Crux Climate
Capital markets platform for the clean economy — IRA tax credit transfer marketplace
The product
A two-sided marketplace and capital markets platform connecting clean energy developers/manufacturers (sellers of IRA Section 6418 transferable tax credits) with corporate taxpayers (buyers) and financial institutions (debt and equity capital). Crux estimates $30B of tax credit transfers flowed through the market in 2024, projecting $55-60B in 2025; their platform claims 100+ developers and 90+ banks/financial institutions.
The thesis
The Inflation Reduction Act's transferability provision created a brand-new $50B+/year capital market overnight, and Crux is the dominant infrastructure layer for that market. They are how a solar farm or battery factory turns a tax credit into cash, and how Fortune 500 tax departments source them. Founded by Alfred Johnson (former Deputy Chief of Staff, US Treasury) and Allen Kramer; backed by a16z and Lowercarbon. $18M Series A (Jan 2024) + $50M Series B (Apr 2025).
Evidence ledger
- website · 2026-04-27
Crux Climate identifies as a reindustrialization company.
https://www.cruxclimate.com
Articles, news, and updates
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