Crux, a sustainable finance technology company, announced that it has added strategic new investors as part of its $18.2 million Series A round led by Andreessen Horowitz from January 2024. Crux has raised over $27 million in strategic and venture capital. This additional funding is being invested by a cohort of some of the nation’s largest clean energy developers, including Clearway Energy Group, EDF Renewables, Intersect Power, and Pattern Energy. And these new investors join existing strategic investors, Orsted, LS Power, and Hartree.
The strategic investment into Crux by these clean energy leaders highlights resounding industry validation of Crux’s key role building vital financial infrastructure for the energy transition. Crux strategic investors have collectively over 100 gigawatts in pipeline.
Launched in January 2023, Crux is changing the way clean energy and advanced manufacturing is financed in the US, starting with transactions of the new transferable clean energy tax credits created by the Inflation Reduction Act (IRA). And this new transferable tax equity market allows, for the first time, clean energy developers and manufacturers to sell their tax credits to third parties for cash, creating a powerful market mechanism to channel private sector investments into energy infrastructure, advanced technologies, and advanced manufacturing.
Crux is already working with hundreds of partners and has $11 billion of credits currently available for sale. The company provides instantaneous access to billions of dollars of active buy-side interest. So far, Crux has closed deals across solar, standalone storage, microgrids, bioenergy and renewable natural gas, and advanced manufacturing. Crux facilitated some of the first transferable tax credit transactions for those technology and credit types.
This announcement comes on the heels of the company’s May announcement that Crux would be the exclusive tax credit provider for the American Clean Power Association, whose 800+ members will generate the overwhelming majority of credits in the years to come.
KEY QUOTES:
“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. We look forward to their strategic thought partnership as we all continue to drive innovation and growth for clean energy across the United States.”
– Alfred Johnson, CEO and co-founder of Crux
“Through our strategic investment in Crux, Pattern is committing to innovative technologies that are transforming the energy sector. 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.”
– Hunter Armistead, CEO of Pattern Energy
