APX

What APX does

Xpansiv, formerly APX, operates the world's largest integrated platform for energy and environmental commodities, serving over 100,000 customers across five continents. The platform combines registry infrastructure, trading exchanges, wholesale power solutions, and managed services to enable the issuance, tracking, trading, and retirement of renewable energy certificates (RECs), carbon credits, and clean fuel credits. Named customers include American Electric Power, Constellation, EDP, Trafigura, CME Group, MSCI, Sysco, Electrify America, Palmetto, and the State of New York.

The company's core technology includes the NAR (North American Renewables) and TIGR (Tradable Instrument for Global Renewables) registries, which together cover over 300 GW of capacity and serve as systems of record for state compliance programs across 29 states and provinces plus Puerto Rico and Guam, supporting voluntary standards including Green-e Energy. Trading platforms include CBL (global environmental commodities exchange), H2OX (Australian water exchange), ACE (Aviation Carbon Exchange), JSE-V Carbon (South Africa), and RVCMC (Saudi Arabia voluntary carbon market). The platform also includes Xpansiv Power (formerly APX MarketSuite) for wholesale power asset management, Evolution Markets for brokerage, Xpansiv Connect for portfolio management, and managed solutions for solar SRECs (formerly SRECTrade) and clean transportation credits. An API Developer Portal provides programmatic access to platform functionality.

Xpansiv generates revenue through four primary streams: transaction fees on marketplace exchanges and OTC trades; subscription and registration fees for registry services (NAR, TIGR, and others); brokerage commissions through Evolution Markets; and managed services for SRECs and clean fuel credits. The company serves utilities, Fortune 500 corporations, financial institutions, government agencies, solar installers, EV charging networks, and individual solar homeowners. Go-to-market combines enterprise field sales for large accounts, self-serve platforms for SMB and consumer segments, channel partnerships with brokers and intermediaries, and API access for technical buyers. The company is incorporated in the United States as Xpansiv Data Systems Inc. with offices in San Jose, Hoboken, and San Francisco, and operates as a private company.

Name

APX

Legal name

Xpansiv Data Systems Inc.

Website

https://apx.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Xpansiv (formerly APX) operates the world's largest integrated platform for energy and environmental commodities, serving 100,000+ customers with registries, trading exchanges, and managed solutions for RECs, carbon credits, and clean fuel credits globally.

Ownership category

akta.pro rank

Product category

Environmental Commodities Trading Platform

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Carbon Market Data, Indices, Ratings & Price Reporting (MRPAs) (EUAGAIAH)

Keywords

• Renewable energy certificates
• Environmental commodity trading
• Carbon credit registries
• Wholesale power solutions
• REC issuance and tracking

Headquarters

HQ city

Hoboken

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Marketplace Transaction Fees: Xpansiv operates exchanges (CBL, H2OX, ACE, JSE-V Carbon, RVCMCX) that facilitate trading of RECs, carbon credits, clean fuel credits, and other environmental commodities. Revenue is generated through transaction fees on spot exchanges and OTC trades executed through the platform.
2. Registry Services: APX-powered registries (NAR, TIGR, and others) provide issuance, tracking, transfer, and retirement of renewable energy certificates. These operate on subscription/account fee models with registration fees and annual account subscription fees as evidenced by NAR registry terms stating 'Accounts will be billed for applicable Registration and Annual Account Subscription Fees.'
3. Brokerage and Market Execution: Evolution Markets provides brokerage, structured transaction, and consulting services for futures contracts and OTC environmental commodity transactions, generating commission-based revenue.
4. Managed Solutions: Xpansiv Managed Solutions (formerly SRECTrade) provides managed services for solar SRECs and clean transportation credits, enabling solar installers, homeowners, EV charging networks, and fleet operators to generate and sell credits for revenue.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

APX, operating as part of Xpansiv, provides the world's largest integrated platform for energy and environmental commodities. The company operates renewable energy certificate (REC) registries (NAR, TIGR), spot trading exchanges (CBL, H2OX, ACE), wholesale power solutions, portfolio management tools, and managed services for solar SRECs and clean transportation credits, serving over 100,000 customers globally.

Product overview

APX operates as part of Xpansiv, a unified platform combining registry infrastructure, trading platforms, and wholesale power solutions. The core products include TIGR (global renewables registry), NAR (North American Renewables Registry), and Xpansiv Power (wholesale power solutions formerly APX MarketSuite). These are complemented by managed solutions for solar SRECs and clean transportation, trading exchanges like CBL, and market execution services through Evolution Markets. The platform covers over 300 GW of capacity across global REC registry networks.

