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CBL provides access to the world’s energy and environmental markets. With a vision of bringing efficiency, transparency and liquidity to environmental markets, we connect buyers and sellers around the world to facilitate the secure and seamless trading of products in environmental commodity markets.

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H2OX supports efficient, transparent trading of water entitlements and allocations in Australian water markets. By introducing state of the art technology to the sale and purchase of water and associated products, H2OX has streamlined the market, providing independence, efficiency, transparency and 24/7 real-time trading to owners and users of water.

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Aviation Carbon Exchange is a partnership between CBL and IATA to provide a marketplace for emissions-compliance obligations under the Carbon Offset Reduction Scheme for International Aviation (CORSIA). CORSIA addresses the increase in total CO2 emissions from international aviation above 2020 levels.

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OTX is a leading market-access provider for compulsory stockholding obligations (CSO) tickets—a product related to the oil sector regulation. OTX is rapidly expanding into markets for renewable fuels and renewable-fuel certificates.

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Environmental Management Account (EMA) is a comprehensive portfolio-management platform with a unique account structure that makes it easy to consolidate and transact environmental commodities across multiple regulatory regimes, all from one intuitive interface.

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Xpansiv is the global marketplace for transacting an infinite array of data-driven commodity products in an intuitive, user-friendly environment. Xpansiv prices energy, carbon, and water basedon deeper data. We’re the global marketplace for data-driven, ESG-inclusive products, and theplatform for redefining value based on immutable information—we prove provenance so commodities can be valued according to their full life-cycle story.

Formed in 2019 through the merger of CBL (founded 2009) and Xpansiv (founded 2016), the company has 200+ employees and offices in Sydney, New York, San Francisco, Seattle, Houston, Vancouver, London, Milan, and Bendigo.

We provide tools and information to more accurately value agriculture, energy, and materials; we’re unleashing the power of global markets to deliver a world worthy of future generations.

Company History
  • Launched natgas methane performance benchmark with S&P Global Platts
  • Completed US$100 million capital raise
  • Reported one billionth credit processed through EMA
  • Published Digital Fuels Program to accelerate ESG transition in fuels sector
  • Announced acquisition of OTX, expanding into U.K., Europe
  • CME Group successfully launched GEO futures contract
  • Completed US $40m pre-IPO capital raise from existing and new investors
  • Entered partnership with Validere to attach ESG attributes to energy products
  • Created world’s first Aviation Carbon Exchange
  • Published founding principles for digital ESG commodities
  • Launched XSignals, providing ESG insights and market benchmarks
  • Launched Global Emissions Offset™ (GEO®), first VCM carbon benchmark
  • Acquired the APX Environmental Management Account (EMA) Platform
  • Announced first exchange trade of differentiated natural gas based on Digital Feedstock™
  • CBL merged with Xpansiv to form Xpansiv CBL Holding Group (XCHG)
  • Xpansiv completed $10M Series A funding from BP Ventures, S&P Global, Energy Innovation Capital
  • CBL partnered with the Tasmanian Gas Pipeline (TGP) to launch AU Gas products
  • CBL entered partnership with Xpansiv to launch a suite of commodity products based on Digital Feedstock™
  • Xpansiv partnered with Carbon Creek & IES to bring TrustWell™ responsible gas to financial markets
  • CBL entered agreements with CME Group to list CCA Futures on NYMEX and APX to launch US REC spot products
  • CBL announced acquisition of H2OX water exchange
  • Xpansiv completed initial seed funding with BP Ventures and other customers
  • Xpansiv and CBL entered MOU for Digital Feedstock–enabled products and IES for digital application of assurance ratings
  • John Melby joined Board of Directors of CBL and Xpansiv
  • Xpansiv founded in San Francisco by Joe Madden and Jeff Cohen
  • CBL launched exchange platform for all products, including RGGI and California Cap-and-Trade products
  • CBL co-founded by Ben Stuart and Nathan Rockliff 
  • CBL launched first global carbon offset exchange with electronic interfaces to banks and registries
  • CBL entered agreement with Joint Government Enterprise to build and launch H2OX water exchange
  • CBL obtained Australian Financial Services License (AFSL)
  • CBL opened office in NYC and launched North American environmental products