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3324106 incubex-logo-final.jpg
Founded 2016
Headquarters Chicago and London
Key People Michael MacGregor, CEO, Daniel Scarbrough, President and COO
Employees 16
Products Develops listed contracts
LinkedIn Profile

IncubEx is a business development firm for OTC and exchange traded products, services, and technology in environmental markets. The company works with its global exchange partner, European Energy Exchange (EEX) and EEX subsidiary Nodal Exchange to design and develop new financial products in global environmental, reinsurance, and related commodity markets.

The IncubEx management team includes former Climate Exchange executives. It was founded in 2016 and has offices in Chicago and London.[1]

IncubEx and Trayport announced the successful launch of the Voluntary Climate Marketplace, an OTC market for voluntary carbon offsets, on March 25, 2022. TVCM is operated by IncubEx and powered by Trayport’s Joule platform. It offers carbon offset projects from five of the leading offset registries and allows participants to choose specific attributes including type, vintage, geography, size and price.[2]


IncubEx and the European Energy Exchange (EEX) partnered in August of 2017 to build and improve liquidity in European environmental contracts such as European carbon allowance futures. In April 2018, EEX Group extended its trading and clearing to contracts developed by IncubEx to Nodal Exchange, an EEX subsidiary.[3][4][5]

In November 2018, IncubEx launched its first North American environmental futures contracts with its partner, Nodal Exchange. The new contracts marked the expansion of Nodal Exchange’s products from power into the environmental markets sector, and included futures and options on: California Carbon Allowances, Regional Greenhouse Gas Initiative Allowances (RGGI), New Jersey Solar Renewable Energy Certificates, PJM Tri-Qualified Renewable Energy Certificates and 11 other emissions and renewable contracts.[6]

In May 2019, IncubEx and Nodal listed 11 more Renewable Energy Certificate futures: Connecticut Class II and Class III RECs, Massachusetts Class II RECs, New Hampshire Class I and Class III RECs, Rhode Island (New) RECs, Maine Class I RECs, District of Columbia Tier I and Solar RECs, Ohio Non-Solar and Solar RECs. These were the first time such RECs were listed on any exchange and pushed the number of REC futures offered on Nodal to 27 contracts covering 14 states and regions.[7]

In January 2020, IncubEx and Nodal launched the first physically delivered California Low Carbon Fuel Standard (LCFS) futures contract and LCFS options contract.[8]

In May 2020, IncubEx raised $5,000,000 from 21 investors.[9]

In June 2020, IncubEx and Nodal launched futures and options contracts on the Oregon Clean Fuels Program and renewable energy certificates futures on Massachusetts Class II Waste To Energy (WTE) RECs, Massachusetts Alternative Energy Certificates and Pennsylvania Tier II Alternative Energy Certificates.[10]

In November 2020, IncubEx and Nodal launched the first-ever physically delivered futures contracts on Renewable Identification Numbers (RIN)s, which are ID numbers or tickets that are attached to each gallon of biofuel blended into transportation fuels in the United States under the Environmental Protection Agency's program for renewable fuels. IncubEx and Nodal collaborated to launch futures and options on D3, D4, D5 and D6 RINs. D3 RINs for cellulosic biofuels, D4 RINs for biomass-based diesel, D5 RINs for advanced biofuels such as sugarcane ethanol and D6 RINS for renewable fuels such as corn ethanol. In 2019, nearly 20 billion RIN credits were generated across the four RIN markets, according to the EPA. The first RIN trade for D3 RIN futures on Nodal was made on November 17, 2020 by AMP Americas and an anonymous party. [11][12]

Also in November 2020, IncbuEx and Nodal partnered to launch futures on several new REC markets including: M-RETS® Renewable Energy Certificates from Center for Resource Solutions (CRS) Listed Wind Energy Facilities (front-half and back-half) futures, Texas Compliance Solar Renewable Energy Certificates from CRS Listed Facilities (front-half and back-half) futures and New York Renewable Energy Certificates Tier 1 futures. They also listed options on Texas Compliance Renewable Energy Certificates from CRS Listed Facilities (front-half and back-half). With the new RINs contracts and REC futures and options, Nodal expanded its list of environmental contracts to 82 futures and options contracts on 49 distinct environmental markets in North America, the largest suite of such products in the world.[13]

In May 2021, IncubEx announced it raised $11.7 million in a funding round, with several key industry executives among the investors, including Michael Spencer, Lance Uggla and former Deutsche Börse head Carsten Kengeter. In a press release, the company said the new capital would allow it to expand its environmental market products and services in geography and scope in response to "increasing public and private commitments towards sustainability." The company is expected to float its shares in London in 2021. [14] [15]

On November 8, 2021, IncubEx and Trayport announced a joint plan to launch a voluntary carbon offset trading platform in 2022. Called The Voluntary Climate Marketplace (TVCM), it will offer trading of spot and forward carbon offsets. IncubEx will operate the marketplace using Trayport's Joule electronic trading platform.[16]

Products and Services[edit]

Key People[edit]


  1. About Us. IncubEx.
  3. EEX and IncubEx Join Forces to Develop and Expand Global Environmental and Commodity Markets. IncubEx and EEX via Businesswire.
  4. EEX and IncubEx Extend Partnership to North America, Nodal Exchange to List Environmental Products. IncubEx.
  5. Environmental Markets. EEX.
  6. Nodal Exchange and IncubEx Announce the Launch of North American Environmental Contracts. IncubEx and EEX via Businesswire.
  7. IncubEx and Nodal Exchange successfully launch new Renewable Energy Contracts. IncubEx.
  8. Nodal Exchange and IncubEx to Launch First Physically Delivered Low Carbon Fuel Standard (LCFS) Futures. IncubEx.
  9. Incubex, Inc. Funding details.
  10. Nodal and IncubEx Expand Environmental Markets with Five New Contracts and Fourteen REC Vintage Extensions.
  11. Nodal and IncubEx to launch first-ever physically delivered RIN futures. IncubEx Press Release.
  12. AMP Americas trades first-ever physically delivered RIN futures on Nodal Exchange. IncubEx Press Release.
  13. Nodal and IncubEx launch first-ever physically-delivered RIN futures and options, plus new slate of REC contracts. IncubEx Press Release.
  14. Environmental derivatives firm IncubEx raises $12m in funding round. Financial Times.
  15. IncubEx Closes Most Significant Capital Raise To Date With Distinguished Industry Investors For Environmental Markets Growth. IncubEx.
  16. IncubEx, Trayport launching voluntary offset platform. Argus Media.