Reunion, a platform for clean energy tax credits and compliance, announced Oct. 21 the successful purchase of Section 48 investment tax credits (ITCs) from Shiseido Americas Corp., the East Windsor-based subsidiary of Shiseido Company Limited, a multinational beauty and cosmetic company, and Section 45X advanced manufacturing production credits (AMPCs) from Harbinger Motors (Harbinger), a Garden Grove, Calif.-based medium-duty electric and hybrid vehicle manufacturer.
The credits will offset Reunion’s federal tax liability — a milestone that highlights both the company’s financial growth and its confidence in the maturing transferable credit market.
The following projects generated the tax credits:
- Shiseido Americas Corp.: Section 48 ITCs were generated from the company’s rooftop solar project located at its manufacturing facility in East Windsor.
- Harbinger: Section 45X AMPCs were generated from the production of battery modules at Harbinger’s manufacturing facility in Garden Grove, California. The modules were incorporated into the company’s electric vehicle chassis, which were sold in 2024. This transaction represents Harbinger’s first transaction selling Section 45X AMPCs to third parties.
The transaction comes at a time when the transferable tax credit market continues to expand, supported by the institutional-grade due diligence standards. Reunion’s diligence process draws on market intelligence and deep technical rigor, covering topics such as credit qualification and cost validation for Section 48 credits, and production and sales validation for Section 45X credits.
“As more corporations rely on the transferable tax credit market, credible diligence standards are essential,” said Billy Lee, Reunion’s president and co-founder. “We’re proud to see our own team rely on the same gold-standard process we’ve built for the market’s largest buyers, including multiple Fortune 100 companies.”
