Meet the Azure Team

The Azure team began with three principals who successfully built and sold True North Renewable Fuels. Since then, the Azure team has grown to a team of 14 individuals with expertise and extensive experience in varying facets of the conventional and renewable energy sectors.

Management

Stuart Roberts

President & Director

B.Comm., CFA

Stu has over 15 years of capital markets experience, specializing in the Canadian energy sector. In 2010, Stu joined Desjardins' energy investment banking team, holding increasing levels of seniority during his tenure and was appointed Managing Director of Desjardins Capital Market’s energy investment banking team in 2017.

In September of 2019, Stu started working with True North Renewable Fuels Ltd. until the sale in March of 2021. Stu’s responsibilities included the development of off-take and feedstock arrangements, sourcing partnership opportunities, general business strategy and the sales process.

Following the sale of True North Renewable Fuels Ltd., Stu co-founded Azure Sustainable Fuels Corp. and was appointed Chief Financial Officer. In his role as CFO, Stu was responsible for sourcing and securing over $60million in capital, including concessionary government funding, as well as establishing Azure’s key strategic partnerships.

In July 2024, Stu transitioned to the role of President.

Cheryne Lowe

Chief Financial Officer

BComm., MPAcc, CA

Cheryne has over 20 years of experience in accounting and finance. She has been an accounting and finance consultant since February 2020 providing CFO, accounting and finance services to clients in a variety of industries. Prior to that, Cheryne worked at Pine Cliff Energy Ltd. from 2015 to 2019, including three years as CFO and Corporate Secretary and one year as Interim CFO and Corporate Secretary. Cheryne also held the position of VP Finance and CFO at Orlen Upstream Canada Ltd. and its predecessor TriOil Resources Ltd. from 2010 to 2015. Prior thereto Cheryne held progressively senior positions at various oil and gas companies. Cheryne obtained her CA designation in 2005 while articling at KPMG LLP.

In 2021, Cheryne joined Azure Sustainable Fuels Corp. as Controller. In her role, Cheryne was responsible for all financial reporting, budgeting, and established the processes for funding and reporting with strategic partners.

In July of 2024, Cheryne transitioned to the role of Chief Financial Officer.

Paul Bowen

Chief Operating Officer

B. Sc. (Mechanical Engineering), P.Eng.

Paul's 30 years of experience are split between engineered wood products and the Canadian energy industry. His experience is unique in that he's been in a leadership role his entire career delivering the development and execution of progressively increasing sized portfolios of capital projects.

Paul's career began at the Weyerhaeuser Company executing projects in facilities across Canada and the Pacific Northwest. Paul joined Shell in 2006 as the Head of Projects at the Scotford Refinery and Chemical plants in Ft Saskatchewan. In 2011, he joined Shell Unconventionals leading a team of project professionals in design and execution of surface facilities supporting exploration and production. He joined Spectra Energy in 2016 as the Director of Maintenance Projects. When Spectra was acquired by Enbridge in 2017, he led a multi billion-dollar capital project portfolio supporting Liquids and Gas Transmission, Gas Distribution & Storage and Renewable Energy.

His Canadian energy industry experience spans upstream, downstream and midstream. Paul's depth of project experience includes safety leadership, environmental stewardship and organizational change management with a focus on cost and schedule.

Darren Ongyerth

VP Business Development

B. Comm.

Darren's 20 years of experience in the Canadian energy industry covers roles in operations, negotiations, acquisitions and divestitures, business development, and corporate finance. Beginning at Canadian Natural Resources Limited, Darren focused on oil and gas regulations and working with internal and external partners before transferring into mineral land negotiations at EnCana Corporation. In 2011, Darren left EnCana and pursued an 8 year career with Desjardins Capital Markets. During his time with Desjardins, he worked with a fully integrated team of professionals assisting clients in sourcing innovative financing solutions.

Darren started working with True North in September of 2019. His efforts and responsibilities were focused on business development, government relations, regulatory and sourcing carbon reduction opportunities. As he helped progress True North, Darren became a partner and aided in the subsequent sale to Federated Co-Operatives Ltd.

Sean Hindmarch

VP Corporate Development

BA Economics

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. His 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.

