Mitchell Dong has been an entrepreneur in the alternative energy business since 1973. He has founded and run companies involved with energy conservation, solar and hydro power, cogeneration, hazardous waste disposal, uranium and nuclear power and electric power trading for over three decades.
In 1980, Mitchell started MITEX, Inc., which developed hydroelectric power facilities at existing Federal dams. MITEX filed for 80 preliminary permits from FERC and received 10 licenses to construct and operate hydropower facilities. The company built five plants totaling 30 MW and was sold to Sithe Energies, a subsidiary of the Compagnie Generale des Eaux.
Mitchell then developed gas-fired, cogeneration power plants in 1986. He founded and ran Tellus, Inc., which executed power purchase agreements for over 500 MW of cogeneration projects. The company’s flagship project was named Onondaga Cogeneration, located near Syracuse, NY. The power purchaser was Niagara Mohawk, gas supply was from Enron, and turbines were from GE. The project was sold to a subsidiary of General Public Utilities.
In 1991, Mitchell founded FulCircle Ballast Recyclers, in Bronx, NY. The company disposed of PCB contaminated ballast from fluorescent lighting fixtures removed as a result of utility demand side management programs. Mitchell and his partners developed a process to destroy the PCBs and reclaim copper, aluminum and steel from the small lighting transformers. The company was sold in 1995 to a publicly traded environmental firm.
In 1995, Mitchell started Chronos Asset Management, Inc, an asset management firm that implemented a statistical arbitrage strategy employing mutual funds, equities and derivatives. The fund managed over $500 m for institutional clients.
In 2004, Mitchell started Pythagoras Investment Management, his family office which invests in alternative energy, clean technology, infrastructure and Asian emerging markets. It has invested in power plants in China, infrastructure companies in Vietnam and China, solar and hydro power companies, fuel cell and wind companies.
In 2006, Mitchell started Solios Asset Management, which runs two hedge funds. Solios Power Fund trades financial contracts in electric power markets in the US and Solios Uranium Fund invests in physical uranium, the fuel for nuclear power plants.
Mitchell and his wife have served on many philanthropic boards. He helped his oldest daughter with her efforts to secure textbooks for schools in Guinea, Africa. He helped his middle daughter develop a teen center for AIDS orphans in Botswana. He helped his youngest daughter raise funds to build homes for the homeless in Panama City. He has also served on the boards of the Harvard School of Public Center, the Buckingham Browne and Nichols School and the Boston Symphony.
Mitchell graduated in 1975 with an AB degree in Economics from Harvard.