Xpansiv, a global infrastructure provider for energy transition markets, has announced a definitive agreement to acquire Formbay, an Australian technology company focused on renewable energy certificate creation, validation, and trading. The move is intended to strengthen Xpansiv's position in global electricity and environmental markets. Formbay supports a substantial share of Australia's rooftop solar and home battery certificate activity, making the proposed combination strategically significant.
Strategic Expansion in Australia’s Renewable Sector
Formbay operates Australia’s leading AI-enabled compliance platform for renewable energy certificates, serving retailers, installers, and other participants. Its systems support around one-quarter of Australia’s Small-scale Technology Certificates, create almost 100,000 certificates daily, and facilitated more than AUD $1 billion in certificate transactions in 2025. The company works with nearly 30,000 registered retailers and installers, handling one in three home solar installations nationally.
Leadership Perspective from the Chief Executive
John Melby, CEO of Xpansiv, said Australia has one of the highest rates of rooftop solar in the world and a rapidly growing home battery market. He described Formbay as a natural fit within Xpansiv’s platform. Melby added that the acquisition is an important step in the company’s strategy to unite key energy and environmental market infrastructure in a single global platform.
Founder Views on the Partnership
Dan Sullivan, Founder and CEO of Formbay, emphasized the company’s decade-long relationship with Australia’s solar and renewable energy industry. He said Formbay was deliberate about finding the right partner and believes Xpansiv understands certificate markets, regulators, and participants. Sullivan stated that the deal would create a stronger Formbay while allowing its technology and expertise to expand into renewable energy markets globally.
AI-Enabled Verification Technologies
Formbay has developed advanced AI-enabled verification and workflow technologies that automate the validation of renewable energy assets and certificate creation. Xpansiv plans to combine these capabilities with its own AI-enabled registry, market infrastructure, and data solutions. The companies expect this to accelerate verification, improve auditability, reduce administrative costs, and scale environmental markets more efficiently.
Global Market Footprint
Xpansiv brings experience in renewable energy certificate markets globally and supports more than 320 GW of registered renewable generation capacity across over 60 countries. Around 4% of total global electricity generation and 7% of renewable energy generation are managed through its platform. Approximately 28% of renewable energy certificates issued globally in 2025 sit on its registry network.
Customer Continuity and Investment
For Formbay customers, there are no planned changes to day-to-day operations, platform access, pricing, or existing relationships. Formbay will continue to operate as a trusted technology and certificate partner to retailers and installers. It is expected to benefit from the resources of a well-capitalized global company and greater investment in technology, customer experience, and new products.
Deal Details and Strategic Ambitions
The acquisition will be Xpansiv’s 13th since 2017 and reflects its strategy to grow organically and through acquisitions. It is expected to be immediately accretive to Xpansiv’s Adjusted EBITDA upon closing, though the transaction remains subject to regulatory approval. The deal is anticipated to close later this year, allowing the combined company to extend Formbay’s proven AI capabilities across energy and environmental markets globally.
By acquiring Formbay, Xpansiv is positioning itself to strengthen its role in distributed renewable energy certificate markets while expanding its global electricity and environmental infrastructure. The combination brings together proven AI-enabled verification technology and a large network of Australian installers and retailers with Xpansiv’s international market reach. If completed as expected, the transaction could accelerate efficiencies in certificate markets and support the scaling of energy transition programs across multiple regions.