IncubEx

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.

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

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

• Environmental commodity markets
• Carbon allowance futures
• Renewable energy certificates
• Exchange-traded derivatives
• Climate risk solutions

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. 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.
2. 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

Core 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

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Nodal ExchangecoreStrategic or Co-development Partner · 30 March 2026Nodal 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.
• InsurwavecoreTechnology or Integration · 24 November 2021Insurwave 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)coreStrategic or Co-development PartnerEEX 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

Direct 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

• YouTubeyoutube.com/channel/UCUuW36Gkw01lbSoh5T5eYdA
• LinkedInlinkedin.com/company/theincubex

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IncubEx