Empact Technologies, a provider of IRA compliance management software and services, and Crux, the sustainable finance company, jointly announced a new partnership. The partnership allows Crux to connect project developers and tax credit buyers directly to Empact for tax credit compliance, and Empact to connect project developers to the Crux platform to monetize project tax credits.
The IRA will provide an estimated $1.2 trillion in stimulus by 2032. The portability of federal clean energy tax credits has created a new market mechanism to finance clean energy projects, opening doors for both traditional players and buyers of non-traditional tax credits to enter the market. . Through the partnership, Crux will continue to streamline and facilitate tax credit transfers and support the broader market by leveraging Empact to protect tax credit buyers from the risk of non-compliance.
Empact currently has more than 50 projects and more than 4 GW of solar, storage and other community and utility-scale projects under contract.
“Our mission at Crux is to accelerate the energy transition by making sustainable finance more efficient and interconnected – starting with the transferable tax credit market,” said Allen Kramer, COO and co-founder of Crux. “Empact’s compliance management platform enables tax credit buyers and sellers to reduce the risk of an IRS audit failure, safeguarding the value of their tax credits. This is a game changer for the sector and we are excited about the impact our companies will have together.”
News item from Crux
