Crux Secures $50M Series B To Accelerate Clean Energy

Crux, the premier platform to modernize capital markets for the clean economy, has closed a Series B round of funding led by Lowercarbon Capital worth $50 million. The investment brings Crux's total raised capital to $77 million and represents a watershed moment in its quest to streamline and scale finance solutions for clean energy developers and manufacturers throughout the United States.

The round saw both new and current investors participating. Returning investors are Andreessen Horowitz, Ardent Venture Partners, CIV, New System Ventures, and The Three Cairns Group. New investors who participated in the round are Giant Ventures, Acrew Capital, Liberty Mutual Strategic Ventures, MassMutual Ventures, and OMERS Ventures. Their combined backing reflects increasing confidence in Crux's position as a force for change in clean energy finance infrastructure.

As demand for clean energy solutions and American-made components grows, capital markets are increasingly under pressure to change. Developers and manufacturers continue to experience ongoing challenges, such as limited bandwidth of teams, uncertainty regarding financing options, and lengthy, costly processes to find suitable capital. Crux seeks to address these challenges by providing a centralized capital markets platform specifically tailored to the requirements of the clean economy.

This investment enables us to construct the core capital markets infrastructure for the clean economy," Crux stated in a release. "We will continue to construct liquidity, efficiency, and smarts into tax credit transfers and debt raises."

Its platform has already registered impressive gains in market penetration and influence. Crux now links more than 630 market participants — such as developers, manufacturers, buyers of tax credits, lenders, and intermediaries — and has enabled billions of dollars' worth of transferable tax credit transactions. Its debt marketplace is also well on the way, with over 100 project sponsors currently looking for in excess of $11 billion in capital. In the last quarter alone, Crux's network of over 90 banks, funds, and institutions issued $1 billion in term sheets of debt.

Its growth plan involves expanding the platform to over 1,000 counterparties within the year. As it brings together formerly isolated industries like nuclear, solar, lithium, and geothermal, Crux is creating a more integrated and effective capital system for clean energy infrastructure.

Crux is also spending big on technology upgrades. The Series B capital will go towards expanding its software platform, specifically in the areas of embedded AI workflows, reusable data rooms, and capital planning tools. The firm believes these technologies are central to making deal execution faster and smarter. "Strong software, embedded proprietary data, and AI will enable our clients and partners to do more deals more quickly," the firm said.

Concurrently, Crux keeps maintaining its status as a rich source of best-in-class market intelligence. Its reports, mirroring insights from more than $30 billion worth of tax credit transactions, are now the benchmark in their field. Solutions such as Cruxtimate — a transferable tax credits modeled pricing solution — are already assisting participants in navigating value discovery and pricing in a dynamic regulatory environment. With new money, Crux will construct new datasets, publish more in-depth studies, and integrate new tools of intelligence natively into its platform to make users more capable.

The clean energy market stands at a crossroads. With the evolution of policy and financial sophistication, there is an urgent demand for effective, transparent, and smart financial infrastructure. Crux is filling that void. The company's vision over the long-term is to enable the entire capital stack — not just tax credits and debt — but a wide range of financial instruments — all within one fluid digital marketplace.

"Part of our vision has always been a platform where stakeholders are able to raise and deploy many forms of capital," the firm said. "During the next 18 months, we will expand to accommodate new types of transactions throughout the capital stack."

Clean energy today's capital shortfall — when trillions must invest to help build out manufacturing, electrify societies, and install data infrastructure — requires breakthrough answers. With improved technology, expanded market relationships, and strategic sponsorship, Crux is taking the lead to be an instrumental key to driving the capital there and pushing clean energy's rapid progress.