics and Spanish and a minor in Environmental Studies. She is also a member of the honor society Phi Beta Kappa.
Kees Woodward serves as Senior Vice President at IncubEx, leading sales and marketing efforts on IncubEx's North American renewable fuels markets. He has 15-plus years of experience in sales and trading in various OTC and derivatives markets. Prior to joining IncubEx in Chicago, he managed the RINs and LCFS desk for ICAP and has been a broker in renewable fuels markets since 2010. Before that, he served as a bond and interest rate trader. He earned his bachelor of science degree with majors in finance and marketing from the University of Kentucky.
Job Titles:
- Senior Vice President of Operations
Kristen Newhouse serves as Senior Vice President of Operations at IncubEx. Prior to joining IncubEx, Kristen served as a Manager in the Financial Control team at Citadel where she oversaw internal controls throughout the firm's asset management and broker dealer businesses. Kristen worked to strengthen controls related to trade entry, financial reporting, IT, and cybersecurity through process improvement.
Prior to Citadel, Kristen was focused in accounting. Kristen began her career at PricewaterhouseCoopers in New York City where she audited hedge funds, private equity funds, and fund of hedge funds. She then served within the Fund Finance group of GCM Grosvenor, a global investment and advisory firm, focusing primarily on the public markets.
Kristen graduated from the University of Illinois at Urbana-Champaign with a bachelor's degree in Accounting in 2008 and a Master of Accounting Science degree in 2009. Kristen later received her MBA from the University of Chicago Booth School of Business, specializing in Economics, Finance and Managerial and Organizational Behavior. Kristen holds her CPA license in Illinois and is a member of several organizations, including the AICPA, Illinois CPAs and Mensa.
Job Titles:
- Associate
- Marketing Manager
Lauren Krone serves as Marketing Associate of IncubEx. Lauren gained experience developing marketing materials and corporate event planning while working at Brownfield Management Associates, a firm specializing in the redevelopment of real estate properties that are potentially environmentally contaminated. Prior to this she worked at Legal Services Corporation in the Government Relations and Public Affairs Department. She graduated with high distinction and honors from the University of Illinois Urbana-Champaign with a B.S. in Political Science and Environmental Sustainability.
Lauren Paton serves as Legal Advisor at IncubEx. Lauren has over ten years of experience in the environmental sector. During her career, she oversaw all legal aspects of cash acquisitions of AMP Clean Energy for £63.1 million as well as the US$600 million sale process of Climate Exchange plc, an international financial exchange group with operating companies in UK, USA, Australia and China. Lauren graduated with honors from Edinburgh University before continuing on to graduate with a First Class Diploma in International Law from Lund University, Sweden.
Job Titles:
- Office Manager
- Diary and Office Manager
Lilly Venturelli serves as Diary and Office Manager at IncubEx and is based in the London office. Prior to joining IncubEx, Lilly formed part of the Senior Management Teams in multiple customer service and retail environments. Her previous experience also includes: volunteering at Crown Courts and centres for people with alcohol & drug addictions.
Job Titles:
- Executive Director of European Sales
Louise Croucher serves as Executive Director, European Sales of IncubEx with nearly 30 years of commodity experience from all aspects of the market. Louise began her career broking fuel oil before moving to TFS where she was part of the team who created and launched the API indices for coal and brokered the first coal swap. She continued broking whilst developing new business for TFS and Amerex before joining Standard Bank where she worked for four years on the commodity trading desk. Her move to CME in 2011 saw her move the majority of the open interest of the coal market from ICE to the CME. Most recently Louise was Head of Coal for five years at Griffin Markets in London.
Job Titles:
- Director of Renewable Markets
- Renewables Director
Marie serves as Renewables Director at IncubEx, focusing on voluntary carbon and certificate markets. Prior to this, she built and managed South Pole's Renewables Portfolio, advising corporate and wholesale market participants on their renewables sourcing options. Marie started her career working for the Norwegian state-owned, renewable energy producer Statkraft, where she focused on certificates trading and origination. She has been a board member of RECS International for the last 8 years and as such is closely connected to regulatory and market developments in Europe and the rest of the world. Marie is an Economist by training and has lived in Germany, Australia, Italy, the United States and the Netherlands, where she currently resides with her family.
Job Titles:
- Senior Vice President of Business Development
Mark Horowitz serves as Senior Vice President of Business Development. Mark's experience in markets spans more than 25 years. Prior to joining IncubEx, he served as Chief Revenue Officer at Tellus Markets. He also had a primary role in the creation and success of the Nasdaq Futures Exchange (NFX) eventually rising to serve as President. Mark's prior career history also includes energy derivatives trading and portfolio management, hedge fund administration as well as business line management for CME Group where he headed the silo for Energy and Metals Options. He earned his B.A. in History from Villanova University.
