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Founded 2016
Headquarters Chicago and London
Key People Michael MacGregor, CEO, Daniel Scarbrough, President and COO
Employees 16
Products Develops listed contracts
LinkedIn Profile

IncubEx is a business development firm for exchange traded products, services, and technology. The company works with its global exchange partner, European Energy Exchange (EEX) and EEX subsidiary Nodal Exchange to design and develop new financial products in global environmental, reinsurance, and related commodity markets.

The IncubEx management team includes former Climate Exchange executives. It was founded in 2016 and has offices in Chicago and London.[1]


IncubEx and the European Energy Exchange (EEX) partnered in August of 2017 to build and improve liquidity in European environmental contracts such as European carbon allowance futures. In April 2018, EEX Group extended its trading and clearing to contracts developed by IncubEx to Nodal Exchange, an EEX subsidiary.[2][3][4]

In November 2018, IncubEx launched its first North American environmental futures contracts with its partner, Nodal Exchange. The new contracts marked the expansion of Nodal Exchange’s products from power into the environmental markets sector, and included futures and options on: California Carbon Allowances, Regional Greenhouse Gas Initiative Allowances (RGGI), New Jersey Solar Renewable Energy Certificates, PJM Tri-Qualified Renewable Energy Certificates and 11 other emissions and renewable contracts.[5]

In May 2019, IncubEx and Nodal listed 11 more Renewable Energy Certificate futures: Connecticut Class II and Class III RECs, Massachusetts Class II RECs, New Hampshire Class I and Class III RECs, Rhode Island (New) RECs, Maine Class I RECs, District of Columbia Tier I and Solar RECs, Ohio Non-Solar and Solar RECs. These were the first time such RECs were listed on any exchange and pushed the number of REC futures offered on Nodal to 27 contracts covering 14 states and regions.[6]

In January 2020, IncubEx and Nodal launched the first physically delivered California Low Carbon Fuel Standard (LCFS) futures contract and LCFS options contract.[7]

In May of 2020, IncubEx raised $5,000,00 from 21 investors.[8]

In June 2020, IncubEx and Nodal launched futures and options contracts on the Oregon Clean Fuels Program and renewable energy certificates futures on Massachusetts Class II Waste To Energy (WTE) RECs, Massachusetts Alternative Energy Certificates and Pennsylvania Tier II Alternative Energy Certificates.[9]

Products and Services

Key People


  1. About Us. IncubEx.
  2. EEX and IncubEx Join Forces to Develop and Expand Global Environmental and Commodity Markets. IncubEx and EEX via Businesswire.
  3. EEX and IncubEx Extend Partnership to North America, Nodal Exchange to List Environmental Products. IncubEx.
  4. Environmental Markets. EEX.
  5. Nodal Exchange and IncubEx Announce the Launch of North American Environmental Contracts. IncubEx and EEX via Businesswire.
  6. IncubEx and Nodal Exchange successfully launch new Renewable Energy Contracts. IncubEx.
  7. Nodal Exchange and IncubEx to Launch First Physically Delivered Low Carbon Fuel Standard (LCFS) Futures. IncubEx.
  8. Incubex, Inc. Funding details.
  9. Nodal and IncubEx Expand Environmental Markets with Five New Contracts and Fourteen REC Vintage Extensions.