Xpansiv acquires Formbay

● PLATFORM | ENERGY/UTILITIES · Renewables & Asset Operations

SEPTEMBER 16, 2026

Xpansiv acquires Formbay

TARGET

Renewable energy certificate creation, compliance, and AI-enabled verification platform for solar retailers, installers, and other market participants navigating Australia's small-scale technology certificate schemes.

Ownership	Founder-owned
Headcount	39 FTEs
Headquarters	Sydney, New South Wales, Australia
Leadership	Dan Sullivan, Founder and CEO
Sell-side advisor	—

ACQUIRER

Xpansiv

Market infrastructure provider for global energy transition markets, operating registries, exchanges, and data platforms for carbon offsets and renewable energy certificates.

Ownership	VC-backed · Blackstone Group, Bank of America, Goldman Sachs, Aramco Ventures, Macquarie Group Ltd. +4 more
Capital raised	$712M
Headcount	245 FTEs
Headquarters	New York, New York
Leadership	John Melby, CEO Nathan Rockliff, Chief Strategy Officer Ben Stuart
Buy-side advisor	—

Share deal Copy details View press release ↗

Xpansiv -> Formbay  (2026-09-18)
consolidator_acquisition | Energy/Utilities | announced
Target: Renewable energy certificate creation, compliance, and AI-enabled verification platform for solar retailers, installers, and other market participants navigating Australia's small-scale technology certificate schemes.
Website: formbay.com.au | Buyer site: xpansiv.com
HQ: Sydney, New South Wales, Australia | Ownership: founder-owned | Buyer ownership: vc-backed
Advisors - not yet credited
Source: Thematic - https://thematichq.com/software/d/xpansiv-formbay.html

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