Arcadia partners with Crux to empower customers with industry’s central transferable tax credit platform and market data
July 17, 2024 — Leading energy data and community solar company Arcadia today announced a strategic partnership with Crux, the sustainable finance technology company accelerating the energy transition. This collaboration will provide Arcadia’s enterprise customers with access to Crux’s innovative transferable tax credit platform. By collaborating with Crux, Arcadia further enhances its comprehensive platform offering for businesses, including access to solar investment tax credits and related opportunities to procure environmental attributes.
“Arcadia is committed to empowering companies with the technology and services they need to buy and profit from clean energy. We work with hundreds of project developers and corporate customers who will benefit from our partnership with Crux, which has the largest and most liquid platform for buying and selling tax credits,” said Kiran Bhatraju, founder and CEO of Arcadia. “Crux’s central market position also powers its ability to generate unmatched market insights that our customers simply could not access without our partnership.”
Crux’s partnership with Arcadia is expected to drive greater participation in the rapidly growing transferable tax equity market, estimated to reach $47 billion in total available transferable tax credits this year, according to Evercore ISI.
“I am thrilled to announce our collaboration with Arcadia. Our companies are natural partners, given our shared vision of accelerating the energy transition by enabling key players with the data, tools, and infrastructure they need,” said Alfred Johnson, CEO and co-founder of Crux. “Arcadia already delivers incredible value to clients through its core offerings and we could not be more excited to enhance its solutions suite with access to our platform and exclusive content.”
This partnership follows Crux’s recent announcement of adding new strategic investors as part of its Series A, which brought the company’s total funding to over $27 million. Crux’s new strategic investors include developers representing 100GW+ of project pipeline, further validating the company’s central role in delivering sustainable finance solutions for the energy transition. To date, Crux has facilitated a wide range of transferable tax credit transactions across solar, standalone storage, microgrids, bioenergy and renewable natural gas, and advanced manufacturing, and currently has more than $12 billion in credits available on its platform.
# # #
About Arcadia
Arcadia is a climate technology company connecting the clean energy future. Our data platform unlocks global energy data for businesses, powering solutions to drive electrification and decarbonization. Founded in 2014 on the belief that everyone deserves access to clean energy, Arcadia also manages the nation’s leading community solar program. Learn more at arcadia.com
About Crux
Crux is a sustainable finance technology company changing the way clean energy and decarbonization projects are financed in the U.S. The company’s first offering is the platform for buyers, sellers, and intermediaries to transact and manage transferable tax credits. Since its launch in 2023, Crux has raised over $27 million in funding from venture capital and strategic investors and built a world-class team that merges expertise from energy, tax, finance, government, and technology to power the clean energy transition. For more information, visit https://www.cruxclimate.com/.
Media Contact for Arcadia
Visit us on LinkedIn
Media Contact for Crux
Press Office
Crux
press@cruxclimate.com
Visit us on social media:
Twitter
LinkedIn