Few companies on this highly accomplished list embodied as many hallmarks of dynamic, must-watch startups as Crux.
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Crux Climate closed an $18 million Series A round led by Andreessen Horowitz to expand its marketplace for buying and selling clean energy tax credits.
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Crux, currently a 16-person company, developed a platform for transferable tax credits from clean energy projects. Johnson, an alum of BlackRock, the Treasury Department and other government work, said that the company was created in response to the Inflation Reduction Act (IRA). With that legislation, it became legal for companies to transfer tax credits in exchange for cash.
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Crux, a new startup aiming to remove friction from the use of hundreds of billions of dollars worth of climate law tax incentives, just landed another $4.25 million in seed financing.
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The Crux platform will make it easier to discover the price of tax credits, which tend to trade at a some varying discount to their full value. Sellers can list their tax credits on option, get bids on those credits, and compare offers. The software will employ risk management tools and processes to increase trust, ensure regulatory compliance and report on the status of the project.
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