Acquisition strengthens Xpansiv’s position in global electricity and environmental markets
SYDNEY, Sept. 16, 2026 /PRNewswire/ — Xpansiv, the leading infrastructure provider for the global energy transition markets, announced it has signed a definitive agreement to acquire Formbay, an Australian company that creates, validates, and trades the certificates issued to support a significant portion of the country’s fast-growing rooftop solar and home battery installations.
Formbay operates Australia’s leading electrification and AI-enabled compliance platform for renewable energy certificates, which is used by retailers, installers, and other market participants to verify installations and manage compliance and payments across solar, batteries, and energy efficiency programs. Supporting around one-quarter of the country’s Small-scale Technology Certificates (STCs), its systems create almost 100,000 certificates per day or more than 25 million per year, facilitating more than AUD $1 billion in certificate transactions in 2025. The company works with nearly 30,000 registered retailers and installers, handling one in three home solar installations nationally.
Xpansiv brings deep experience in renewable energy certificate (REC) markets globally, providing neutral market infrastructure that supports market participants. The company facilitates the creation, management, and monetization of RECs for both distributed and large-scale energy resources, with more than 320 GW of renewable generation capacity registered across more than 60 countries.
“Australia has one of the highest rates of rooftop solar in the world, a mature set of small-scale certificate schemes, and a home battery market that is growing rapidly,” said John Melby, CEO, Xpansiv. “As a major renewable energy facilitator, we see Formbay as a natural fit within our platform. This acquisition is an important step in our strategy of uniting key energy and environmental market infrastructure in a single global platform.”
Formbay has developed advanced AI-enabled verification and workflow technologies that help automate the validation of renewable energy assets and certificate creation processes. Combined with Xpansiv’s AI-enabled registry, market infrastructure, and data solutions, these capabilities create opportunities to accelerate verification, improve auditability, reduce administrative costs, and scale environmental markets more efficiently.
“Formbay has been built alongside Australia’s solar and renewable energy industry over more than a decade, and protecting the trust of our retailers and installers has always been incredibly important to us,” said Dan Sullivan, Founder and CEO of Formbay. “As we’ve considered opportunities to grow Formbay, we have been very deliberate about finding the right partner. Xpansiv understands certificate markets, regulators, market participants and, importantly, the technology required to make these markets work at scale. They give Formbay the platform and resources to continue investing in our Australian customers while taking the technology and expertise we’ve developed here into renewable energy markets around the world. For our customers, this is about a stronger Formbay and the opportunity for us to take them on that journey with us.”
“The acquisition will unite Xpansiv and Formbay, two Australian-born companies that have built critical infrastructure to scale and accelerate the global energy transition,” said Nathan Rockliff, Chief Strategy Officer, Xpansiv, who co-founded the company with Ben Stuart in 2009. “We are excited to advance our global electricity markets presence and significant AI capabilities with Formbay’s deep portfolio of proprietary IP, including production-grade AI capabilities. Across Xpansiv, we are increasingly applying AI and automation to solve complex verification, compliance, registry, and multi-party workflow challenges. Formbay brings proven AI capabilities operating at scale in Australia’s electrification market, providing a platform we can extend across energy and environmental markets globally.”
The combination will create new opportunities across Xpansiv’s global platform. Formbay customers will benefit from access to Xpansiv’s global market infrastructure and deep market expertise, while Formbay’s technology and certificate capabilities can be extended into additional products and markets over time.
The acquisition will further broaden Xpansiv’s strong and growing position in global electricity markets. Around 4% of total global electricity generation and 7% of renewable energy generation are managed through the Xpansiv platform, and about 28% of renewable energy certificates issued globally in 2025 are on its registry network.
For Formbay customers, there are no changes planned to day-to-day operations, platform access, pricing, or existing customer relationships. Formbay will continue to operate as the trusted technology and certificate partner to its retailers and installers, now with the backing of a well-capitalized global company and greater resources to invest in technology, customer experience, and new products.
Formbay will be Xpansiv’s 13th acquisition since 2017, and reflects its longstanding strategy to grow organically and through acquisitions with the goal of building a comprehensive infrastructure platform to support the global energy transition. The acquisition is expected to be immediately accretive to Xpansiv’s Adjusted EBITDA upon closing. The acquisition, which is subject to regulatory approval, is expected to close later this year.
About Xpansiv
Xpansiv is the leading infrastructure provider for the energy transition markets.
The company’s comprehensive platform includes registries, online marketplaces, market execution services, wholesale power solutions, and market data for energy and environmental commodity markets. Trusted worldwide, Xpansiv helps market participants capture opportunities and drive environmental impact.
Xpansiv provides solutions that enable stakeholders to deliver transparent, credible, and auditable environmental claims to address the growing global demand for assurance and accountability on climate action and sustainability performance.
Company investors include Blackstone Group, Bank of America, Goldman Sachs, Aramco Ventures, Macquarie Group Ltd., S&P Global Ventures, Aware Super, BP Ventures, and Commonwealth Bank.
To learn more about Xpansiv, visit xpansiv.com
About Formbay
Formbay is an Australian technology platform providing critical infrastructure for renewable energy certificate creation, compliance, field documentation and asset verification.
Its platform enables solar retailers, installers, renewable energy businesses and market participants to efficiently navigate Australia’s renewable energy incentive schemes. By digitising the collection of field data, customer documentation and compliance evidence, Formbay streamlines the process from installation through to verification, certificate creation and submission.
Formbay’s technology is designed to improve the accuracy, efficiency and integrity of renewable energy programs while reducing the administrative burden on industry participants. Its growing capabilities extend beyond certificate origination into broader asset verification and lifecycle assurance.
To learn more about Formbay, visit formbay.com.au
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