Board of Directors and Investors

Our Board | Our Investors

Our Board

Robert L. Puette

Bob Puette is CEO of Puette Capital Management, Inc. (PCMI), a management consulting and investment company. Prior to founding PCMI in 2004, Mr. Puette was a partner with WK Technology Fund, a venture capital firm. Between 1997 and 2000, he was president, CEO, and member of the board of directors of Centigram Communications Corp., a communications technology company.

From 1995 to 1997, Mr. Puette served as president, CEO and chairman at NetFRAME Systems, a high-availability computer server company and from 1990 to 1993, he served as president of Apple USA, Apple Corporation. From 1991 to 1999, Mr. Puette was a director of Cisco Systems. Prior to that, he served as a group general manager of Hewlett-Packard Corp. He is on the boards of several other corporations. Mr. Puette holds a BSEE degree from Northwestern University and a MSOR degree from Stanford University.

Matthew Powell
Chief Executive Officer

With over 20 years of leadership experience and a record of success in high-growth technology markets, Matthew Powell joins Fat Spaniel as chief executive officer (CEO). Matt was most recently CEO at Q-layer, a pioneering cloud computing software start-up which was acquired by Sun Microsystems in January, 2009. Before Q-layer, Matt was president and CEO at Determina, Vernier Networks, and Siliquent Technologies. He has an extensive track record of growing revenues, forging partnerships with industry leaders, and building highly effective global teams at companies such as Cisco Systems, StrataCom, and Netro Corporation. Matt has an MBA from the Wharton School and a B.A. cum laude from Tulane University.

David F. Lincoln

David Lincoln is managing partner of DFJ Element. He has been an active investor in venture capital for over 15 years and has more than 20 years of experience investing in energy and technology companies. His areas of investment focus include renewable and alternative energy technologies, energy storage, advanced materials, resource optimization, and the upstream energy sector.

Prior to forming Element, Mr. Lincoln was a co-founder and managing director of EnerTech Capital Partners, an energy technology venture firm formed in 1996. He also founded and served as president and CEO of Deven Resources, Inc., a private equity firm dedicated to the acquisition and development of energy properties. From 1984 to 1991, Mr. Lincoln was a partner with CMS Companies, a Philadelphia- based private equity and financial services firm. He began his career at UGI Corporation, a diversified energy and utility holding company. Mr. Lincoln also serves on the board of directors of Wasatch Wind, Inc. He holds a BA with honors in geology from Colgate University and an MS in energy management and policy from the University of Pennsylvania.

John Ludwig
Partner, Ignition Partners

John Ludwig is a founding partner of Ignition Partners. He invests in end-user and consumer-facing technology companies. Mr. Ludwig represents Ignition Partners as director on the boards of Judy’s Book and Network Magic. He previously served on the board of Avogadro (acquired by OpenWave) and Wildseed (acquired by AOL).

Prior to Ignition Partners, Mr. Ludwig spent 11 years Microsoft where he last served at vice president of product development. At Microsoft, he led the $400 million acquisition and ongoing operation of Hotmail, the world’s largest email service, growing it from 10 million to 60 million users. Mr. Ludwig also led the $260 million acquisition and integration of the LinkExchange, the most popular ad serving network in the world, and the restart of the MSN Internet Access service.

As vice president of development for MSN, Mr. Ludwig had overall responsibility for product development. On behalf of MSN, his team negotiated MSN partnering deals with Compaq, BestBuy, Costco, and other distribution partners, and created the MSN Mobile team and partnership with Nextel ($600 million investment). Mr. Ludwig directed the development and release of the MSN portal and search and developed the Passport network for authentication and commerce across the entire network of Microsoft and partner websites.

Mr. Ludwig built the 700-member team responsible for the first four releases of Internet Explorer, growing market share from 0% to 60%. He co-managed the development of Windows 95. He also led the acquisition of the initial technology for Microsoft Exchange. Mr. Ludwig led the team that created Windows for Workgroups, which grew to 50% market share to become the most widely-used peer networking product worldwide.

Mr. Ludwig received his M.S. degree in electrical engineering and an M.S. degree with distinction in industrial administration from Carnegie-Mellon and a B.S. degree in electrical engineering, cum laude honors, from Ohio State.

