Reunion Expands Role in Clean Energy Tax Credit Market, Purchasing Credits from Shiseido Americas and Harbinger Motors
Leading Facilitator of Transferable Tax Credits Joins the Ranks of Tax Credit Buyers
SAN FRANCISCO, Oct. 21, 2025 -- Reunion, the leading platform for clean energy tax credits and compliance, today announced the successful purchase of Section 48 investment tax credits (ITCs) from Shiseido Americas Corporation (SAC), the U.S.-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 leading U.S.-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 Corporation: Section 48 ITCs were generated from the company's rooftop solar project located at its manufacturing facility in East Windsor, New Jersey.
- 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 that Reunion has helped define. Reunion's diligence process draws on broad 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 — all organized in a comprehensive due diligence memo with an accompanying data room. Reunion prioritizes speed and certainty of execution, with transactions averaging less than 45 days from term sheet to close.
"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."
"By building our electric chassis and batteries in the U.S., Harbinger is proving that American manufacturing can deliver electric vehicles that compete directly with diesel on cost," said Ben Dusastre, Chief Financial Officer of Harbinger. "We have done what many thought was impossible: we've achieved price parity with a leading diesel model while keeping both vehicle and battery production domestic. Reunion has deep tax credit expertise and the team executed an organized and efficient transfer process, completing a transaction that helps us reinvest in our mission and strengthen our independent, U.S.-based EV supply chain."
Reunion achieved record transaction volume in Q3 2025, reflecting the continued expansion of the clean energy tax credit transfer market.
About Reunion
Reunion is the leading platform for clean energy tax credit transfers and compliance. Since 2024, Reunion has facilitated the purchase of over $6.5 billion in tax credits from major solar, wind, storage, nuclear, and advanced manufacturing projects. Our team of finance and tax experts provide the industry's most hands-on support across due diligence and risk mitigation, resulting in transactions that close on average in less than 45 days. In addition, leading project developers utilize Reunion's compliance software to maintain compliance with tax credit rules, including prevailing wage and apprenticeship (PWA) requirements. To learn more, visit www.reunioninfra.com.
