IncubEx
IncubEx is a Chicago-based product and market development firm that designs and lists exchange-traded environmental commodity derivatives (carbon allowances, RECs, renewable fuels, offsets) on Nodal Exchange and EEX, serving energy companies, trading firms, and (via Insurwave) insurance clients.
- Company typePrivate
- Founded2016
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What IncubEx does
IncubEx is a Chicago-headquartered product and market development firm that designs, lists, and supports exchange-traded and OTC environmental commodity derivatives. Its portfolio spans compliance carbon allowances (California CCA, Washington WCA, RGGI, Alberta, EPA NOx, EU ETS, EU ETS2, UK ETS), renewable energy certificates (RECs) across multiple U.S. state programs, renewable fuels (LCFS, RINs), renewable natural gas certificates, voluntary carbon offsets, and Guarantees of Origin in Europe. Products are distributed exclusively through regulated exchange partnerships: Nodal Exchange in North America and the European Energy Exchange (EEX) in Europe, with additional electronic and algorithmic access via the Trayport trading platform and standard broker terminals (TT, CQG, ICE, Refinitiv). The company claims the world's largest suite of exchange-listed and OTC environmental products and was the first to launch financially settled California Carbon Allowance futures and options on Nodal Exchange in March 2026.
The underlying technology is concentrated in contract specification design, multi-registry product coding, and exchange listing infrastructure rather than in proprietary software; notable technical components include the comprehensive commodity reference matrix mapping contracts across exchange, broker, and vendor codes, and the financially settled CCA contract architecture that removes physical delivery friction. The firm also operates The Voluntary Climate Marketplace (TVCM) as a voluntary credit venue and, through the November 2021 acquisition of Insurwave, offers digital platforms for marine insurance and climate risk. IncubEx generates revenue through product development and listing fees paid by exchange partners, transaction-based revenue sharing on listed contracts, and licensing/royalty arrangements associated with the Insurwave platform.
IncubEx serves three primary customer segments: energy and industrial companies managing compliance carbon exposure, trading firms and financial institutions active in environmental commodities for hedging and liquidity provision, and (via Insurwave) insurance and reinsurance firms seeking digital climate risk tools. The firm is privately held (Delaware corporation), has offices in Chicago and London, and has raised approximately $36.9M across SEC-exempt offerings between 2020 and 2023. In July 2025 it underwent CEO and leadership restructuring, and in October 2025 appointed Guillaume Lawlor as CEO of IncubEx Europe to lead expansion across European and UK environmental markets.
IncubEx firmographics
Firmographics- Name
- IncubEx
- Legal name
- IncubEx, Inc.
- Website
- https://theincubex.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- IncubEx is a Chicago-based product and market development firm that designs and lists exchange-traded environmental commodity derivatives (carbon allowances, RECs, renewable fuels, offsets) on Nodal Exchange and EEX, serving energy companies, trading firms, and (via Insurwave) insurance clients.
- Ownership category
- akta.pro rank
IncubEx industry classification
Industry- Product category
- Environmental Commodity Markets
- NAICS
- Commodity Contracts Intermediation (52316), Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (523160)
- SIC
- Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Market Access, Connectivity & Trading Technology (APIs, OMS/EMS, FIX connectivity, venue gateways) (EUABAAAF)
- akta.pro secondary industries
- Environmental & Emissions Commodities Exchanges (Carbon, Renewable Certificates) (FSAFAMAE), Carbon Credit Brokerage & Intermediation (Voice/Electronic) (EUAGAIAD), Compliance & Integrity Infrastructure (KYC/AML, sanctions screening, fraud detection, claims/labeling integrity) (EUABAAAG)
Keywords
Where IncubEx is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
IncubEx business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Others
Revenue model
- Exchange Product Development: IncubEx develops environmental commodity products for listing on partner exchanges (Nodal Exchange, EEX). The company generates revenue through product development fees, listing arrangements, and potentially transaction-based revenue sharing with exchange partners.
- Insurance and Climate Risk Technology: Following the acquisition of Insurwave, IncubEx offers digital solutions for insurance and climate risk sectors, leveraging technology for sustainability markets.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
IncubEx product offering
Product offeringCore offering
IncubEx is a product and market development firm that designs and launches exchange-traded and OTC environmental commodity derivatives (futures and options contracts) covering carbon allowances, renewable energy certificates, renewable fuels, RNGs, and carbon offsets. Products are listed and traded on partner exchanges Nodal Exchange (North America) and EEX (Europe), serving energy companies, compliance entities, trading firms, and financial institutions seeking standardized environmental market instruments. The firm also operates The Voluntary Climate Marketplace (TVCM) and the Insurwave marine insurtech platform.
Product overview
IncubEx is a product and market development firm in environmental, climate risk, and related commodities for exchange-traded and OTC markets. They have built the world's largest suite of exchange-listed and OTC environmental products through their exchange partners. The portfolio includes Products on EEX (European products such as EU ETS allowances, EU ETS2 futures, and Guarantees of Origin futures), Products on Nodal Exchange (North American products including Carbon [CCAs, WCAs, RGGI], RECs, Renewable Fuels, RNGs, Offsets), The Voluntary Climate Marketplace (TVCM), and Insurwave (an acquired marine insurtech platform). The company operates exchange-traded futures and options contracts across environmental markets.
