Xpansiv acquires Evident to build global REC platform

The acquisition comes amid surging global demand for renewable energy tracking, fuelled by electricity consumption from data centres, electric vehicles and industrial users, said Xpansiv.

As of the end of July, about 227 million I-RECs had been issued globally, with 187 million redeemed, for 2025 to date, according to the I-Track Foundation.

Quantum data showed approximately 138 million issuances and 89 million retirements across major voluntary carbon market registries in the first half of the year.

Xpansiv’s diversification into renewables is reflected in its annual filing for 2024, which showed that RECs accounted for 58% of total revenues, compared with 26% from carbon and 16% from fuels and water products.