Crux, a capital markets technology company for the clean economy, announced that it has raised $50 million in Series B funding led by Lowercarbon Capital. Existing investors Andreessen Horowitz (a16z), Ardent Venture Partners, CIV, New System Ventures, and The Three Cairns Group joined the round. These investors were joined by new investors Liberty Mutual Strategic Ventures, MassMutual Ventures, and OMERS Ventures. Venture capital firms Acrew Capital and Giant Ventures also joined the round.
This funding round brings Crux’s total funding to over $77 million and will help drive its next growth phase. And the company will use the new capital to meet its mission of supporting developers, manufacturers, investors, and lenders through all stages of capital formation.
Given the urgent inflection point in American energy and manufacturing, Crux’s goal is more important than ever. Energy demand is growing for the first time in 20 years, driven by surging manufacturing, transportation, electrification, and data centers. Simultaneously, hundreds of billions of dollars are invested in domestic supply chains for critical minerals and components. And clean energy developers and manufacturers will require trillions of dollars in capital to meet growing needs. The rapidly changing global trade dynamics further show the need for more domestic clean energy, American manufacturing, and resilient supply chains for critical minerals.
The Series B funding comes on the heels of Crux’s latest platform innovation: its debt capital marketplace. Launched in March, the new market opened access to various debt products alongside Crux’s powerful transferable tax credit marketplace. And by integrating tax credit transfers with a broader suite of financing solutions, Crux helps developers, manufacturers, lenders, tax credit buyers, and intermediaries navigate all stages of capital formation.
The newly launched debt marketplace already includes a network of over 100 developers and manufacturers raising over $11 billion in debt capital. Over 90 banks, credit funds, asset managers, insurance companies, pensions, and family offices are part of the Crux network and have issued over $1 billion in term sheets for debt products in the last quarter alone.
Crux was built to supercharge the clean economy by making capital markets more liquid, efficient, and intelligent. The company first tackled the nascent transferable tax credits market by developing the central marketplace for transfers, assembling an expert team, and providing leading market intelligence to help developers and manufacturers exchange tax credits for private sector investment in their companies.
So far, Crux has facilitated more than 70 transactions totalling billions of dollars in tax credits across advanced manufacturing, battery storage, bioenergy, critical minerals, geothermal, hydropower, microgrids, solar, and wind. Over 630 market participants use Crux’s platform.
With this new funding round, Crux will continue to build the market’s central software platform, a shared destination for all parties that offers transparency, transaction standards, and tools to facilitate efficient deal execution. To do this, Crux will rapidly expand its team, explore opportunities for organic and inorganic growth, and lean on the latest technology, including AI.
KEY QUOTES:
“We’re in a new era of global competition, with energy demand rising to the highest levels ever observed. This new round of funding will help us to meet growing energy demand by making it easier, faster, and more affordable for clean energy developers and manufacturers to finance their projects. We started by solving challenges in tax credit transfers and debt raises, and now we’re bringing that same efficiency, liquidity, and market intelligence to every stage of energy and manufacturing finance.”
“Last year, we announced that investors with over 100 GW of pipeline had invested in Crux. We’ve been proud to partner with these strategic investors to execute deals and improve our offering. Today, we are adding insurance and pension investors with hundreds of billions of assets under management. We look forward to partnering with our new investors Liberty Mutual Strategic Ventures, OMERS Ventures, and MassMutual Ventures as we grow the platform and deploy billions into energy and manufacturing infrastructure.”
- Alfred Johnson, CEO and co-founder of Crux
