Sydney-born, New York-based energy trading firm Xpansiv has completed a capital raising in Europe. The company, which is eyeing an initial public offering, already counts Blackstone, Macquarie, Commonwealth Bank of Australia, Goldman Sachs, Aware Super and Aramco Ventures among its backers. The capital raising is designed to support growth in Australia and globally. Xpansiv's founders argue the energy market is undergoing a significant global shift, driven partly by the artificial intelligence boom. The company's blue-chip share register reflects growing investor interest in energy trading platforms amid rapidly changing global energy markets.

Xpansiv has signed a definitive agreement to acquire Formbay, an Australian AI-enabled renewable energy certificate and compliance technology platform. Formbay supports around one-quarter of Australia's Small-scale Technology Certificates, creating nearly 100,000 certificates per day and 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. Formbay's platform manages compliance and payments across solar, batteries, and energy efficiency programmes. The acquisition will unite both Australian-born companies' infrastructure capabilities. Formbay will continue operating with no planned changes to day-to-day operations, platform access, or pricing for customers. This marks Xpansiv's 13th acquisition since 2017. The transaction, subject to regulatory approval, is expected to close later this year and be immediately accretive to Xpansiv's Adjusted EBITDA.

Talking tokenization: an interview with Xpansiv CEO john melby. Latest Updates, Market September 1, 2026 Tokenization is an area of increasing interest and activity in energy and environmental markets. In this article, Xpansiv CEO John Melby shares his perspectives on why interest is rising and how Xpansiv is approaching tokenization and distributed ledger technology. Environmental commodity markets have functioned for years without tokenization. What's changed either in the market, in the technology, or in customer demand, that makes this the right moment for Xpansiv to invest here? Three things have changed, and they've changed roughly at the same time. The first is that tokenization is moving beyond experimentation in parts of the financial system. Institutions are beginning to use distributed ledger infrastructure in areas such as collateral, fixed income, Treasuries, and post-trade processing. Not every use case has proven itself, but the market has progressed far enough to demonstrate that institutional-grade infrastructure can support regulated assets and workflows at scale. While energy and environmental markets are at an earlier stage of adoption, they do not exist in isolation. As capital providers, financial institutions, and market participants increasingly explore tokenized assets and digital workflows, it is important that the infrastructure underpinning environmental commodities is prepared to interoperate with those emerging ecosystems. Institutional platforms have followed, with permissioned networks being used for payment and settlement of several billion dollars daily. In parallel, shared infrastructure layers like the Canton Network - designed for privacy-preserving, multi-institution workflows using Daml smart contracts - are moving into production, processing on the order of hundreds of thousands of daily transactions across financial institutions. On the asset side, tokenized real-world assets have scaled from roughly $5B in 2022 to over $30B this year, led by U.S. Treasuries, private credit, and tokenized funds. [1] The consistent pattern is that where tokenization improves settlement speed, collateral mobility, or access to yield, institutions have committed real balance sheet activity, material evidence that the infrastructure is now commercially viable and scaling. The second is the technology itself. Permissioned, institutional-grade blockchain infrastructure is genuinely different from what existed five to ten years ago. Many distributed ledgers are now designed from the ground up for regulated participants, with privacy and identity built in rather than bolted on. That matters because its customers are never going to put environmental assets onto infrastructure that can't meet their compliance and confidentiality requirements. Until recently, that infrastructure didn't exist at the institutional scale Xpansiv Limited needed. Now it does. The third change is growing recognition that tokenization is only as useful as the data and controls behind it. Putting an asset on a new technology rail does not make the underlying information more reliable. Xpansiv's role is to provide the trusted identifiers, provenance, and market infrastructure that allow environmental assets to be represented and transacted with integrity. That registry-anchored foundation is what can make tokenization useful rather than simply novel. You mentioned growth in the broader financial markets. What is Xpansiv's approach to tokenization in the energy and environmental markets in which it operates? Thousands of companies already depend on its existing infrastructure to transact in these markets, and that infrastructure must keep working without disruption. So Xpansiv Limited is building tokenization and distributed ledger capabilities that complement what Xpansiv Limited already operate, rather than replace it. Its first step is the work Xpansiv Limited announced with Digital Asset to extend its reference data onto the Canton Network. That establishes the identity and provenance layer. From there, Xpansiv Limited'll add tokenization capabilities incrementally, prioritizing use cases where and when customers tell Xpansiv Limited distributed ledger-based settlement or transfer would solve a real problem for them. Xpansiv Limited expect everything to be interoperable. Running two disconnected systems would push complexity onto its customers, which isn't viable. The more interesting question is how interoperability gets implemented, which Xpansiv Limited is spending significant time addressing in close concert with some of its trusted partners. This will require solutions that maintain the trust and scale that Xpansiv Limited has already built and give customers flexibility without added complexity. How will tokenization enable Xpansiv to better serve existing stakeholders? Two principles guide its approach. The first is that no participant in its ecosystem will be required to change how they operate to accommodate tokenization or distributed ledger technology. Customers who want to keep transacting exactly as they do today will be able to. The second is that customers who want to use tokenization should be able to do so without rebuilding their integrations or onboarding into a separate system. Xpansiv Limited is early on the second part, and the capabilities aren't fully in market yet, but its intent is to make adoption an optional and easy choice, not a forced or cumbersome change. As discussed previously, Xpansiv Limited want to provide robust tokenization solutions for stakeholders who want to leverage the benefits of distributed ledger architecture, including flexible interoperability, and full integration across the broader market ecosystem over time. How does Xpansiv approach innovation to stay ahead in the rapidly evolving digital asset landscape? Xpansiv Limited remain clear about what Xpansiv Limited is and what Xpansiv Limited is not. Xpansiv Limited is not a crypto company, and Xpansiv Limited is not trying to become one. Xpansiv Limited is the operator of the market infrastructure platform that serves regulated and voluntary energy and environmental markets, and its job is to make sure that infrastructure keeps pace with how its customers want to transact. That means continuous investment in its platform, selective partnerships where another party has built strong complementary capabilities, and a willingness to move thoughtfully rather than chase every new development. Tokenization is one part of its broader innovation strategy, and AI is another major focus area. AI and distributed ledger technology address different problems, but both depend on the same foundation: trusted, structured, high-integrity data. Xpansiv Limited is investing in AI capabilities aggressively, to simplify onboarding, improve data quality, surface insights, and reduce the operational burden of participating in these markets. Tokenization can provide additional flexibility in how verified assets and data connect with emerging financial infrastructure, but ultimately, Xpansiv Limited is innovating with new technologies to improve the customer experience or enable a clearly defined market need. This approach has enabled Xpansiv Limited to develop a scalable, secure, and interoperable end-to-end platform to pursue the many exciting opportunities in energy and environmental commodity markets. If you are operating in these markets and have thoughts on where distributed ledger technology can enhance current market infrastructure, please reach out to Xpansiv Limited today via its Contact page.