Crux Secures $50 Million In Series B Funding To Boost Clean Energy and Manufacturing Solutions

Crux, a capital markets technology company focused on the clean economy, has announced the successful completion of a $50 million Series B funding round. The round was led by Lowercarbon Capital, with support from existing investors such as Andreessen Horowitz (a16z), Ardent Venture Partners, CIV, New System Ventures, and The Three Cairns Group. New investors including Liberty Mutual Strategic Ventures, MassMutual Ventures, and OMERS Ventures also participated, along with venture capital firms Acrew Capital and Giant Ventures. This round brings Crux’s total funding to over $77 million, enabling the company to accelerate its growth.

The company aims to support developers, manufacturers, investors, and lenders throughout all stages of capital formation. This mission is more important than ever due to the growing energy demand in the U.S., driven by surging manufacturing, transportation, electrification, and data centers. Alongside this, significant investments are being directed towards domestic supply chains for critical minerals and components. Clean energy developers and manufacturers will require trillions of dollars in capital to meet the increasing demands of this rapidly changing market. The evolving dynamics of global trade further emphasize the need for more resilient, domestic clean energy and manufacturing solutions.

The announcement of the funding follows Crux’s recent launch of its debt capital marketplace in March. This new marketplace provides a range of debt products in addition to Crux’s established transferable tax credit marketplace. By integrating tax credit transfers with other financing solutions, Crux helps a diverse group of market participants navigate the capital formation process. The debt marketplace already connects more than 100 developers and manufacturers seeking over $11 billion in debt capital. Additionally, more than 90 financial institutions, including banks, asset managers, and insurance companies, have issued over $1 billion in term sheets for debt products in the last quarter.

Alfred Johnson, CEO and co-founder of Crux, said in a statement, “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.”

Johnson stated, “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.”

Since its launch in early 2023, Crux has worked to supercharge the clean economy by making capital markets more liquid, efficient, and intelligent. The company initially focused on the transferable tax credits market, developing a central marketplace to facilitate transactions and providing crucial market intelligence to help developers and manufacturers exchange tax credits for private sector investment. To date, Crux has facilitated more than 70 transactions worth billions of dollars across a variety of sectors, including advanced manufacturing, battery storage, and renewable energy.

With the additional funding, Crux plans to expand its platform, continue building its software, and leverage advanced technologies like artificial intelligence. The company will also focus on expanding its team and exploring both organic and inorganic growth opportunities to further advance its mission of supporting the clean economy.