About Us
Energy Substantiation provides a platform for tokens backed 1:1 by real-world assets.
Our first product, WTIC, brings West Texas Intermediate crude oil onchain. Each token is backed by physical oil held through Volumetric Energy Receipts with an independent custodian, priced daily to the WTI benchmark, and tradable 24/7 on Ethereum.
We work alongside energy suppliers, custodians, and auditors to make physical commodities as accessible and transparent as any digital asset, while giving producers a new channel to working capital.
WTIC is just the beginning. We've set our sights on natural gas, Brent crude, and a range of other natural commodities, with more to come.
The Team
Decades of experience across energy trading, commodity markets, blockchain infrastructure, and financial regulation.
Advisors & Board Members
Trusted leaders across energy, finance, government, and technology guiding the future of tokenized commodities.
Cooper Abbott is a senior financial services executive who has served as CEO of City of London Investment Group; CEO and Chairman of Matthews Asia; President, Chairman, and CEO of Carillon Tower Advisors; and a Director at Raymond James. He attended Brown University and The Wharton School at the University of Pennsylvania.
Doug is a seasoned financial executive with extensive experience in municipal finance, investment banking, and tax advisory services. He has served as a Consultant and Managing Director within the Municipal Securities Department at Citi, where he advised public-sector clients on complex financing structures, capital markets strategy, and debt issuance. His leadership in this role reflected a deep understanding of municipal markets, regulatory requirements, and investor considerations.
Previously, Doug held the position of Controller at Security Pacific Merchant Bank, where he was responsible for financial reporting, internal controls, and oversight of banking and investment operations. In this capacity, he played a key role in strengthening financial governance and supporting strategic decision-making across the organization.
Earlier in his career, Doug worked in tax and accounting at Deloitte, where he provided tax compliance and advisory services to a diverse client base. He is a Certified Public Accountant (CPA) and brings a strong technical foundation in accounting, taxation, and financial analysis to all his professional endeavors.
Frank is a senior financial services executive with extensive experience leading wealth management and consulting organizations. He is currently CEO of Campanale Consulting, where he advises firms and senior leaders on strategy, growth, and organizational effectiveness.
Mr. Campanale also serves as Chair and Chief Executive Officer of Lebenthal and EF Hutton, providing strategic leadership to established financial services brands. Previously, he was Chair and CEO of First Allied Wealth and served as CEO of Citi/Smith Barney Consulting, where he worked closely with advisors and leadership teams to enhance performance and drive sustainable growth.
Throughout his career, Mr. Campanale has been recognized for aligning strategy with execution and guiding organizations through complex industry changes.
Lord James Cecil is the Founder and CEO of Nexus Advisory, a Mayfair-based strategic communications and advisory firm serving clients globally, including governments and commercial organizations. Since its founding in 2016, Nexus has built a strong international network, particularly in Washington, D.C., advising on policy engagement, geopolitical strategy, and complex stakeholder environments.
Prior to Nexus, Lord Cecil managed a London-based family office and held client management roles at Sotheby's Auctioneers. He also served as an elected Borough Councilor in Kensington and Chelsea and held senior campaign and research roles within the Conservative Party.
Lord Cecil began his career as an infantry officer in the Grenadier Guards, serving six years, including operational tours in Northern Ireland, and later worked in private equity in high-risk markets such as Kabul and Baghdad.
Wayne Christian currently serves as Commissioner and past Chair of the Texas Railroad Commission, the state agency responsible for regulating the oil and gas industry in Texas. In this role, he oversees the safe and responsible development of the state's energy resources, including oil, natural gas, and pipelines, while ensuring compliance with environmental and safety standards. His tenure as Chair highlighted his commitment to balancing energy development with public interest and regulatory integrity.
In addition to his service on the Railroad Commission, Christian serves as Vice Chair of the Interstate Oil & Gas Compact Commission, a national organization that promotes the efficient and responsible development of domestic oil and natural gas resources across the United States. He has also held leadership positions in energy policy as a member of the Texas House of Representatives, where he served on the House Energy Committee, shaping legislation impacting the state's energy sector and advocating for policies that support growth, innovation, and economic development.