Differentiator
Problem solved
Functional benefit
Brands
- Insurwave: Marine insurtech platform providing digital solutions for insurance and climate risk sectors, acquired by IncubEx in 2021
- The Voluntary Climate Marketplace (TVCM)
Products and services
- Products on EEX
Quantifiable outcome
- First financially settled California Carbon Allowance futures and options launched on Nodal Exchange
- +2 more outcomes
Companies that use IncubEx
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
IncubEx technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature3 records
IncubEx partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- Nodal ExchangecoreNodal Exchange is IncubEx's primary North American exchange partner for environmental products. The collaboration has resulted in launching innovative products including the first financially settled California Carbon Allowance futures and options contracts. The partnership covers 19+ futures and options contracts across carbon, RECs, renewable fuels, and offsets markets.
- InsurwavecoreInsurwave is a marine insurtech platform acquired by IncubEx to expand offerings in environmental and climate risk markets. The platform enables digital solutions for insurance and sustainability markets and was previously owned by EY and co-founded by Shackleton Holdings.
- EEX (European Energy Exchange)coreEEX is IncubEx's primary European exchange partner for environmental products including EU ETS, Guarantees of Origin futures, and UK ETS derivatives. The partnership involves joint product development and market expansion for European environmental markets.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
IncubEx competitors and assessment
Company assessmentDirect peers
- ACT Group: Global carbon markets advisory and intermediary firm active across compliance (EU ETS) and voluntary carbon markets. Comparable to IncubEx in environmental commodity intermediation and product development focus.
- Redshaw Advisors: Carbon markets advisory and brokerage firm specializing in compliance and voluntary carbon for corporate buyers. Similar business model of brokering/structuring environmental commodity exposure to IncubEx's intermediary focus.
- Nodal Exchange: CFTC-regulated Designated Contract Market for environmental and power derivatives. IncubEx's primary North American distribution partner and direct marketplace operator for the products IncubEx develops.
- European Energy Exchange (EEX): Operator of European energy and environmental commodity exchanges including EU ETS derivatives. IncubEx's primary European exchange partner and listing venue for products IncubEx develops.
Emerging players
- South Pole Group: Climate solutions provider active in carbon markets, project development, and advisory. Overlaps with IncubEx in voluntary carbon market participation and corporate climate strategy services.
- Carbonbay: Carbon credits marketplace platform facilitating transactions for voluntary carbon offsets. Compares to IncubEx's The Voluntary Climate Marketplace (TVCM) as a technology-enabled carbon trading platform.
Broad incumbents
- Intercontinental Exchange (ICE): Major global exchange operator running ICE Futures Europe and ICE Endex, with active environmental commodity markets (EU ETS, UK ETS, California carbon). Broad incumbent competing across the same environmental product categories.
- CME Group: Largest derivatives marketplace operator with growing environmental product offering including emission offset futures and REC contracts. Comparable as a venue operator in the same commodity categories.
Others
- Trayport: Electronic trading connectivity platform for energy and environmental markets. Technology partner providing distribution access to IncubEx products and adjacent infrastructure peer.
- Verra: Operator of the VCS Program, a leading voluntary carbon standard registry. Not a direct competitor but an enabling/infrastructure participant in the voluntary carbon market in which IncubEx products trade.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
IncubEx social profiles
Digital presenceIncubEx compliance and trust
Trust signalCompliance1 record
IncubEx financial estimates
Financial estimateRevenue estimate
Valuation estimate
IncubEx leadership team
Management profileNumber of profiles
Profiles6 records
IncubEx subsidiaries and ownership
Company hierarchySubsidiaries1 record
IncubEx funding detail
Funding detailFunding overview
Funding rounds4 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
IncubEx M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about IncubEx
What does IncubEx do?
IncubEx is a product and market development firm that designs and launches exchange-traded and OTC environmental commodity derivatives (futures and options contracts) covering carbon allowances, renewable energy certificates, renewable fuels, RNGs, and carbon offsets. Products are listed and traded on partner exchanges Nodal Exchange (North America) and EEX (Europe), serving energy companies, compliance entities, trading firms, and financial institutions seeking standardized environmental market instruments. The firm also operates The Voluntary Climate Marketplace (TVCM) and the Insurwave marine insurtech platform.
Is IncubEx a public or private company?
IncubEx is a private company. It is classified as venture growth investor backed and is currently operating.
When was IncubEx founded?
IncubEx was founded in 2016. It employs 11 to 50 people.
Where is IncubEx based?
IncubEx is headquartered in Chicago, United States, in the North America region.
How does IncubEx make money?
Two revenue lines are on record. Exchange Product Development is the primary driver. The others are insurance and Climate Risk Technology.
Who are IncubEx's main competitors?
Direct peers on record are ACT Group, Redshaw Advisors, Nodal Exchange and European Energy Exchange (EEX). Emerging players are South Pole Group and Carbonbay. Broad incumbents are Intercontinental Exchange (ICE) and CME Group. Others are Trayport and Verra.
Does IncubEx have an API?
No public API is recorded for IncubEx.
What industry is IncubEx in?
IncubEx's product category is Environmental Commodity Markets. Its primary akta.pro industry code is EUABAAAF, Market Access, Connectivity & Trading Technology (APIs, OMS/EMS, FIX connectivity, venue gateways), with a secondary code of FSAFAMAE, Environmental & Emissions Commodities Exchanges (Carbon, Renewable Certificates). Its NAICS code is 52316 and its SIC code is 6221.