Aramco Ventures funds Xpansiv to boost global energy transition and sustainability
Xpansive, infrastructure provider for global energy transition, announced that it has secured a new capital raise led by Aramco Ventures, an investor in low-carbon energy and sustainability.
The company said that the funding will support the further development of its global energy and environmental markets infrastructure solutions along with Xpansiv’s investment and acquisition strategy.
Read More: Xpansiv acquires stake in Evident to boost expansion into green energy markets
Managing Director at Aramco Ventures, Daniel Carter, said, “We recognize the importance of markets to drive the global energy transition at pace and further recognize Xpansiv’s core position as the innovator of new trading products, marketplaces, and institutional-grade market infrastructure to enable these vital markets to flourish and scale.”
The press release also adds, “Xpansiv registry software supports more than 80% of global carbon credits and 60% of North American renewable energy certificates (RECs), as well as new classes of environmental commodities, including digital fuels.”
In 2023, Xpansiv market intermediaries facilitated transactions involving nearly two billion metric tons of carbon and over 36 million MW hours of renewable energy.
The investment from Aramco Ventures comes from its sustainability fund, which finances companies with the potential to support Aramco’s target of achieving Net-Zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly owned and operated assets by 2050.
As part of its decarbonization efforts, the oil giant recently invested in CarbonCapture, a U.S.-based direct air capture (DAC) company. Additionally, aligning with Saudi Arabia’s Vision 2030 plan, Aramco has partnered with ADNOC to initiate ambitious lithium extraction projects.
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