Xpansiv, the US-headquartered environmental social governance (ESG) commodities marketplace, has raised $100m in growth capital from investors including financial services firm Commonwealth Bank of Australia.
Australia’s Clean Energy Finance Corporation, Hartree Partners, Wilson Asset Management and unnamed other investors also took part in the round, sized at double the original target of $50m.
Xpansiv provides a platform to buy and sell ESG-linked commodities such as renewable energy certificates, differentiated fuel and carbon offsets. So far this year, some 70 million tonnes of carbon have been traded on its marketplace, 15 million last month alone.
The company received $10m in a January 2019 series A round featuring oil and gas provider BP and energy utility Avista – through BP Ventures and Avista Development respectively – as well as credit ratings provider S&P Global and Energy Innovation Capital.
BP Ventures also took part in a $25m round a year later alongside petroleum producer Occidental’s corporate venturing unit, Oxy Low Carbon Ventures, and infrastructure investment group Macquarie Group.
Wealth manager Shaw and Partners led a $40m equity round for Xpansiv in January this year that was increased from a $35m target and which included unnamed existing investors.
Xpansiv’s chief financial officer, Suzy Taherian, said: “Our capital raise comes at a critical moment. Commodity markets must adapt to meet global ESG ambitions, beginning with net-zero commitments. Xpansiv is at the forefront of this wave and well-funded to consolidate our position as the core infrastructure provider for ESG commodity markets.”
