Xpansiv has gained a significant investment from Verdane, a European firm. This funding will help the environmental markets infrastructure company expand by making acquisitions, developing new products, and growing internationally. The companies announced the strategic partnership on September 22, 2026. They did not disclose the size of the capital raise.
Xpansiv plans to use the new investment to strengthen its position across carbon credits, renewable energy certificates (RECs), clean fuels, and other environmental commodities. The company also wants to expand into new asset classes and geographic markets.
The deal comes as environmental markets become more complex. Companies are facing wider climate reporting rules, rising carbon prices, and stronger demand for clean energy certificates. For Xpansiv, that creates an opportunity to build the digital infrastructure behind these markets.
Xpansiv Is Building the Rails for Environmental Markets
Xpansiv operates a mix of registries, marketplaces, trading services, data products, and portfolio-management systems. Its platform connects companies, utilities, and traders to carbon credits, RECs, clean fuels, and other environmental products. Verdane says Xpansiv processes about 1 billion transactions each year.
Its registry network now supports more than 320 gigawatts (GW) of renewable generation capacity across more than 60 countries. That represents about 4% of global electricity generation and 7% of renewable energy generation.
Xpansiv also says about 28% of RECs issued globally in 2025 were managed through its registry network. The scale is important because environmental markets depend on more than buyers and sellers.
They also need systems to register assets, issue certificates, verify ownership, track transfers, and record retirement. Xpansiv is trying to bring many of those functions onto one platform.
Acquisitions Drive Xpansiv’s Expansion Strategy
Verdane’s investment will support Xpansiv’s merger and acquisition strategy, which has already become a major part of its growth model. Over the last four years, Xpansiv acquired:
- APX, a provider of energy and environmental registry infrastructure;
- Evolution Markets, a market execution and brokerage business; and
- Evident, which operates the I-REC(E) renewable energy registry.
The strategy is continuing. In September 2026, Xpansiv agreed to acquire Formbay. This Australian platform makes and validates renewable energy certificates for rooftop solar and battery projects.
Formbay supports about 25% of Australia’s Small-scale Technology Certificate market. It creates nearly 100,000 certificates daily and helped with over A$1 billion in transactions in 2025. It also supports about 30,000 retailers and installers and is involved in one in three Australian home solar installations.
The Formbay deal is expected to be Xpansiv’s 13th acquisition since 2017. It remains subject to regulatory approval.
The new Verdane capital could give Xpansiv more room to continue making similar investments.
Carbon Is Just One Piece of the Environmental Markets Puzzle
Xpansiv’s growth strategy extends beyond carbon credits. The CBL exchange trades carbon credits, RECs, and other environmental commodities. Xpansiv Connect links various registries and marketplaces for easy portfolio management.
That broader approach could become increasingly important as companies manage several types of environmental assets at once. For example, a company may need carbon credits for climate targets, renewable energy certificates for electricity claims, and clean fuel credits for transport emissions.
Xpansiv is building infrastructure that can manage these products together. The company also provides market data and execution services through Evolution Markets, giving it a role beyond simply recording transactions.
That could help Xpansiv benefit from the wider growth of environmental markets rather than relying on one asset class.
Carbon Markets Are Attracting More Capital
The timing of the investment is notable because capital flowing into carbon projects and future carbon supply has risen sharply. MSCI estimates that capital in the global carbon credit market hit $22 billion in 2025. This is a 72% increase from 2024 and over five times the amount from 2021.
Offtake agreements, where buyers commit to future carbon credit supply, reached $12.3 billion in 2025, nearly three times the previous year’s level.
Yet, the market remains small compared with long-term climate needs. MSCI estimates the primary global carbon credit market could grow from about $1.4 billion in 2025 to $5–20 billion by 2030 and $60–270 billion by 2050.
That potential growth creates demand for better market infrastructure. As transaction volumes grow, buyers require reliable data. Regulators and companies also need clear records of credit origins and usage.
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RECs Add Another Fast-Growing Market
The opportunity extends into renewable energy markets. Xpansiv’s registry network supports over 320 GW of renewable energy. In July 2026, its I-REC registry hit a big milestone by recording its one billionth I-REC redemption.
The I-REC market has expanded tenfold since 2020. Now, over 80,000 organizations in more than 140 countries use I-RECs for buying renewable energy and supporting sustainability programs.
Xpansiv’s North American REC business is also expanding. The company said more than 3 million RECs were traded on its CBL exchange in 2024, up 18% year over year. In January 2025 alone, REC transaction value exceeded $27 million, a monthly record for the exchange.
Corporate clean energy targets, renewable portfolio standards, and rising demand for data centers are driving these markets. Electrification is also a key factor.
AI Could Help Scale Environmental Markets
Technology is another major part of the investment story. Xpansiv says its AI-enabled systems are being used to improve verification, auditability, and workflow management.
Formbay adds another example. Its platform uses AI to validate solar and battery installations and automate certificate creation. These tools can become more valuable as environmental markets grow.
Manual checks become harder when millions of certificates and transactions are involved. Automated data checks can reduce administrative work and help identify errors faster.
That does not remove the need for independent verification or market rules. Instead, digital systems can make those processes easier to manage at scale. For carbon markets, this could be especially useful as companies face growing demands for evidence behind climate claims.
Verdane Brings Climate and Technology Experience
Verdane is a European growth investment firm focused on technology-enabled and sustainable companies. The firm says it has raised €10 billion in capital and made more than 200 investments since 2003. Its team includes more than 180 investment and operating professionals across Europe.
Its investment in Xpansiv fits a broader strategy around companies involved in digitalization and decarbonization.
Verdane said Xpansiv’s market infrastructure could become more important as environmental reporting and compliance requirements widen. The investment also gives Verdane exposure to several markets at the same time, including carbon, renewable energy, and clean fuels.
For Xpansiv, this partnership means more capital and a growth investor. This investor knows how to scale tech platforms in Europe.
A Bigger Bet on Environmental Market Infrastructure
The new investment is important not because of its undisclosed size, but because of what Xpansiv plans to do with it. The company wants to keep buying businesses, enter new markets, and expand its technology platform. That strategy comes as environmental markets become more connected.
Carbon markets are expanding. Renewable energy certificates are becoming more widely used. Clean fuel and methane markets are developing. At the same time, governments are increasing reporting and compliance requirements.
All of these markets need trusted systems for registration, verification, trading, settlement, and data. Xpansiv is betting that one integrated platform can serve more of those needs. The latest Verdane investment provides more capital to continue that expansion.
As the market grows from a relatively small voluntary sector into a broader system linked to corporate reporting, renewable power, and climate regulation, the companies providing the digital rails could become as important as the developers creating the underlying carbon and clean energy assets.
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