Our Team

Neil Eckert

Founder, Chairman

Neil Eckert serves as Chairman of IncubEx. Neil also serves as Chairman of Aggregated Micro Power Holdings and 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 Exchange and the European Climate Exchange which hosted over 90 percent of carbon credits traded in the EU. Neil was also 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 and has interests in various property companies. Neil is the Chairman of Design Technology & Innovation Limited, a patenting and intellectual property company whose principal activity is in the field of irrigating plants with salty or brackish water. Neil is on the board of Directors of Ebix, a $2bn Nasdaq listed company. It is the world’s leading provider of electronic exchange services to the insurance industry and has been one of the fastest growing companies in the US over the last decade.

Michael MacGregor

Founder, Chief Executive Officer

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.

Daniel Scarbrough

Founder, President & Chief Operating Officer

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 a 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.

Dr. Michael Walsh

Managing Director of Research & Public Policy

Michael Walsh serves as Managing Director of Public Policy & Research of IncubEx. Michael has been a leader in the design and implementation of market-based mechanisms that advance natural resource conservation and air and water quality.  As a co-founder and Executive Vice President of the Chicago Climate Exchange, Michael directed new product research and development and policy analysis and played a central role in building the market-leading Chicago Climate Futures Exchange and European Climate Exchange. Previously Michael was a Senior Economist with the Chicago Board of Trade where he led efforts to develop exchange-based environmental markets and directed the first three annual auctions of sulfur dioxide emission allowances conducted as part of the highly successful U.S. Environmental Protection Agency acid rain reduction program.  Michael has also served as a Financial Economist in the U.S. Department of Treasury’s Office of Tax Policy and as an instructor at the University of Notre Dame and the Illinois Institute of Technology.  He has been a keynote speaker at events worldwide and has testified at the U.S. House, Senate, and White House.  Michael earned a Ph.D. in Economics at Michigan State University.

Richard Wilson

Managing Director and Head of European Sales

Richard Wilson serves as Managing Director and head of sales of IncubEx in Europe. Richard has almost 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.

Louise Croucher

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.

Sam Johnson-Hill

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.

Nathan Clark

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.

Stephen McComb

Senior Vice President

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.

Kees Woodward

Senior Vice President

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.

Steve MacGregor

Senior Vice President and Head of Operations

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.

Jim Kharouf

Communications Director

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.

Helene Crook

Head of Investor and Press Relations

Helene Crook serves as Head of Investor and Press Relations of IncubEx. Helene previously served in a similar role while at BRIT Insurance and Climate Exchange plc. Helene was part of AMP Holdings PLC at its inception with responsibility for investor relations.  She is Company Secretary of several companies including IncubEx Limited, Boutique Modern Limited, Old Mill Park Limited, Arcadia Estate Management Limited and OldSwiss Productions Limited. Helene serves as a Director and Company secretary of Design Technology & Innovation Limited and Design Technology & Irrigation Limited.

Lauren Krone

Senior Marketing Associate

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.

Rebecca Eaton

Sales Analyst

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.

John Sullivan

Senior Operations Analyst

John Sullivan serves as Operations Analyst 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.

Robyn Yon

Business Assistant

Robyn Yon serves as Business Assistant to Neil Eckert both within IncubEx and across his business portfolio.  Robyn gained experience in operations and client services by working in diverse industries such as fashion, beauty, interior fit out, and real estate.  Her last role was Head of Administration and Client Services for the UK market attending the world’s largest real estate event Mipim.

David Hartley


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.

Lilly Venturelli

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.

Sophie Wild

Office Coordinator

Sophie Wild serves as Office Coordinator for our London office. She graduated from Goldsmiths University in 2018 with a BA (Hons) in Anthropology and Visual Anthropology, with a focus on different cultures in both remote and densely populated communities.

Bartly J. Loethen

General Counsel

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.

Nate Laurell


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.