Crux, a leading sustainable finance technology firm, announced the addition of significant strategic investors to its $18.2 million Series A round, initially led by Andreessen Horowitz in January 2024. With this latest investment, Crux has raised over $27 million in strategic and venture capital. The new capital comes from prominent clean energy developers, including Clearway Energy Group, EDF Renewables, Intersect Power, and Pattern Energy. These investors join existing strategic partners Orsted, LS Power, and Hartree, collectively overseeing a pipeline exceeding 100 gigawatts.
The investment by these industry leaders underscores Crux’s critical role in building the financial infrastructure necessary for the energy transition. “The market for transferable tax credits is fundamental to the energy transition. We are proud to partner with some of the leading companies in the industry to make this market deep, liquid, and efficient,” said Alfred Johnson, CEO and co-founder of Crux. “We look forward to their strategic thought partnership as we all continue to drive innovation and growth for clean energy across the United States.”
Founded in January 2023, Crux is revolutionizing the financing of clean energy and advanced manufacturing in the U.S., starting with transactions involving the new transferable clean energy tax credits created by the Inflation Reduction Act (IRA). For the first time, these credits allow clean energy developers and manufacturers to sell their tax credits to third parties for cash, creating a robust market mechanism to attract private sector investment into energy infrastructure, innovative technologies, and advanced manufacturing.
Crux is currently collaborating with hundreds of partners and has $11 billion in credits available for sale, providing immediate access to billions in active buy-side interest. The company has already closed deals across various sectors, including solar, standalone storage, microgrids, bioenergy and renewable natural gas, and advanced manufacturing. Crux has facilitated some of the first transferable tax credit transactions for these technologies and credit types.
“Through our strategic investment in Crux, Pattern is committing to innovative technologies that are transforming the energy sector,” said Hunter Armistead, CEO of Pattern Energy. “Crux’s platform is a game-changer for financing clean energy projects. It allows us to maximize the current tax monetization market by streamlining transactions and managing transferable tax credits. This innovation’s increased efficiencies enable us and our industry partners to accelerate the energy transition.”
This announcement follows Crux’s recent designation as the exclusive tax credit provider for the American Clean Power Association, whose 800+ members are poised to generate the majority of credits in the coming years.
