Xpansiv, the leading infrastructure provider for the global energy transition markets, has acquired 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’s 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. Xpansiv brings deep experience in renewable energy certificate (REC) markets globally, providing neutral market infrastructure that supports market participants.
John Melby, CEO of Xpansiv, said 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.
“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.”
Dan Sullivan, Founder and CEO of Formbay, shared that the company was built alongside Australia’s solar and renewable energy industry over more than a decade.
“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.”
Xpansiv and Formbay Accelerate Energy Transition
Nathan Rockliff, Chief Strategy Officer at Xpansiv, stated that the acquisition will unite Xpansiv and Formbay, two Australian-born companies that have built critical infrastructure to scale and accelerate the global energy transition.
“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 acquisition will further broaden Xpansiv’s strong and growing position in global electricity markets.
Around four percent of total global electricity generation and seven percent of renewable energy generation are managed through the Xpansiv platform, and about 28 percent of renewable energy certificates issued globally in 2025 are on its registry network. 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.
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