AUSTRALIA —Xpansiv has signed a definitive agreement to acquire Formbay, an Australian technology provider supporting renewable energy certificate creation, asset verification and compliance processes. The transaction is subject to regulatory approval and is expected to close later in 2026. Financial terms were not disclosed.
Formbay’s platform supports a substantial share of Australia’s Small-scale Technology Certificate market. The company’s systems process almost 100,000 certificates a day, representing more than 25 million certificates annually, and facilitated more than AUD 1 billion in certificate transactions during 2025. Its technology is used by almost 30,000 registered retailers and installers and is involved in approximately one-third of Australian residential solar installations.
The deal is strategically relevant because Australia’s distributed energy market is expanding beyond rooftop photovoltaic systems into residential batteries and other electrification technologies. Certificate schemes require accurate installation records, eligibility checks and auditable documentation, creating growing demand for digital infrastructure capable of handling large transaction volumes. Formbay’s automation and AI-based verification tools give Xpansiv an established technology layer for these processes.
Xpansiv operates infrastructure spanning environmental commodity registries, trading venues, market execution, wholesale power solutions and market data. Its registry network covers renewable generation assets across more than 60 countries. The company said the combination will integrate Formbay’s verification and workflow capabilities with its existing registry and environmental market infrastructure.
For Australian solar retailers, installers and other certificate-market participants, the acquisition places an established local compliance platform within a larger international environmental commodities business. Xpansiv said there are no planned changes to Formbay’s day-to-day operations, platform access, pricing or existing customer relationships following completion.
The transaction also has implications beyond Australia. Xpansiv intends to use Formbay’s technology and intellectual property across additional electricity and environmental markets, potentially extending automated certificate origination, verification and compliance workflows into other jurisdictions. For renewable energy developers, installers, retailers and environmental commodity participants, greater automation could reduce administrative requirements while supporting higher volumes of distributed energy assets.
Formbay provides digital infrastructure connecting renewable energy installations with documentation, verification, certificate creation and compliance processes. Xpansiv is an energy-transition market infrastructure provider whose platform includes registries, marketplaces, market execution services, power solutions and environmental market data. The acquisition will be Xpansiv’s 13th since 2017 and is expected by the company to be immediately accretive to adjusted EBITDA once completed.
