Xpansiv

Xpansiv is a carbon and ESG commodities exchange that connects buyers and sellers by providing market-driven data insights for voluntary carbon offsets, renewable energy credits, and low-carbon fuels. The company was acquired by CBL Markets in June 2019; hence, it operates as a separate business entity. Xpansiv’s core business units include CBL (the largest spot exchange for environmental commodities), H2OX (spot exchange for water), XSignals (daily and historical market data), EMA (multi-registry portfolio management system for all environmental commodities), and APX (registry infrastructure for energy and environmental markets). In November 2022, the company launched CBL Auctions to trade carbon credits. In September 2023, Xpansiv launched live bids and offers on its CBL to accelerate price discovery and liquidity formation. In May 2024, the company launched Xpansiv Connect, an open-access market infrastructure that facilitates efficient trading and market operations. 

In August 2022, Xpansiv acquired APX, a provider of registry infrastructure, where the company acquired a 20% minority stake previously in March 2022. In January 2023, Xpansiv also completed the acquisition of Evolution Markets, a financial services provider, post the deal closure, Evolution Markets operated as a wholly owned subsidiary of Xpansiv. In October 2024, the company acquired PineSpire's LCFS and REC businesses for an undisclosed amount, and plans to integrate the latter’s employees and clients into its Managed Solutions business.

Funding and financials

Xpansiv’s most recent funding round was in May 2024, when it raised an undisclosed investment led by Aramco Ventures and its existing investors. Previously, in January 2023, where the company raised USD 125 million led by existing investor Blackstone Energy Partners, and this funding was linked to the USD 400 million private equity raise in July 2022, led by the same investor. The funds were used to support the growth of the company, with organic initiatives and new acquisitions.