Mike Walkinshaw
Managing Director, Chrysalix Energy

Mike Walkinshaw has been with Chrysalix since the summer of 2002 and has overseen the investment activities of the Fund since that time. Mr. Walkinshaw is a board member for H2scan, Fat Spaniel Technologies, and Akermin, Inc., and is actively involved in sourcing new investments for the Fund.

Prior to joining Chrysalix, Mr. Walkinshaw was with Ballard Power Systems, the world’s leading developer and manufacturer of PEM Fuel Cells. He held several roles within the organization and was the manager of product strategy and a product manager for the Nexa power module, the world’s first commercial fuel cell module, during his final three years with Ballard. Prior to Ballard, Mr. Walkinshaw also spent six years with Price Waterhouse in Vancouver, gaining his chartered accountant status and helping small entrepreneurial businesses grow.

Mr. Walkinshaw obtained his C.A. designation with the Institute of Chartered Accountants of British Columbia in 1993. He holds a bachelor of commerce (finance) degree from the University of British Columbia.

Our Investors

In October 2006, Fat Spaniel completed a $7 million Series A funding round from leading investment firms Element Partners and Chrysalix Energy. Fat Spaniel also closed $18 million in Series B financing on January 23, 2008. The investment round was led by Ignition Partners, with follow-on investment from Element Partners and Chrysalix Energy. PCG Clean Energy & Technology Fund and Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., also participated in the round.

Element Partners

Element Partners is a leading investor in the clean technology sector. Our strategy is to identify and support companies developing promising solutions to economically important resource constraint problems. Our specific focus is on products, services and technologies in the energy and power, water, environmental, materials and chemicals, and manufacturing and industrial sectors. Element’s team has managed over $600 million in five clean technology funds and has completed over 45 investments in the sector. These investments range from early stage investments in developing companies to buyouts of established companies. The depth and breadth of our experience make Element a valuable partner in building successful businesses in clean technology markets.

Element’s inaugural fund, DFJ Element L.P., is capitalized at $284 million, and was formed in partnership with Draper Fisher Jurvetson, a leading global venture capital investment firm. Element is also a co-manager of the $30 million California Clean Energy Fund (“CalCEF”). CalCEF ( invests in clean energy companies that are positioned to make an impact on the state of California. CalCEF was established in 2004, and targets companies in renewable energy, energy efficiency, energy storage, and related clean technology products and services.

Chrysalix Energy

Chrysalix Energy invests in and supports compelling technologies and entrepreneurial management teams that address the changing demands of the global energy industry. Founded in 2001, the firm actively works with clients and supports them with deep industry and technical knowledge, management and board assistance, organized networking with industrial and financial partners, management of intellectual property, and direct access to capital. Investors in the Chrysalix Energy Partnerships include Ballard Power Systems, BASF Venture Capital, BOC, Citigroup, Consensus Business Group, Delta Lloyd, Essent, Kuwait Petroleum Corporation, Lexington Partners, Mitsubishi Corporation, Robeco, Shell Hydrogen, Teachers’ Private Capital and West LB Mellon Asset Management.

Applied Ventures

Applied Ventures, LLC, a subsidiary of Applied Materials, Inc., invests in early stage companies with high growth potential pursuing technologies that are complementary to Applied Materials’ core business and can stimulate the growth of applications for semiconductors, flat panel displays and related products and services. Applied Materials, Inc. is the global leader in Nanomanufacturing Technology™ solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel displays, solar photovoltaic cells, flexible electronics and energy efficient glass (

Ignition Partners

Ignition Partners is a premier private investment group with offices in Bellevue, Washington and Shanghai, China. Ignition Partners’ affiliated family of funds includes Ignition Ventures and Ignition Growth Capital in the U.S. and Qiming Ventures in China. The investment group’s three categories of funds - early stage venture, growth capital and China ventures -brings together an unparalleled combination of domain focus, functional expertise and global operational experience with partners from leadership positions at Microsoft, McCaw Cellular Communications, AT&T Wireless, Cisco, Starbucks and other industry leaders.

PCG Clean Energy and Technology Fund

The PCG Clean Energy and Technology Fund is a co-mingled fund of funds and co-investment vehicle dedicated to investing across the spectrum of the global clean energy and technology value chain. The fund is managed by a dedicated CleanTech investment team within PCG Asset Management, which oversees more than $15 billion of private equity commitments through a combination of fund-of-funds, separate accounts and advisory relationships and is based in La Jolla, California.