Provide a made-in-Canada source of Sustainable Aviation Fuel
Create a solid foundation based on partnerships and adhering to the highest environmental, ethical and business standards
Lever Canadian skillsets and Canada’s natural resources to position Canada as a world leader in Low Carbon Fuels
The founders of Azure were responsible for True North Renewable Fuels Ltd. which was successfully sold to a western Canadian refiner in March 2021. Prior to the sale, True North was advancing the development of a 20,000 BPSD renewable diesel production facility which was supported by the City of Regina.
Azure has partnered with a Swiss-based family office to bring strong financial support along with a successful background in entrepreneurial pursuits, company-building, finance, and global commodity trading.
B. Sc. (Chemical Engineering)
David started his career as an engineer at Mobil Oil in the UK. After a variety of roles at Mobil he proceeded to join Enron Europe as a natural gas trader. In 2003, David started a 10-year career as a Senior Partner at Vitol, one of the world’s largest commodity trading companies with global activities in crude & oil products trading, shipping, refining, terminals and storage as well as natural gas, power and emission products. As the Head of Natural Gas, David was responsible for growing Vitol’s natural gas business into becoming a world-wide market leader. David’s team at Vitol was instrumental in connecting Western Europe to natural gas supplies from Eastern Europe and LNG from the global supply centres. David is currently a Principal of Stable Assets, a private investment company actively investing in the North American energy sector since 2014. David is an active lead investor and Director in several Upstream, Midstream, and Renewable businesses in North America, Europe, and the Middle East.
Adam has over 18 years of capital markets and private equity experience, specializing in the Canadian energy sector. Adam joined Peters & Company Limited in 2004, a Canadian boutique investment bank, and in 2006 became a Partner specializing in research coverage of the Junior and Mid-Capitalization Upstream Canadian sub-sector. In 2014, Adam joined Grafton Asset Management as the Director of Business Development, leading the origination, structuring, and business development efforts for a pool of private equity capital targeting Canadian Upstream oil and gas industry opportunities. Since 2017, Adam has been a key founder of three private oil and gas companies, two of which, Woodcote Oil Corp. and Woodcote Petroleum Inc., had successful monetization events in 2020 and 2021, respectively. In early 2022, Adam was a key founder of an energy transition trading business, Cascade Trading Ltd., which focusses on North American power and carbon markets, moving energy from areas of excess supply to areas of excess demand.
BA Economics, MBA.
Eric Shaw is Founder and Managing Partner of Polar Rock Energy, an energy focused Principal Investor. Eric has over 25 years of experience in commodity trading and related asset and Principal Investment activities. After an early role in economic consulting for the energy sector, he spent over 8 years at Enron Europe in roles of increasing responsibility in trading, asset development and origination roles. Eric then joined Barclays Capital with a team to help establish the gas and power trading activities at Barclays Capital. After a subsequent role setting up Commodities Principal Investments at Citigroup, Eric joined RWE in 2009 to establish the Principal Investments fund. In 2018, Eric left RWE to establish Polar Rock Energy.
Douglas Cole - President, CEO and Director
B. Sc. (Chemical Engineering), MBA, SPE, P.Eng.
Douglas has over 40 years of experience with upstream oil and gas operations both in Canada and internationally. Douglas has been a founding member of three upstream oil and gas start-up companies, extending his experience from subsurface and operational responsibilities to include private and public capital funding, corporate acquisitions and divestitures, restructuring and compliance. Douglas built a successful independent consulting practice developing economic/statistical models to evaluate opportunities and completed several feasibility and pre-FEED studies. Subsequently, Douglas was recruited to a Canadian independent producer to oversee the company’s international engineering and business development. In 2017, Douglas co-founded True North Renewable Fuels Ltd., as the President and CEO, and was responsible for the strategic direction and development of the business in accordance with current and proposed North American regulations, up until the sale of the company’s assets in March of 2021.
Stuart Roberts - VP Finance, CFO and Director
Stu has over 15 years of capital markets experience, specializing in the Canadian energy sector. Stu’s career began as an investment banking analyst, later an associate, with a boutique Canadian investment bank, which focused on the junior and mid-cap Canadian E&P sectors, as well as the Canadian Energy Services sector. In 2010, Stu joined Desjardins’ energy investment banking team and held increasing levels of seniority. In 2017, Stu was appointed to Managing Director of Desjardins Capital Market’s energy investment banking team, responsible for the strategic direction of the energy investment banking platform. Stu started working with True North in September of 2019 as an advisor assisting in sourcing capital to advance the development of the project. During the efforts to secure capital, Stu became more involved with the company and his responsibilities were extended to include the development of off-take and feedstock arrangements, sourcing partnership opportunities and general business strategy.
Melissa Gibson - VP Engineering
B.Sc (Chemical Engineering), P. Eng
Melissa has over 19 years of experience in the Canadian energy industry, holding various roles in project engineering, project and portfolio management, operational excellence, project advisory roles, and business development. Melissa’s career began in gas compression where she was involved in the design, implementation and start-up in gas compression projects. In 2005 Melissa joined Penn West and worked for 8 years in Facilities, Production Engineering and led the pipeline repair and maintenance team supporting Western Canada. In 2012 Melissa joined Cenovus Energy supporting front end development and execution of major capital projects in the Oil Sands. Melissa was most recently working as a Senior Project Advisor for a major infrastructure company conducting “cold eye” reviews across all the Capital Projects Portfolio business units across the organization. In 2022, Melissa joined Azure to lead the engineer efforts with respect to the project’s development.
Darren Ongyerth - VP Business Development
Darren has over 20 years of experience in the Canadian energy industry, holding various roles in operations, negotiations, acquisitions and divestitures, business development and corporate finance. Darren’s career began at Canadian Natural Resources Limited, where during his time within the mineral land department Darren focused on oil and gas land regulations, working with internal and external partners, and then eventually transferred into mineral land negotiations at EnCana Corporation. In 2011, Darren left EnCana and pursued a 7.5 year career with Desjardins Capital Markets. During his time with Desjardins, he worked with a fully integrated team of professionals assisting client’s source innovative financing solutions. Darren started working with True North in September of 2019, Darren efforts and responsibilities were focused on business development, government relations, regulatory and sourcing carbon reduction opportunities.
Sean Hindmarch - VP Commercial
Sean has over 10 years of capital markets experience, specializing in the Canadian energy sector. Sean’s career began as a research associate with Peters & Co. Limited, a Canadian boutique investment bank. This included coverage of the Canadian senior, mid-cap, Junior, and international E&P sectors as well as the Canadian Midstream sector. In 2015, Sean joined National Bank Financial as part of its Institutional Equities desk. Responsibilities included raising capital for a broad spectrum of companies, engaging with institutional investors across North America, and maintaining relationships with senior management in both publicly traded and private enterprises. In 2020, Sean joined Fordwater as a partner and was principally involved in sourcing and evaluating investment opportunities. In 2022, Sean joined Azure and is principally responsible for the development of business and commercial relations.