Richard Endicott is President of Parkway Bank Arizona, a $3.5 billion institution, a position he has held since 2018. He oversees the bank's strategic direction, including loan and deposit growth, credit quality, compliance, and the expansion of commercial and real estate banking. Under his leadership, Parkway Bank Arizona has prioritized disciplined growth, strong risk management, and relationship-driven banking.
Previously, Mr. Endicott served as President of The Biltmore Bank of Arizona (2008–2018), where he guided operations, strengthened market presence, and expanded commercial banking capabilities while maintaining sound credit standards.
Earlier, he spent 20 years at Deutsche Financial Services, ultimately serving as North American Director of Financial Product Development, overseeing U.S. and Canadian operations managing $12 billion in assets. He brings over 35 years of executive experience in banking, corporate leadership, and organizational management.
Ahmed Fattouh is the Founder & Chief Executive Officer of InterPrivate. Ahmed previously founded Landmark Value Investments, an asset management firm whose products included hedge fund and private equity vehicles, tail risk management and real assets. Ahmed served as Portfolio Manager of Landmark Value Strategies, Landmark Activist Strategies, Landmark Credit Strategies, Globalist Values Strategies, and the Landmark Protection Fund.
Ahmed is a former member of the private equity group at Investcorp and the M&A department of Morgan Stanley & Co. in New York. He has executed transactions involving industry-leading companies including RJR Nabisco, Mobil Corporation, Ampolex, IBM, Elf Atochem, Tivoli Systems, Eagle Industries, Amerace, Washington Energy, Puget Power, Synergy Gas, KKR, Saks Fifth Avenue, Werner Ladder, Falcon Building Products, LVMH, Bliss, Eastern Software and Fidelity National.
Ahmed graduated from Georgetown University’s School of Foreign Service.
Jack Klinck is a Board Member of The Depository Trust & Clearing Corporation (DTCC), a Partner at Hyperplane Venture Capital, and a Senior Advisor at BCG. Previously, he served as Vice-Chairman at BNY Mellon and Executive Vice President at State Street. He attended Middlebury College and Duke University.
Matthew Le Merle is a global leader in venture capital and blockchain innovation, serving as CEO and Managing Partner of Blockchain Co-investors and Fifth Era. With over two decades guiding early- and growth-stage companies, he holds board positions in 18 portfolio companies, providing strategic oversight and fostering long-term value creation.
An accomplished author and thought leader, Matthew contributes to global discussions on technology, finance, and entrepreneurship, including initiatives led by the World Economic Forum. His expertise spans finance, policy, and emerging technologies, offering a distinctive perspective on blockchain and the innovation economy.
Matthew holds degrees from Stanford and Oxford Universities, combining rigorous academic insight with practical experience. Through his leadership and advisory roles, he continues to shape the development of transformative technologies and companies worldwide.
Donald H. Putnam is the Managing Partner of Grail Partners LLC, which he founded in 2005. He began his career at Bankers Trust Company, designing quantitative investment products and trust services, and later became a Senior Consultant at Catallactics Corporation, a SunGard subsidiary, where he developed innovative quantitative strategies for major financial institutions, including J.P. Morgan, The Boston Company, and Northern Trust.
From 1980 to 1986, Mr. Putnam held senior leadership roles at SEI Investments, including Executive Vice President and Division President. He founded and led SEI Financial Services Company and multiple mutual funds, overseeing assets exceeding $15 billion. In 1987, he founded Putnam Lovell Securities, where he served as CEO, Chairman, and Managing Director of the investment banking group. Following the firm's sale to National Bank Financial in 2002, he continued as CEO and Vice Chairman until 2005.
Lex Sokolin is an entrepreneur and investor at the forefront of the evolving Machine Economy. He is the co-founder of Generative Ventures, a venture capital fund focused on investing in the intersection of fintech, artificial intelligence, and Web3 technologies. Through this work, he seeks to support innovative companies shaping the future of financial services and digital economies.