Job Titles:
- Associate
- Marketing Associate
Melissa Dean serves as a Marketing Associate at IncubEx in the Chicago office. She graduated from the University of Illinois Urbana-Champaign in 2021 with a B.A. in English and minors in Business and Leadership Studies. Before working at IncubEx, she gained experience with Digital Marketing while interning at Premom.
Job Titles:
- Chief Executive Officer
- Founder
Michael MacGregor serves as Chief Executive Officer of IncubEx. Michael served as Managing Director of the Chicago Climate Futures Exchange (CCFE) and has worked in environmental and energy markets for nearly fifteen years. As Managing Director of CCFE, Michael was instrumental in growing the exchange traded environmental derivatives suite beginning with Sulfur Dioxide futures in 2004. Michael also helped lead the efforts in recruiting industrial emitters and other trading participants to join the Chicago Climate Exchange, the world's first voluntary, legally binding Greenhouse Gas emissions reduction and trading program. Michael managed the environmental products complex after the acquisition of Climate Exchange PLC by the Intercontinental Exchange (ICE) in July of 2010. In addition to a continued focus on the environmental and coal markets in North America and abroad, Michael coordinated customer relationships within the proprietary trading community while optimizing and managing incentive programs across all ICE products. Michael graduated from Trinity University in San Antonio, Texas with a degree in Business Administration.
Nate is the CEO of Here Holdings (a leader in the local-food movement), chairmen of ampCNG (a renewable-energy company), and a general partner at R^2 (a full-service real estate firm). He has been an entrepreneur since forming TECHnacity (a software developer) while in college. Nate holds a BS and MS in Electrical and Computer Engineering from the University of Illinois at Urbana-Champaign. He has been recognized by the Council on Global Affairs as an emerging leader and by Crain's 40 Under 40. He also serves on the board of Acumen, a patient-capital fund that invests in businesses tackling global poverty.
Job Titles:
- Managing Director
- Managing Director of North America
Nathan Clark serves as Managing Director of IncubEx. Nathan was previously a Managing Director at Environmental Financial Products, a firm that specializes in inventing and developing new financial instruments for the environment. Nathan also served as Managing Director and Senior Vice President for Chicago Climate Exchange. In that capacity, Nathan managed the process of defining and implementing project-based emission reduction initiatives including methane capture, forestry, energy efficiency, and many others. Nathan was also Vice President of Wabashco, LLC where he oversaw research and the development of a portfolio of clean fuels and alternative energy projects. Nathan is a co-author of the books Sustainable Investing in Environmental Markets published by World Scientific Press, and Environmental Markets: A New Asset Class, published by the Chartered Financial Analyst (CFA) Institute. Nathan currently serves on the Board of Directors of Highmark Exploration and MagnaVera Resource Corporation, both Canadian energy companies. Nathan holds a Master of Science in Agricultural Economics and Bachelor's degrees in Natural Resource Management and Agricultural Economics from the University of Kentucky College of Agriculture Food and Environment.
Job Titles:
- Chairman
- Founder
- Chairman of Conduit Reinsurance Limited
Neil Eckert serves as Chairman of IncubEx. Neil also serves as Chairman of Conduit Reinsurance Limited, a reinsurance company listed on the London Stock Exchange with a market capitalisation of $1.2bn. Neil was founder and Chairman of Aggregate Micro Power until its sale in January 2020. Neil was the co-founder and Chief Executive Officer of Climate Exchange PLC until the sale of the company to Intercontinental Exchange in July 2010 for approximately £400 million. Climate Exchange PLC owned the Chicago Climate Futures Exchange and the European Climate Exchange which hosted over 90 percent of carbon credits traded globally. Neil was previously the Chairman of Trading Emissions PLC, an AIM listed company and one of the world's leading funds investing in emission reduction permits. Neil founded Brit Insurance Limited in 1995 and remained its CEO until March 2005. He then served as a non-executive director of the company from April 2005 until May 2008. Neil serves on the Board of six private and public firms. Neil is on the board of Directors of Ebix, a $1bn Nasdaq listed company. It is one of the world's leading providers of electronic exchange services to the insurance industry.
