April 16, 2025

We are thrilled to announce that Crux has successfully closed a $50 million Series B funding round, led by Lowercarbon Capital. Existing investors Andreessen Horowitz (a16z), Ardent Venture Partners, CIV, New System Ventures, and The Three Cairns Group participated in the round. They are joined by new investors Giant Ventures and Acrew Capital, as well as Liberty Mutual Strategic Ventures, MassMutual Ventures, and OMERS Ventures, who are backed by parent companies that collectively manage hundreds of billions of dollars of assets.

This brings Crux’s total funding to over $77 million and marks a pivotal moment in our journey to transform capital markets for the clean economy.

This funding comes on the heels of significant growth over the last year, during which we expanded our network to 630 market participants, facilitated more than 70 tax credit transfers totaling billions of dollars, and launched the Crux debt marketplace.

With this Series B funding, we will build the central capital markets platform for the clean economy. We’ll continue to build liquidity, efficiency, and intelligence into tax credit transfers and debt raises. As time goes on, we’ll support our partners in accessing all types of capital for all phases of projects. Powerful software, embedded proprietary data, and AI will help our clients and partners do more deals faster.

Meeting the moment: The market backdrop

We are at a critical inflection point in American energy and supply chains. 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 being invested in domestic supply chains for critical minerals and manufactured components. Rapidly changing global trade dynamics further illuminate the need for more domestic clean energy, American manufacturing, and resilient supply chains.

Developers and manufacturers will require trillions of dollars in capital to meet these needs. Yet the capital markets supporting this transformation remain opaque, fragmented, and complex:Developers and manufacturers struggle with team bandwidth, uncertainty on financing options, and long, costly processes to find the right capital.
Corporate tax teams face challenges navigating the transferable tax credit market — sourcing credits that fit their strategy, and underwriting and executing transactions — all while balancing their day-to-day responsibilities.
Banks and investors encounter difficulties screening projects, evaluating risks without sufficient data, and managing complex transaction processes.

Abundant and affordable energy is the key to economic growth and competitiveness. Strong domestic manufacturing provides strong resilient supply chains and high paying jobs. At Crux, we are building central capital markets infrastructure for the next century of American clean energy and manufacturing.
How we’re scaling toward our vision

By building the largest network of counterparties, providing market intelligence, and streamlining transactions, we’ll unlock faster decision making, lower cost of capital, and accelerated investment. Here’s what our clients and partners can look forward to in this next stage of growth:
Expanding our network

Before the introduction of transferable tax credits, project finance for energy, manufacturing, and minerals was much more fragmented. Financing for nuclear plants, batteries, geothermal, lithium mines, and solar panels would not have been considered within the same market. Now, these varied markets have common collateral in the form of tax credits, which provides the opportunity to centralize a much larger market for debt and other kinds of capital. This larger market will include thousands of buyers, sellers, manufacturers, offtakers, and lenders.

Our platform now connects 630 developers, manufacturers, tax credit buyers, lenders, and intermediaries. We’ve seen a dramatic increase in match rates over the past year. We will have more than 1,000 counterparties on the platform by the end of the year — and we’re just getting started.

Our large and growing network will ensure every participant can find counterparties that align with their unique strategy, quickly and with more certainty.
Diversifying transaction types

Crux is already the leading tax credit transfer platform, and our newly launched debt marketplace is growing quickly. It hosts a network of over 100 developers and manufacturers who are raising over $11 billion in debt capital. More than 90 banks, credit funds, asset managers, insurance companies, pensions, and family offices are part of the Crux network and have collectively issued over $1 billion in term sheets for debt products in the last quarter alone.

We’ve always envisioned a platform where market participants can raise and deploy many different types of capital. Over the next 18 months, we will broaden our offerings to support new transaction types across the capital stack.
Advancing our software platform

We have made significant strides in streamlining counterparty discovery and transactions with tools like our Transaction Hub, state-of-the-art data room, and term sheet builder (coming soon!). With this new funding, Crux will continue to build the market’s central software platform — infrastructure for all parties that provides market intelligence, transaction standards, and tools to facilitate efficient deal execution. We will: Embed artificial intelligence workflows to accelerate contracting and diligence, without sacrificing quality;
Make it easier to collaborate with advisors and reuse project information and data rooms across transactions;
Invest in software-driven liquidity in our marketplace products;
Build tools to plan capital stacks and run scenarios, and manage post-close reporting.

Crux will become the place for developers and manufacturers, lenders, and corporate tax teams to manage clean energy financing from start to finish.
Enhancing market intelligence

Market participants stay up to date with Crux’s market intelligence reports, built on a dataset of over $30 billion in tax credit transactions. These reports have become industry benchmarks for pricing, market composition and standards, policy insights, and more.

These insights power the Crux platform, with statistical models and data tools embedded into workflows. This includes the Cruxtimate, the first modeled market pricing tool for transferable tax credit transactions.

With this funding, we will build new datasets, publish extensive research, and embed more of this intelligence into our platform — spanning tax credits, debt markets, and underwriting insights — to help participants plan effectively and make informed decisions.
Scaling our team

To support these initiatives, we are significantly expanding our team across technology development and commercial operations. This growth will ensure we continue delivering best-in-class solutions for our partners.
Let’s get started

This Series B funding represents more than just financial growth — it’s a commitment to scaling alongside our partners as we collectively tackle one of the most significant challenges of our time. To those who have collaborated with us thus far — thank you for your trust and collaboration. And for those we haven’t had the chance to work with yet — we look forward to partnering with you soon.