US-based data trading service Xpansiv CBL Holding Group (XCHG) completed a $25m funding round yesterday featuring oil and gas suppliers BP and Occidental, through subsidiaries BP Ventures and Oxy Low Carbon Ventures.
Investment banking firm Macquarie Group also participated in the round, the first since XCHG was formed through the June 2019 merger of spot energy and environmental commodities exchange CBL Markets and commodities data platform developer Xpansiv.
XCHG has built a digital platform that coverts commodities data into Intelligent Commodities that can be traded on its marketplace.
In recent months the company has initiated asset classes in areas such as low-carbon cement that can be verified using its data, and differentiated natural gas that has been certified as less harmful by oil and gas ratings organisation Independent Energy Standards Corporation.
David Hayes, BP Ventures’ chief investment officer, said: “BP’s continued investment in XCHG is part of its drive to lead the low-carbon transition. BP Ventures is focused on supporting BP’s efforts toward digitisation and decarbonisation.
“XCHG provides a platform to monetise carbon efficiency and other ESG factors across multiple sectors, including our core operations and investments in sustainable aviation fuels, low-greenhouse-gas cement and low-impact protein from natural gas.”
Xpansiv closed a $10m series A round in January 2019 that included BP Ventures, ratings agency S&P Global and Avista Development, which invests on behalf of energy utility Avista, as well as Reflective Ventures and Energy Innovation Capital.
