Xpansiv, a global energy transition market infrastructure provider, has entered into an agreement with Evident Group Limited (Evident), a prominent clean economy registry provider and certification body. The deal gives Xpansiv a minority interest in Evident.
Evident is globally acknowledged as an authority in certifying the clean economy, renowned for its expertise, stringent standards, cutting-edge registry technology, and collaborative approach.
Serving consumers in 140+ countries, Evident has played a leading role in shaping sustainability certification for more than two decades. Notably, the company has pioneered the I-REC electricity certification service and market, extending its reach from China to Chile.
Ed Everson, CEO of Evident, remarked on their agreement, saying that:
“We believe expanding our partnership with Xpansiv will enable the market to scale more rapidly and will support our strategy to pioneer new products and services as well as invest in supporting and developing our wider network of partners and innovators around the world.”
Scaling Clean Energy Markets: Xpansiv and Evident’s REC Revolution
The investment solidifies the existing partnership between Xpansiv and Evident. This strongly aligns with their shared objective of facilitating the energy transition and certifying the world’s clean economy through independent certification and dynamic markets.
In collaboration with the I-REC Standard Foundation, Xpansiv previously launched the trading of International Renewable Energy Certificates (I-RECs) on its CBL spot exchange in conjunction with Evident.
The partnership expands the range of RECs and carbon credits trading on the CBL platform. This will improve RECs’ price discovery and liquidity formation.
The I-REC launch on Xpansiv’s market ecosystem also widens options for developers and traders in various regions. These particularly include Latin America, Asia, Africa, and the Middle East. The spot exchange is trading 100 voluntary and compliance RECs.
In 2021, CBL REC volumes increased by 28% because of broader market participation and rapid growth in solar REC traded. And with the projected growing demand for renewable energy, there’s also rising interests in trading of RECs worldwide.
According to estimates, the global REC market value will grow to more than $111 billion.
Xpansiv’s investment facilitated trading of I-RECs issued under the Evident Code for I-REC, spanning 50+ countries and various project types. Since the launch, over 120,000 I-RECs from projects in 10 countries have traded on CBL.
I-RECs Powering Global Clean Economy Goals
Xpansiv’s investment will support Evident’s expansion into new regions and products. These specifically include Sustainable Aviation Fuel (SAF), green hydrogen, biomethane, and carbon removals.
The I-REC market has experienced substantial growth, with nearly 300 million certificates issued on the Evident registry in 2023. That’s a massive increase from 198 million in 2022 and 71 million in 2021.
Redemption figures have also surged, reaching 176.5 million certificates in the previous year. That amount is almost double the 2022 total of 97 million and nearly quadruple the volume in 2021.
I-RECs serve as a direct market mechanism for multinational corporations, their supply chain collaborators, and general energy consumers. The certificates enable them to fulfill global renewable energy and sustainability goals.
I-RECs offer transparent, independent evidence certifying the production of renewable electricity, enabling consumers to actively support the transition to cleaner energy sources, even in the absence of a dedicated supply of renewable energy.
John Melby, CEO of Xpansiv, noted that their clients are increasingly integrating I-RECs and carbon removals into their sustainability initiatives. Thus, their recent deal with Evident is “a natural next step”.
Presently, Xpansiv’s infrastructure supports 12 carbon and renewable energy registries, responsible for issuing over 60% of North American RECs and 85% of global carbon credits in 2022. I-RECs trade alongside numerous voluntary and compliance products on Xpansiv’s CBL market platform.
The alliance between Xpansiv and Evident marks a significant step in fortifying the certification landscape for the clean economy, particularly renewable energy. With a shared vision of driving the energy transition, their partnership fuels the trade of Renewable Energy Certificates globally, bolstering the adoption of cleaner energy sources. This collaboration opens doors for diverse sustainable products and reinforces a commitment to shaping a greener future.