Job Titles:
- Sales Analyst
- Sales Executive
Rebecca Eaton serves as Sales Analyst of IncubEx and is based in the London office. Rebecca gained experience in the financial industry as a research analyst at a boutique investment management firm with particular focus on hedge funds and alternative investments. Prior to this, Rebecca started her career working across both client services and the research team at Albourne Partners, an investment consulting firm. She graduated with First Class honors from the University of Bristol with a BSc in Chemistry.
Richard Wilson - Managing Director, VP of Sales
Job Titles:
- Head of Sales
- Managing Director
- Managing Director and Head of European Sales
Richard Wilson serves as Managing Director and head of sales of IncubEx in Europe. Richard has over 25 years of market experience from his time as a Broker in London. Richard started as an interest rate options broker at Tullett and Tokyo until he transitioned into the commodity space in 2007. His focus there was initially carbon emissions, including EUAs and CERs, he was also instrumental in the growth of the options markets in these products. Richard ran teams in other commodity products including coal, iron ore, nuclear fuels, and insurance linked derivatives, in his role as a Director of Energy at Tullett Prebon plc. During his time in the energy space Richard worked very closely with various exchanges helping develop their product offering and specifications, resulting in efficient curves and settlements. Following this Richard spent time running his own broking and consulting business, also offering compliance services to small bespoke financial businesses. Most recently Richard worked at Griffin Markets as Head of Cross Commodity Options helping them build their market offering.
Robert Gordon serves as the CFO of IncubEx. Previously, he served as a Consultant at Bain & Company, where he worked on diligence and strategy projects primarily for private equity funds and Fortune-500 companies.
Prior to Bain, Rob held the CFO role at R2 Companies, where he oversaw the finance, operations, and lender relationships for the R2 Yield Fund, a discretionary real estate hedge fund focused on middle-market debt and equity investments. Preceding this work, he served as CFO of energy.me, a retail electric supplier with approximately 20,000 customers located in 6 states in the United States.
Rob graduated from the University of Illinois at Urbana-Champaign with a bachelor's degree in Economics and later received his MBA from the University of Chicago Booth School of Business. Rob is a CFA charter holder.
Job Titles:
- Executive Director of European Sales
Sam Johnson-Hill is Executive Director, European Sales at IncubEx in London, focusing primarily on UK customers in the European emissions market. He has 14 years' experience in the energy and emissions markets, most recently in business development at ICE Futures Europe covering European utility markets where he helped design and manage incentive programmes for EUA and CER derivatives as well as the UK Power markets. Prior to this Sam had roles at oil and sugar brokerages, having studied Politics and Economics at the University of Manchester.
Sam serves as an analyst in the IncubEx London office. Sam graduated with a Master of Science from the University of Sussex, gaining a distinction in Astronomy, and has a bachelor's degree in Physics with Astrophysics from the University of Bristol. Much of his studies focused on data analysis techniques and machine learning. Sam also has a background in private tuition and the hospitality sector before starting in the environmental industry after graduation.
Stephen McComb serves as Senior Vice President of IncubEx. Prior to this, he served at Intercontinental Exchange from 2010 to 2018, most recently as the Director of North American Environmental Markets. Before joining ICE, he was the Manager of Business Development for Renewable Energy Certificate contracts and Senior Economist with the Chicago Climate Futures Exchange (CCFE). In his role there, he was responsible for product research, design and leading customer facing initiatives in REC and other environmental contracts. Prior to that, Stephen helped develop the Chicago Climate Exchange (CCX) offsets program where he expanded the participation base and led development of new offset methodologies.
Job Titles:
- Head of Operations
- Senior Vice President
Steve MacGregor serves as Senior Vice President and Head of Operations of IncubEx. Steve is responsible for managing the day-to-day operations of the company, including the real-time aspects of the business. Steve has over ten years of experience in financial markets, including roles in proprietary trading, clearing, brokerage and exchange operations. He has several years of experience trading agricultural commodities, which included conducting comprehensive fundamental based market research and analysis. During his time working in a back-office role at Newedge, he gained in-depth knowledge of derivatives trade processing and clearing. Steve has extensive experience working with emissions markets, global commodities, as well as other securities. Steve earned a B.A. from the University of Arizona.
Tim Boyle serves as an advisor to IncubEx and is an experienced interdisciplinary technologist, leveraging his experience building and operating trading desks and infrastructure companies under complex regulatory regimes.
William Hanegan serves as an Operations Analyst within IncubEx. William gained experience modeling and fitting data while participating in undergraduate research for the H.E.L.I.X. (High Energy Light Isotope Experiment) project based in the Antarctic. William is a graduate of The Ohio State University with a BS in Physics and Astrophysics.