Who We Are

HedgeRow Analysis is a core team of modelers and strategists, backed by university researchers in net energy analysis, life cycle assessment, and energy systems. The people who build the models are the people who explain them.

Founders

Matthew Walter

Matthew Walter, MBA

Co-Founder and CEO

Matt has spent more than 25 years working with state and local government in all 50 states, building data analytics programs that drove record results. He helps innovators, investors, and public agencies align their goals with market, regulatory, and energy realities. MBA, UNC Kenan-Flagler Business School.

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Stephen Balogh

Stephen Balogh, PhD

Co-Founder and Chief Modeler

Stephen is a systems scientist with two decades of experience in academia, federal research, and the private sector, including four years as a research scientist at the U.S. EPA. His models examine energy transitions, net energy, and life cycle performance, and his peer-reviewed work has been cited more than 8,000 times. PhD, SUNY College of Environmental Science and Forestry.

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HedgeRow Collaboration and Execution Team

Researchers and specialists who collaborate on HedgeRow engagements and carry out the work.

  • David Murphy

    David Murphy, PhD

    Net energy analysis and technical review

    St. Lawrence University; Future Earth Analytics

    David is a leading researcher on energy return on investment (EROI). He is Professor of Environmental Studies at St. Lawrence University, where he has chaired the department, and previously worked at Argonne National Laboratory.

    • Net energy analysis
    • EROI
    • Technical review
  • Michael Carbajales-Dale

    Michael (Mik) Carbajales-Dale, PhD

    Life cycle assessment and energy systems

    Clemson University

    Mik leads Clemson University's Energy-Economy-Environment (E3) Systems Analysis Group and was named Clemson's 2026 Senior Researcher of the Year. He brings more than 20 years of experience in energy systems analysis, life cycle assessment, and net energy analysis.

    • Life cycle assessment
    • Net energy analysis
    • Energy systems
  • Marco Raugei

    Marco Raugei, PhD

    Life cycle assessment and senior review

    Oxford Brookes University

    Marco is one of the world's foremost experts in life cycle assessment. He is Senior Lecturer and Senior Research Fellow at Oxford Brookes University in the UK, where he develops and applies life cycle assessment, material flow analysis, and net energy analysis across energy, transport, and construction.

    • Life cycle assessment
    • Material flow analysis
    • Net energy analysis
  • Adrian Wiegman

    Adrian Wiegman, PhD

    Systems modeling and data

    Founder, Center Hill Resources; Living Observatory

    Adrian is the founder of Center Hill Resources and a data specialist at Living Observatory, a wetland restoration research collaborative in Massachusetts. He applies process modeling, geospatial analysis, and data science, and builds systems models for HedgeRow, including battery second-life analysis.

    • Systems modeling
    • Geospatial analysis
    • Data science
  • Eric Roy

    Eric Roy, PhD

    Life cycle assessment and circular economy

    University of Vermont; Long Creek Resources

    Eric is Associate Professor in the University of Vermont's Rubenstein School of Environment and Natural Resources and inaugural director of its Casella Center for Circular Economy and Sustainability. His work spans life cycle assessment, material flow analysis, and waste and nutrient recycling, and he also consults through his firm, Long Creek Resources.

    • Life cycle assessment
    • Material flow analysis
    • Circular economy
  • Muzan Williams

    Muzan Williams, PhD

    Life cycle and techno-economic assessment

    Clemson University

    Muzan is a researcher in Clemson University's Energy-Economy-Environment (E3) Systems Analysis Group, where he earned his PhD under Mik Carbajales-Dale. He specializes in life cycle and techno-economic assessment of renewable energy systems and low-carbon building materials, and was recognized among 21 professionals influencing the life cycle assessment field.

    • Life cycle assessment
    • Techno-economic analysis
    • Renewable energy systems
  • Jennifer Horner

    Jennifer Horner

    Real estate and site analysis

    South Jersey

    Jennifer brings real estate expertise to HedgeRow's site and market analysis. A Realtor with prior experience as a title agent and mortgage officer, she understands how property markets shape where new businesses can locate and grow.

    • Real estate
    • Site analysis