Reunion Strengthens Footprint in Clean Energy Tax Credits by Acquiring Assets from Shiseido and Harbinger

Reunion Expands Role in Clean Energy Tax Credit Market

In a significant move for the clean energy sector, Reunion has recently strengthened its portfolio by purchasing Section 48 investment tax credits (ITCs) from Shiseido Americas Corporation and Section 45X advanced manufacturing production credits (AMPCs) from Harbinger Motors. This acquisition not only showcases Reunion's growing influence in the renewable energy space but also underscores the increasing reliance on transferable tax credit markets.

Previously, Reunion's dedication towards the advancement of a compliant and credible marketplace for clean energy tax credits has garnered it a reputation as a leading facilitator in this arena. The transaction highlights the financial robustness of Reunion, as these credits will significantly offset the company's federal tax liabilities.

Details of the Credits Acquired

The tax credits acquired from Shiseido were generated through a rooftop solar project at their manufacturing facility situated in East Windsor, New Jersey. This initiative reinforces Shiseido's commitment to sustainability and energy efficiency within its operations. On the other hand, Harbinger Motors, known for its medium-duty electric and hybrid vehicles, produced the Section 45X AMPCs from battery modules manufactured in Garden Grove, California. This marks Harbinger's inaugural transaction selling AMPCs to third parties, indicating a solid step forward for the company.

Growth in the Transferable Tax Credit Market

The transaction aligns with the ongoing expansion of the transferable tax credit market, which is becoming increasingly integral as more companies aim to leverage their sustainability initiatives for financial benefit. Reunion plays a crucial role in defining rigorous due diligence standards for this market. Their diligence process involves meticulous credit qualification, cost validation, production, and sales verification, resulting in a comprehensive due diligence memo and organized data room. Billy Lee, Reunion's President and Co-Founder, emphasizes the importance of credible diligence standards for corporations navigating this emerging market.

Moving Toward Sustainable Manufacturing

Ben Dusastre, Harbinger's CFO, highlighted the company's endeavors to position itself competitively against diesel alternatives by manufacturing electric chassis and battery components domestically. This approach not only contributes positively to the goal of achieving price parity with diesel models but also reinforces the domestic supply chain for electric vehicle manufacturing. Reunion's expertise in tax credits facilitated a smooth transfer process, enabling Harbinger to reinvest in its core mission and solidify its standing in the U.S. electric vehicle landscape.

Record Transactions and Future Outlook

In Q3 2025, Reunion set a new record in transaction volume, further indicating the accelerating growth of the clean energy tax credit transfer market. Since its inception, Reunion has successfully facilitated the purchase of over $6.5 billion in tax credits across various renewable energy projects, establishing itself as a trusted partner for compliance and tax credit optimization.

Reunion’s dedicated team of finance and tax professionals not only assist clients through the transaction process by providing hands-on support but also ensure adherence to applicable tax credit rules, enhancing confidence in their transactions. For instance, the collaboration between Reunion and its partners assists clients in navigating the complexities of prevailing wage and apprenticeship requirements.

In conclusion, the recent acquisitions underscore Reunion's commitment to sustainable energy initiatives while highlighting the vitality of the transferable tax credit market in fostering corporate responsibility and investment in green technology. As the market continues to mature, Reunion is poised to lead in facilitating meaningful transactions that drive growth within the clean energy sector.

For more insights into Reunion and its initiatives, visit Reunion’s official website.