Empact Technologies, a provider of IRA compliance management software and services, and Crux, the sustainable finance company, have jointly announced a new partnership. The collaboration enables Crux to directly connect project developers and tax credit buyers 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 of incentives by 2032. The transferability of federal clean energy tax credits has created a new market mechanism to fund clean energy projects, opening doors for both traditional players and non-traditional tax credit purchasers 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 non-compliance risk.
Empact currently has 50+ projects and over 4GW of community and utility scale solar, storage and other 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 failing an IRS audit, helping to ensure the value of their tax credits. This is a game-changer for the industry, and we’re excited about the impact our companies will have together.”
News item from Crux