![{{press_release.company_name}} header image](https://res.cloudinary.com/dmgi9movl/image/upload/dpr_auto,w_auto/v1725675949/press_release/assets/header_images/IMG_7710_s0xm3l.jpg)
New York, NY (Sept 9, 2024) – Empact Technologies (Empact), a leading provider of Inflation Reduction Act (IRA) compliance management software and services, and Crux, the sustainable finance company accelerating the energy transition, today 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.”
“IRA transfer credits opened up a huge market for new tax credit buyers, and Crux is leading the way with the industry’s central platform for transacting these credits,” said Charles Dauber, CEO and founder of Empact. “We’re pleased to offer Empact’s proprietary compliance software and services to protect tax credit transfer buyers from risk of IRS recapture audit failure and help drive the U.S. clean energy transition.”
Both Crux and Empact serve the market across the value chain – from project developers to tax credit investors. Crux’s platform allows developers to maximize the value of their tax credits, and tax credit buyers to manage tax liability and achieve sustainability goals. To protect project developers and tax investors from risk, Empact combines proprietary SaaS technology with in-house compliance management services, enabling projects to meet IRS regulatory requirements for prevailing wage and apprenticeship, domestic content, and energy community and other tax incentives.
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/.
About Empact
Empact Technologies maximizes the impact of clean energy project tax incentives with the industry’s premier IRA management platform. Empact combines proprietary SaaS technology with in-house compliance services, enabling projects to meet IRS regulatory requirements for prevailing wage and apprenticeship, domestic content, and energy and low-income community incentives. For more information, please visit https://www.empacttechnologies.com.
Media Contact for Empact: [email protected]
Media Contact for Crux: [email protected]