Energy transition market infrastructure provider Xpansiv will acquire Australian technology firm Formbay, bringing one of the country’s leading electrification and compliance platforms under its international umbrella.
Formbay operates an AI-enabled platform that validates, creates, and trades renewable energy certificates for rooftop solar, residential batteries, and energy efficiency programs.
The technology backs roughly one-quarter of Australia’s Small-scale Technology Certificates (STCs), generating nearly 100,000 certificates daily and facilitating over AU$1 billion in transactions in 2025 alone.
Serving nearly 30,000 registered retailers and installers, the system processes one in every three Australian residential solar installations.
“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.”
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.
Xpansiv Chief Strategy Officer Nathan Rockliff added that combining Formbay’s proprietary AI technology with Xpansiv’s registry capabilities will accelerate verification, lower administrative costs, and enhance auditability for market participants.
The takeover marks Xpansiv’s 13th corporate acquisition since 2017 and expands its capacity to automate complex verification and compliance workflows across environmental markets.
Xpansiv currently supports more than 320 gigawatts of registered renewable capacity across 60 countries and managed 28 per cent of global renewable energy certificates on its registry network in 2025.
Formbay CEO Dan Sullivan assured Australian clients that day-to-day operations, pricing, and platform access will remain unchanged.
He noted that the backing of a well-capitalised global partner will provide additional resources to scale Formbay’s technology domestically while exporting Australian-developed compliance tools to international electricity markets.
The acquisition, which is subject to regulatory approval, is expected to close later this year.