Our Investment Board

The expertise we provide is sourced from within and beyond our office walls. Our seasoned and highly skilled investment board lends depth and access in assisting our partners to succeed.


Michael Shoys

Former Senior Vice President and COO, Wisconsin Manufacturers & Commerce
Chairman, Technology Investment Fund Board

Mr. Shoys retired as an executive officer at Wisconsin Manufacturers & Commerce (WMC), a state-wide membership organization of manufacturers, service companies, local chambers of commerce, and trade associations. With 3800 members, WMC promotes a competitive business environment in Wisconsin. Mr. Shoys has developed policy and strategy recommendations for the organization, having had 21 years of experience there. He managed internal operations including, finance, human resources, international business activities, information technology, and manages the WMC for-profit subsidiary. Mr. Shoys formerly worked as the Executive Vice President and COO at the Wisconsin Hospital Association where he had responsibility for hospital environmental compliance. and negotiated healthcare related environmental regulations with state agencies. He holds the following licenses: Registered Professional Engineer (Wisconsin), and Life, Health, Property & Casualty Insurance (Wisconsin). He received an MBA from the University of Wisconsin-Milwaukee Executive Program, and a BS in Civil Engineering from Michigan Technological University.

Mark A. Baffa
Executive Vice President, Most, Inc., Industrial Manufacturing Sector

Mr. Baffa is an executive at Most, Inc. and Kentucky Smelting Technology, two business units of Toyota Tsusho America. He is responsible for the overall business and operations of Toyota's secondary aluminum smelting with facilities in Tennessee, Missouri, and Kentucky. Prior to this, Mr. Baffa spent 24 years with Modine and held several positions there throughout his tenure. From 1985-1994 Mr. Baffa was in Modine's corporate purchasing department. In 1988 he was named Director with responsibility for all of Modine's purchasing activities and in 1993 was tasked with global responsibility when Modine made a major acquisition in Germany to expand their presence in the European markets. From 1995-1998, Mr. Baffa was operations manager for Modine's Heavy Duty and Industrial Division where he had responsibility for five major manufacturing facilities. In late 1998, as the fuel cell industry was attracting a great deal of attention throughout industry, he was asked to study and evaluate Modine's potential prospects in this area. At Mr. Baffa's suggestion, Modine formed a Fuel Cell group in 2000 to focus on the emerging market opportunities presented by the fuel cell industry. Modine is recognized as the leader in providing innovative thermal management solutions to both the fuel cell and the hydrogen infrastructure industries. Mr. Baffa has a BA degree in Microbiology from the University of Montana.

Chad Raube
President and CEO, Guaranty Service Group

Mr. Raube is an experienced entrepreneur investor, with 20 years of work experience as a senior executive, venture capitalist, angel investor, and board member in technology, clean technology, data communications, telecommunications, and service businesses. Guaranty Service Group operates in the B2B information field, servicing banks, law firms, and the real estate industry. Mr, Raube's previous work experience includes both small start-up technology companies as well as large size telecom and data management companies, including senior executive roles at Virgin Media, Comcast, Corning, and Fibernet. Living and working throughout the world. Mr. Raube has had a common interest in energy efficiency and energy related services management. In the private equity field, he has specialized in clean technology, energy efficiency, media, and the telecom business areas. He holds a MBA from Harvard Business School, a MS in Environmental Technology from Imperial college London, and a BA in International Relations from Carleton College.

Monica Thilges
Director, APTIM (Focus on Energy Program Administrator)

Ms. Thilges' responsibilities at APTIM include spearheading cross-team projects while serving as the Deputy Director of the Focus on Energy Administrator team. She has over a decade of experience leading the design and implementation of large demand side management programs and program portfolios in California, Oregon, Louisiana and Wisconsin. Thilges also reviewed and originated carbon offset projects in Oregon and Colorado, while at The Climate Trust. Prior to her work in this space, she received her MBA in finance and accounting, worked in loan origination for a microfinance organization, ACCION Chicago, and led the development of a green lending product for ShoreBank Pacific, then the largest US-based community development finance institution. Thilges represents the Focus on Energy Program on the Technology Investment Fund Board consistent with the Wisconsin Public Service Commission approved Policies and Procedures Manual.