Xpansiv buys minority stake in Evident

In New York state, Xpansiv Limited, a market infrastructure provider for the global energy transition, and Evident Group Limited, a 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.