# Frontier Forum: Why clean energy capital boomed in a volatile year [partner content]

- Show: [Catalyst](https://hardwarepodcasts.com/podcast/catalyst)
- Published: 2026-04-06
- Length: 33m
- Page: https://hardwarepodcasts.com/podcast/catalyst/2026-04-06-frontier-forum-why-clean-energy-capital-boomed-in-a-volatile-year-partner-conten

## Summary

Alfred Johnson, CEO of Crux, and Katie Bays, Head of Research at Crux, discuss the resilience of the clean energy capital market in 2025, noting that total capital expenditures reached approximately $120 billion despite policy volatility. They explain how the transferable tax credit market scaled to $42 billion and how financing structures evolved, particularly through hybrid tax equity and bridge loans, to accommodate diverse technologies like nuclear and advanced manufacturing. The speakers highlight that underlying demand from data centers, reshoring, and falling interest rates drove investment even as developers navigated FEOC compliance and tariff uncertainties.

## Chapters

- [0:02](https://hardwarepodcasts.com/podcast/catalyst/2026-04-06-frontier-forum-why-clean-energy-capital-boomed-in-a-volatile-year-partner-conten#t=2) Introduction: Crux Market Overview and the 'Duck' Metaphor
- [4:30](https://hardwarepodcasts.com/podcast/catalyst/2026-04-06-frontier-forum-why-clean-energy-capital-boomed-in-a-volatile-year-partner-conten#t=270) Capital Expenditure and Financing Volumes in 2025
- [7:47](https://hardwarepodcasts.com/podcast/catalyst/2026-04-06-frontier-forum-why-clean-energy-capital-boomed-in-a-volatile-year-partner-conten#t=467) Evolution of Tax Credit Transferability and Hybrid Structures
- [11:43](https://hardwarepodcasts.com/podcast/catalyst/2026-04-06-frontier-forum-why-clean-energy-capital-boomed-in-a-volatile-year-partner-conten#t=703) Market Maturity, Standardization, and Corporate Participation
- [17:43](https://hardwarepodcasts.com/podcast/catalyst/2026-04-06-frontier-forum-why-clean-energy-capital-boomed-in-a-volatile-year-partner-conten#t=1063) Navigating Policy Storms: Tariffs, FEOC, and Safe Harbors
- [21:28](https://hardwarepodcasts.com/podcast/catalyst/2026-04-06-frontier-forum-why-clean-energy-capital-boomed-in-a-volatile-year-partner-conten#t=1288) Macro Drivers: Data Centers, Batteries, and Interest Rates
- [27:01](https://hardwarepodcasts.com/podcast/catalyst/2026-04-06-frontier-forum-why-clean-energy-capital-boomed-in-a-volatile-year-partner-conten#t=1621) Geopolitics, Supply Chains, and 2026 Outlook

## Topics

- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)
- [Energy & climate tech](https://hardwarepodcasts.com/topic/energy-and-climate-tech)
- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)

## Most relevant to

large enterprises

## Mentioned

- Crux (company)
- Latitude Studios (company)
- Frontier Forum (other)
- ACP (company)
- ISDA (company)
- Department of Defense (company)

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## Citing this page

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