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It all started in a garage in Silicon Valley… just kidding. Like many other startups, Atheva came together through a series of serendipitous events. From completing similar tax transactions in other industries to the preliminary IRA guideline release, the founding members saw the opportunity to form Atheva in 2022 to take on a newly created sector in climate finance focusing on transferable tax credits.
In 2021 there were rumblings of tax transferability to support climate projects as part of the IRA. With significant projections for new climate projects in the coming years, the financing problem for these projects needed to be addressed. Tax transferability is one new avenue that helps unlock cash for project owners. Historically, project owners had to undergo a tax equity partnership in order to monetize their tax credits.
Now that tax transferability is an option for eligible clean energy tax credits, how can project developers easily sell their credits? This is where Atheva comes in.
The founding team of serial tech entrepreneurs, tax experts, and alumni of Harvard, MIT, Yale, and Oxford University saw the opportunity to address this pain point and created an online marketplace in preparation for the new regulations. As 2023 unfolded, the team got to see and hear firsthand the market needs and specifically what project owners needed. This feedback has led to the team expansion and refinement of the Atheva product, process, and service.
As the saying goes, “What got you here won't get you there.” The founding team knew it was time to invest in the business and bring in the right expertise to take Atheva to the next level in late 2023. Although the founders remain involved as key advisors, the founding team handed over the reins to the new executive leaders and the expanded transactions team. With a diverse set of skills and experience across equity financing, project development, sustainability, technology, and consulting, the new team is geared to set up Atheva for expansive growth.
We’re focused on addressing the root problem for project developers: predictable financing. From product to process, we are creating a new standard to make financing easy for project sponsors and developers. Stay tuned for updates by subscribing to our monthly Atheva Apex Newsletter.
The brand name creation came from a combination of Athena and Minerva. Together, they represent the immense impact that tax transferability has on the evolution of clean energy.
Athena: Greek patron goddess of heroic endeavor associated with wisdom and known as a warrior
Minerva: Roman goddess of wisdom, justice, law, victory, and the sponsor of arts, trade, and strategy
