Xpansiv expands global energy footprint with Formbay acquisition

The deal positions Xpansiv to leverage Formbay’s established dominance in the Australian market, where the platform supports roughly 25% of all Small-scale Technology Certificates. With a network spanning 30,000 retailers and installers, Formbay currently facilitates over AUD $1 billion in annual certificate transactions. This acquisition marks the 13th for Xpansiv since 2017, reinforcing its strategy to consolidate fragmented environmental market infrastructure.

Formbay’s proprietary AI tools, which automate asset validation and field documentation, will be integrated into Xpansiv’s broader registry network. The move is expected to be immediately accretive to Xpansiv’s adjusted EBITDA upon closing, which remains subject to regulatory approval. While Xpansiv provides the global reach—managing 28% of renewable energy certificates issued worldwide in 2025—Formbay will maintain its existing day-to-day operations and customer relationships, benefiting from the parent company's increased capital and technological resources.