Prior to founding Generative Ventures, Sokolin served as Chief Economist and Global Fintech Co-Head at ConsenSys, where he helped guide strategic insights and research across blockchain and decentralized finance. He also held the position of Global Director of Fintech Strategy at Autonomous Research, advising leading financial institutions on emerging technologies and market trends. His career combines deep analytical expertise with a hands-on approach to innovation in financial systems.
Tim Stewart is a seasoned energy executive and policy expert, currently serving as President of the U.S. Oil & Gas Association. In this role, he leads strategic initiatives to advance the interests of the American oil and gas industry, focusing on regulatory advocacy, policy development, and sustainable growth within the sector. Under his leadership, the Association has strengthened its influence in federal and state energy policy discussions, ensuring that industry perspectives are effectively represented at the highest levels of government.
Prior to his tenure at the Association, Tim founded Bennet Consulting Group, a firm specializing in energy policy, regulatory strategy, and government relations. Through this venture, he has advised industry stakeholders on navigating complex legislative landscapes, building coalitions, and engaging effectively with policymakers. His deep understanding of both the political and operational aspects of the energy sector has made him a trusted advisor to executives and government leaders alike.
Tim's career is grounded in extensive federal and state government experience. He served as a senior aide to Senator Robert Bennet (R), where he played a key role in shaping energy and economic policy, providing legislative counsel, and managing stakeholder engagement. His combined experience in public service, policy advising, and industry leadership uniquely positions him to bridge the gap between government and the energy sector, driving informed solutions to today's most pressing energy challenges.
Stephen M. Studdert is a distinguished business leader, diplomat, and advisor with a career spanning banking, public service, and international relations. He currently serves as Chair and Director of the Federal Home Loan Bank, and he is the founder of multiple financial institutions, bringing decades of expertise in banking, strategic leadership, and organizational development. His work in the financial sector has earned him a reputation for both innovation and integrity, shaping institutions that have had lasting impact across the United States.
Mr. Studdert has also served as a trusted advisor to multiple U.S. Presidents, including Gerald Ford, Ronald Reagan, and George H.W. Bush, providing counsel on policy, governance, and international affairs. His diplomatic experience is equally extensive, having represented the United States in over 100 countries. Through these roles, he has helped advance both economic and foreign policy objectives while building relationships that span the globe.
JP Thieriot is an accomplished entrepreneur and financial innovator with a distinguished career spanning investment banking, venture capital, and fintech. He is the Founder and former CEO of Uphold, a pioneering digital platform that enables seamless access to global financial markets, and currently serves as its Vice Chair, guiding the company's strategic vision and growth initiatives. Prior to Uphold, JP founded Estancia Capital, a private investment firm focused on transformative opportunities across technology and financial services.
Earlier in his career, JP honed his expertise in capital markets and technology investment at Hambrecht & Quist, a renowned investment bank known for its early-stage technology and biotech deals. His experience at Hambrecht & Quist laid the foundation for his entrepreneurial approach, combining financial acumen with a forward-looking understanding of innovation-driven markets.
Frank Thorwald is Managing Member of The Thorwald Group LLC and serves as the Governor's official representative to the Interstate Oil & Gas Compact Commission. He is Chairman of the Arizona Oil and Gas Conservation Commission and a member of the Governor's Regulatory Review Council. Over his career, he has advised three Arizona governors on workforce, transportation, and economic development policy.
Mr. Thorwald provides corporate and government relations, legislative support, and trade consulting to domestic and international enterprises, guiding clients through regulatory compliance, strategic partnerships, and political processes at federal, state, and local levels. He has extensive experience in problem resolution, crisis management, and new market development.
Previously, Frank served as a senior advisor to Presidents Reagan and Bush, multiple U.S. Attorneys General, and the Secretary of Education. He has represented U.S. interests internationally, liaised with heads of state, Fortune 500 executives, and media outlets, and held a Top Secret – SCI clearance. He has led corporations as President and COO, served on numerous boards, and remains active in community and civic organizations.