Differentiator

Problem solved

Functional benefit

Brands

• Xpansiv Power (formerly APX MarketSuite): Wholesale power solutions platform for power producers and asset owners
• Xpansiv Managed Solutions (formerly SRECTrade)
• NAR (North American Renewables Registry)
• TIGR (Tradable Instrument for Global Renewables)
• CBL
• Evolution Markets
• Xpansiv Connect
• Xpansiv Data

Products and services

• TIGR (Tradable Instrument for Global Renewables) Global registry for renewable energy certificates providing transparent, standardized platform for REC tracking, issuance, and lifecycle management across jurisdictions with chain-of-custody traceability. Serves independent power producers, utilities, corporate buyers, retail energy providers, power marketers, brokers, and traders.
• North American Renewables Registry (NAR) North American renewables registry spanning 29 states and provinces, plus Puerto Rico and Guam, serving as system of record for state compliance programs and major voluntary standards including Green-e Energy.
• Xpansiv Power (formerly APX MarketSuite) Wholesale power solutions platform enabling independent power producers, utilities, and asset owners to monetize generation and battery storage assets, produce renewable energy certificates, hedge power, and run 24/7 operations.
• Xpansiv Power DR (formerly APX MarketSuite DR) Demand response program platform providing web-based access for participants to engage in demand response programs operated by DR Program Sponsors.
• CBL (Global Exchange) Leading global exchange for environmental commodities providing spot market liquidity for RECs, carbon credits, and clean fuel credits.
• H2OX (Australian Water Exchange) Australian water exchange for trading water-related environmental commodities.
• Aviation Carbon Exchange (ACE) Exchange for CORSIA and voluntary carbon credits serving the aviation industry.
• Xpansiv Connect Portfolio management and integration solution providing unified visibility across registries, enabling users to manage cross-registry positions and integrate with their systems.
• Xpansiv Managed Solutions - Solar (formerly SRECTrade) SREC brokers and trading platform for residential and commercial solar renewable energy certificates, serving 120,000+ customers including solar installers and homeowners.
• Xpansiv Managed Solutions - Clean Transportation (formerly SRECTrade) Clean fuel credits platform for EV charging, fleets, and LCFS credits, enabling EV charging networks, fleet operators, and commercial properties to generate income from clean transportation infrastructure.
• Evolution Markets Brokerage, structured transaction, and consulting services for energy and environmental commodities, providing expert market access for futures contracts and OTC transactions.
• OTX Platform and market access for fuel-related commodities.
• Xpansiv Data Market data product providing consolidated renewable energy data for REC market and reference data, supporting trading and analytics workflows.
• Digital Fuels Registry Registry for clean fuel credits supporting the tracking and management of renewable fuel and clean transportation credits.

Quantifiable outcome

• 300 GW of global REC registry capacity
• +3 more outcomes

Named customers12 records

Segments10 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Four partnerships are on record, tiered core.

• New York StatecoreGTM or Marketing PartnerNew York State selected Xpansiv to power its Greenhouse Gas Emissions Reporting Platform, a significant government partnership for emissions tracking.
• KRX (Korea Exchange)coreStrategic or Co-development PartnerXpansiv and KRX collaborating on Korean Carbon Credit Market Launch, co-developing carbon market infrastructure.
• I-TRACK FoundationcoreTechnology or IntegrationI-TRACK Foundation's I-REC(E) system expanded across more than 60 countries, built on Xpansiv/Evident registry infrastructure covering 300 GW capacity.
• Xpansiv / EvidentcoreOthersXpansiv announced acquisition of Evident to create clean energy registry platform covering over 300 GW of capacity, consolidating registry infrastructure.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Intercontinental Exchange (ICE): ICE operates large-scale environmental commodity futures and clearing infrastructure (including ICE Futures Europe for carbon allowances) and competes directly with Xpansiv's spot exchanges and registry-adjacent services across global energy and carbon markets.
• Nasdaq: Nasdaq operates broader capital-markets and exchange infrastructure and has been expanding into ESG and carbon markets, making it a broad incumbent whose environmental commodity ambitions could overlap with Xpansiv's exchange and data businesses.

Direct peers

• CME Group: CME is both a strategic partner and a competitor to Xpansiv, offering environmental and REC futures contracts and futures clearing infrastructure that overlap with Xpansiv's CBL and other exchange offerings for RECs and carbon credits.
• Verra: Verra operates the world's largest voluntary carbon credit standard and registry (VCS), directly competing with Xpansiv's TIGR and Evident I-REC registries for issuance, tracking, and retirement of environmental credits.
• Gold Standard: Gold Standard is a leading voluntary carbon and renewable energy credit standard with its own registry infrastructure, competing with Xpansiv's registry products for project issuance and corporate retirement volumes.
• Climate Impact X (CIX): CIX is a Singapore-based carbon exchange backed by major financial institutions that trades high-quality voluntary carbon credits, directly competing with Xpansiv's CBL and ACE exchanges for spot carbon liquidity in Asia-Pacific.
• AirCarbon Exchange (ACX): ACX operates a global exchange for carbon credits and renewable energy certificates, competing with Xpansiv's CBL for spot environmental commodity liquidity across geographies.
• South Pole Group: South Pole is a major carbon project developer and broker that uses Xpansiv and competing registries for issuance and retirement, representing both a partner/customer dynamic and a competing channel for carbon credit origination.

Emerging players

• Persefoni: Persefoni is a leading carbon accounting and management platform that sits adjacent to Xpansiv's Xpansiv Data and registry offerings, competing for corporate sustainability budgets focused on emissions measurement and reporting.
• Watershed: Watershed is an enterprise carbon accounting platform that competes with Persefoni and intersects with Xpansiv Data's customer base of corporate sustainability teams needing to measure and report emissions tied to REC and carbon credit purchases.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/APXRenewables
• LinkedInlinkedin.com/company/232864

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about APX