Crux’s white-glove support helps buyers access $70M+ in premier tax credits

In Q4 2025, Crux worked with an experienced broker and advisor who was supporting several buyers interested in purchasing transferable tax credits for the first time. Each had tax liability in the $5 to $15 million range — enough to enter the market, but too small to access top-caliber credits from leading manufacturers individually. Crux and the advisor partnered to help the buyers aggregate their tax liabilities and unlock economies of scale: access to a wider range of top-tier sponsors, coordinated due diligence, and expert guidance.

Premier credits matched to buyer needs

These first-time buyers hoped to find high-quality, low-risk tax credits that they could close before the end of the year. Crux’s team assessed multiple market offerings before ultimately identifying $70 million in §45X advanced manufacturing production tax credits from a Fortune 1000 company with a strong operational track record, financial stability, and established US manufacturing operations — a highly desirable credit profile.

Crux made this credit opportunity available for the purchasers by coordinating with the broker-advisor to align multiple buyers with complementary tax capacity needs, creating a win-win structure: the buyers gained exposure to a major public company's credits, while the manufacturer could efficiently monetize substantial volume without managing multiple, separate deal negotiations.

Building buyer confidence through a comprehensive diligence memo and expert guidance

Crux provided thorough deal support with hands-on guidance throughout the transaction, allowing the buyers to focus on year-end priorities rather than spending internal resources and bandwidth to independently develop expertise on the §45X credits. To ensure the buyers felt comfortable, Crux's team of transaction experts prepared extensive diligence materials on the manufacturer and the advanced manufacturing tax credits. The diligence assessment memo provided:

• Credit eligibility analysis: Clear explanation of §45X requirements and how the manufacturer's operations qualified.
• Financial health assessment: Analysis of the public company's financials, operational track record, and US manufacturing footprint.
• Technology verification: Assessment of qualifying components and production processes.
• Risk framework: Identification of key risks, including potential Internal Revenue Service (IRS) audit considerations, and manufacturing continuity with practical context and available mitigations.
• Insurance market analysis: Credit enhancement options and pricing expectations.
• IRS compliance review: Verification of proper credit calculation and documentation standards.

Beyond the formal diligence memo, Crux's platform tools delivered time-saving returns for all parties involved. Crux's AI-enabled data room auto-populated diligence documents in a 45X-specific diligence checklist, allowing the buyers and their legal counsel to review everything in one place without spending time sorting through unstructured seller files. 

Cost-effective legal support through Crux Legal Select

The buyers connected with experienced tax credit counsel through Crux’s innovative Legal Select program. Crux partner Winthrop & Weinstine provided consistent legal representation across multiple buyers, leveraging Crux's standardized transaction documents and platform tools — including the Term Sheet Builder, data room, and interactive diligence checklist — to streamline due diligence and accelerate the deal timeline.

The Legal Select program's predictable costs reduced uncertainty around legal expenses, allowing all parties to accurately project total transaction costs. By using market-standard terms developed in collaboration with leading law firms, the parties avoided lengthy negotiations over non-standard provisions, keeping the focus on substantive credit evaluation rather than process friction. Transactions using Legal Select close approximately 30% faster than comparable transactions not using Legal Select, while the standardized documents and tech-enabled tools create alignment across all parties from day one.

This coordinated approach ensured all buyers had access to sophisticated tax credit expertise at a fraction of the cost of engaging separate firms for individual transactions. The Legal Select team offered one-on-one guidance on tax credit mechanics, walked through standard transaction structures and documentation, and provided continuous support as questions arose. This educational approach transformed first-time buyers into informed participants who could confidently present the opportunity to internal stakeholders. 

The right credits on the right timeline

In December, Crux and the broker advisor closed 2 separate transactions that totaled over $70M in transferred credits for the represented buyers. The results spoke for themselves: multiple purchasers successfully completed their first transferable tax credit transactions, acquired premier §45X credits from a major public manufacturer, and closed before their year-end deadline to meet critical tax planning needs. In addition to the credits, each buyer gained the expertise and foundation to participate in future transactions.

To enable this successful outcome, Crux managed significant complexity across multiple parties—maintaining a single coordinated data room and diligence process, synchronizing closing timelines to meet year-end deadlines, providing market-based pricing guidance, coordinating insurance placement, and serving as the central communication hub. From the buyer perspective, however, the transactions felt straightforward because Crux's expert team handled all the coordination.

First-time tax credit buyers can face a learning curve when it comes to navigating the complexities of the tax credit market, and having the right partner makes a big difference. An experienced advisor like Crux works with you throughout the process to help you understand what's standard for the market, connects you with trusted legal and insurance providers when needed, and ensures the diligence process runs smoothly and efficiently.

Contact us to learn how Crux can support your tax credit investment strategy.