Mark Chyc-Cies

VP Capital Markets

BComm., CFA

Mark brings over 15 years of capital markets, corporate finance, strategic planning and corporate development experience across all parts of the energy sector. Mark began his career in 2007 in investment banking at Scotia Waterous. In 2010, he joined Penn West Petroleum taking on increasing senior

corporate planning roles, including contributing to the success of two debt covenant renegotiations, several strategic review processes and a significant corporate transformation.

In 2016, Mark joined Veresen where he transformed the investor relations program, while also leading the corporate and strategic planning functions. Between 2017 and 2023, Mark was at Gibson Energy, where he helped reposition the company’s capital markets messaging and image, and also oversaw the strategy, corporate planning and corporate development functions. Mark’s work in the capital markets space has been recognized through numerous awards, including from Brendan Woods TopGun, IR Magazine and Institutional Investor.

Independent Directors

Eric Shaw

Executive Chairman

BA Economics, MBA.

With over 25 years of experience in commodity trading and principal investment activities, Eric is well versed in the oil and gas sector. After an early role in economic consulting for the energy sector, he spent over eight years at Enron Europe in roles of increasing responsibility in trading, asset development, and origination. He then joined Barclays Capital with a team to help establish gas and power trading activities. After a subsequent role setting up Commodities Principal Investments at Citigroup, Eric joined RWE in 2009 to establish the Principal Investments fund.

Eric currently works as Founder and Managing Partner of Polar Rock Energy, an energy focused Principal Investor. He left RWE to establish Polar Rock Energy in 2018.

Douglas Cole

Vice Chairman

B. Sc. (Chemical Engineering), MBA, SPE, P.Eng.

Douglas has been involved in the international and Canadian energy industry for over 40 years. He has been a founding member of three upstream oil and gas start-up companies with responsibilities including subsurface and operational responsibilities, private and public capital funding, corporate acquisitions, restructuring, and compliance.

In 2017, Douglas co-founded True North Renewable Fuels Ltd. as the President and Chief Executive Officer. Up until the sale of the company's assets in March 2021, he was responsible for the strategic direction and development of the business in accordance with current and proposed North American regulations.

Following the sale of True North Renewable Fuels Ltd., Douglas co-founded Azure Sustainable Fuels Corp. and was appointed President and Chief Executive Officer. In this role he was responsible for strategic direction and technology oversight

In July 2024, Douglas transitioned to the role of Vice Chairman of the Board.

David Gallagher

B. Sc. (Chemical Engineering)

David has over 30 years experience in the energy industry and asset management.

David graduated from Edinburgh University with a Chemical Engineering degree. He began his career with Mobil, beginning in engineering and progressing through trading, origination and principal investments.

After launching and heading up trading teams at Enron Europe and HETCO (now Hartree), David joined Vitol where he built a world leading Global Gas team incorporating trading, and investments in numerous challenging jurisdictions.

Since 2014, David has been investing through his own family office with a hands on approach and a focus on building and nurturing management teams in a variety of sectors.

Adam Twa

B.Comm., CFA, ICD.D

Adam has over 18 years of experience in Canadian energy capital markets and private equity. Adam has been a founder of several early-stage energy businesses, and currently serves on the boards of Azure Sustainable Fuels Corp, Cascade Trading Ltd., Fordwater Holdings Ltd., and Woodcote Oil & Gas Inc.

Adam currently works as President and CEO of Fordwater Holdings Ltd., a principal investment firm backed by a Swiss family office. Adam started his career at Peters & Co. Limited, where he became a partner of the firm specializing in the Canadian Junior and Mid-Capitalization Upstream sub-sectors. Adam holds the Chartered Financial Analyst and the Institute of Corporate Directors, Director designations.

Jason Ray

BA Marketing, MBA.

Jason has over 25 years of business experience across multiple industries, with nearly 20 years of experience with Savage. Jason currently works as President, Infrastructure Sector at Savage. Savage’s Infrastructure Sector designs, builds, and operates best in class industrial logistics infrastructure for efficient and safe movement of industrial materials and finished products by rail, truck, and marine.

Jason joined Savage in 2005 and has held various management and executive roles in finance, operations, marketing, and business development. Jason has played a significant role in the growth of Savage and, prior to his current role, served as EVP, Business Development and Engineering at Savage.

Jason holds a Bachelor of Arts degree in Marketing from the University of Utah and an MBA from Brigham Young University.