INTERVIEW: Xpansiv eyes global acquisitions, sees growth opportunities in environmental markets

Environmental infrastructure provider Xpansiv is preparing for a new phase of expansion, looking globally for merger and acquisition opportunities after securing backing from European investment firm Verdane.

CEO John Melby told Platts on Oct. 7 that Xpansiv is interested in Latin America and is exploring opportunities across the regions it serves.

The partnership, announced in late September, gives Xpansiv capacity to undertake more M&A, Melby said. The companies did not disclose the value of the investment.

Acquisitions have been a central part of Xpansiv's strategy in the last decade. The announced purchase of Australian certificate and compliance platform Formbay would be its 13th acquisition since 2017, according to the company's September announcement, which said the transaction remained subject to regulatory approval.

Xpansiv also acquired Evident in November 2025, bringing the operator of the International Renewable Energy Certificate registry and other environmental registries into its network. Other purchases include APX in 2022, a registry infrastructure provider for energy and environmental commodities, and Evolution Markets in 2023, an advisory and market execution services provider.

In its new round of expansion, the focus will remain on technologies and market infrastructure supporting the energy transition, rather than ownership or production of physical assets.

Melby said Xpansiv remains interested in smaller acquisitions where its infrastructure can help scale a business or bring additional customers onto the platform.

Acquired businesses are incorporated into Xpansiv's broader network, allowing the company to extend existing products into new geographies and expand services for current customers. Melby highlighted Formbay's artificial intelligence capabilities and Evident's international reach as attractions of those transactions.

That approach also extends across asset classes. Melby said similar registry and trading infrastructure can serve renewable electricity, fuels, batteries and water, supporting markets where buyers care about how a commodity is produced and consumed.

Hourly and geographical granularity

In electricity markets, Xpansiv sees opportunities in more granular procurement and the infrastructure needed to support evolving voluntary and regulatory requirements.

One example is its partnership with Granular Energy, announced in April 2026, which connects energy matching technologies with certificate registry infrastructure. While Granular Energy originated in Europe, much of Xpansiv's work with the company has also been in the US, Melby said.

Hyperscalers have led interest in matching electricity consumption with generation by time and location. Xpansiv has been working with those companies and other market participants to develop hourly and geographical matching capabilities.

Adoption will vary across regions and companies, however, with some markets further along than others. Xpansiv is also working with governments considering nearer-term implementation of hourly granularity and supply-demand matching. Its role is to provide trusted infrastructure supporting policies at different stages of development, Melby said.

The opportunity comes as certificate markets continue to grow. Xpansiv's broader registry network represents approximately 7% of global renewable electricity generation and supports more than 300 GW of renewable capacity, according to company figures.

Its I-REC registry recorded its one billionth redemption in July. More than 80,000 organizations use I-RECs in renewable energy procurement and sustainability programs, according to Xpansiv's announcement.

Asked whether I-RECs stimulate new renewable investment, Melby argued that renewable energy certificates provide price signals and contribute to project revenues, helping developers decide what facilities to build.

He also described voluntary markets as a source of innovation that can later inform compliance frameworks, pointing to voluntary leadership in granular matching. Greater integration of environmental instruments across programs and jurisdictions can strengthen confidence and unlock capital, he said.

Storage and environmental market expansion

Asked about resilience to political and geopolitical shifts, Melby pointed to renewable energy's costs, deployment speed and contribution to energy security as drivers supporting investment alongside environmental objectives.

Growing electricity demand from electrification and data centers reinforces the need to bring generation onto the grid quickly, he said. Increasing renewable deployment also creates a greater need for batteries to address intermittency.

Melby identified Latin America as an opportunity to expand renewable deployment and improve its cost-effectiveness. He also pointed to Australia's experience with batteries and rooftop solar as a model for further renewable growth.

He highlighted Formbay's use of AI and machine learning to reduce the costs of bringing distributed assets onto the grid, alongside strong growth in its battery-related business. Models for developing certificates associated with battery storage are still evolving, including how to track renewable attributes and the timing of electricity use, he said.

For the coming years, the company sees potential in fuels, as efforts to decarbonize these commodities create opportunities for registries and trading infrastructure.

Melby identified biomethane, gas and sustainable aviation fuels as areas of opportunity, pointing to Xpansiv's partnership with Instituto Totum and Global Gas Tracking on I-TRACK(G), alongside its work with MiQ, an independent methane emissions certification organization.

Fuels will remain part of the energy mix for decades, creating opportunities to reduce their environmental impact even as electrification expands, he said.

Xpansiv is investing in AI and machine learning to strengthen confidence and reduce the costs of bringing assets into these markets, while operating exchanges to support price transparency.

Melby said progress in fuels comparable to that achieved in renewable electricity would represent a major gain. He also highlighted the importance of reliable tracking and clear reporting to support companies' renewable energy commitments.

Platts is part of S&P Global Energy.