Xpansiv Enters Agreement to Invest in Evident

Investment to Support Fast-Growing I-REC market and development of clean economy certification

NEW YORK, SHEFFIELD, SYDNEY – Xpansiv Limited (“Xpansiv”), the leading market infrastructure provider for the global energy transition, and Evident Group Limited (“Evident”), the leading clean economy registry provider and certification body, have reached an agreement in which Xpansiv has acquired a minority interest in Evident.

The investment builds on an existing partnership between Xpansiv and Evident and supports the companies’ mutual goal of enabling the energy transition and certifying the world’s clean economy through independent certification and dynamic markets. In June, Xpansiv, together with Evident and the I-REC Standard Foundation, launched trading of International Renewable Energy Certificates (I-RECs) on Xpansiv’s CBL spot exchange. The launch enabled trading of any I-RECs issued under the Evident Code for I-REC, which spans over 50 countries and a wide range of project types and vintages. Over 120,000 I-RECs from projects in 10 countries have traded on CBL since the launch.

Xpansiv’s investment enables Evident to continue its expansion into new regions and products, including Sustainable Aviation Fuel (SAF), green hydrogen, biomethane, and carbon removals.

The I-REC market is growing exponentially. Nearly 300 million certificates were issued on the Evident registry last year, up from 198 million in 2022, and 71 million in 2021. Redemptions were also sharply higher with 176.5 million certificates redeemed last year, nearly double 2022’s 97 million total, and nearly four times 2021’s 48 million volume.

“Following our foundations in the European REC markets in the late 1990s, we have spent the last ten years developing a robust, purpose-built, global renewable energy market under the I-REC Standard. We believe expanding our partnership with Xpansiv will enable the market to scale more rapidly and will support our strategy to pioneer new products and services as well as invest in supporting and developing our wider network of partners and innovators around the world,” said Ed Everson, Chief Executive Officer, Evident.

I-RECs provide a straightforward market mechanism for multinational companies, their supply chain partners, and general commercial and domestic energy consumers to meet global renewable energy and sustainability targets. I-RECs provide transparent, independent evidence proving the production of renewable electricity. I-RECs enable consumers to directly support the transition to cleaner energy sources, even where a dedicated supply of renewable energy is not currently possible.

“Since we began working with Ed and the Evident team, we’ve been impressed by their leadership in renewable energy, alternative fuels, and carbon removals markets,” said John Melby, Chief Executive Officer, Xpansiv. “Building institutional-grade infrastructure for the rapidly expanding environmental markets is central to both companies’ missions. Furthermore, our clients are increasingly integrating I-RECs, alternative fuels, and carbon removals into their sustainability programs, making a closer partnership a natural next step.”

Currently, 12 carbon and renewable energy registries, which issued more than 60% of North American RECs and 85% of carbon credits globally in 2022 run on Xpansiv infrastructure. I-RECs trade alongside hundreds of voluntary and compliance products traded on Xpansiv’s CBL spot exchange.

About Evident
Evident is a global authority in the certification of the clean economy and is recognised for its expertise, robust standards, world class registry technology, and collaborative approach. Certifying energy in over 50 countries and servicing consumers in over 140 countries, Evident has been at the forefront of shaping sustainability certification for over 20 years, notably building the I-REC electricity certification service and market which now reaches from China to Chile.

Evident’s services are supported by a global partner network, including standards bodies, governmental authorities, energy infrastructure operators, specialist auditors, and marketplace innovators. This partner network enables Evident to provide a globally recognised, transparent, robust, and trusted service with local, knowledgeable implementation.

Having certified electricity for over 20 years, Evident recognises the critical importance of ensuring environmental benefits can only be claimed once. Supporting today’s globally connected product supply chains, Evident now also certifies natural gas, carbon removals, and aviation fuel, with further growth in this portfolio under development.

For more information, please visit Evident.global.

About Xpansiv
Xpansiv operates the market infrastructure to rapidly scale the world’s energy transition. The company runs the largest spot exchange for environmental commodities, including carbon credits and renewable energy certificates. It is the premier provider of registry infrastructure for energy, power, and environmental markets. It also operates the largest independent platform for managing and selling solar renewable energy credits in North America.

Xpansiv is a leading provider of transaction and advisory services in global carbon, renewable energy, and energy transition markets through its Carbon Financial Services and Evolution Markets units. It also operates the leading multi-registry, multi-asset environmental portfolio management system and market data service.

Xpansiv’s rules-based markets and infrastructure enable stakeholders to deliver transparent, credible, and auditable environmental claims to address the growing global demand for assurance and accountability on climate action and sustainability performance.

For more information, please visit Xpansiv.com.