Evident

What Evident does

Evident is a UK-headquartered clean-economy certification and registry operator, incorporated as Evident Group Limited in Sheffield and founded in 2005 (with one source listing 2014). The company operates the I-REC(E) standard for electricity, the MiQ methane-intensity standard for natural gas, Hydrogen certificates, Fly-i for sustainable aviation fuel, C-Capsule carbon removal units, and the I-TRACK(G) system for biogas and biomethane. At the core of the technology is the Evident Registries virtual ledger, which uniquely tracks each certificate through issuance, trading, and retirement to prevent double-counting, complemented by a double-layer verification model that combines human audits from 29 accredited Issuers with platform-side checks.

Evident's business model is a hybrid of transaction-based certificate issuance fees and recurring Participant/Registrant account maintenance fees (documented in its FN-01 I-REC(E) Fee Structure 2026), supplemented by advisory services to governments and professional services revenue from the MiQ registry operator role. Its go-to-market runs through a 29-Issuer channel network across 70 regions, with direct advisory engagement to governments and standards bodies. The company served 435 Participants across 51 countries and 4,000+ participating companies in the combined Xpansiv-Evident network, with I-REC(E) issuance volume reaching 300+ million through September 2025 and one billion cumulative I-REC(E)s issued as of September 2025.

Following Xpansiv Limited's 100% acquisition on November 3, 2025 (preceded by a January 2024 minority investment), Evident continues to operate as an Accredited Code Manager under the I-TRACK Foundation's International Attribute Tracking Standard, retaining CEO and Co-Founder Ed Everson. The combined entity claims over 300 GW of registered capacity, operations in more than 60 countries, and over 95% market share of voluntary renewable energy certificates issued outside Europe and North America, while maintaining a presence in Sheffield, New York, and Sydney.

Name

Evident

Legal name

Evident Group Limited

Website

https://evident.global

Company type

Private

Founded year

2005

Operating status

Acquired

Headcount range

11–50 employees

Short description

Evident Group Limited is a Sheffield-headquartered clean-economy certification and registry operator that issues I-REC(E) electricity, MiQ methane, hydrogen, sustainable aviation fuel (Fly-i), carbon removal (C-Capsule), and biogas (I-TRACK(G)) certificates through a global Issuer network spanning 60+ countries.

Ownership category

akta.pro rank

Product category

Environmental Attribute Certification

akta.pro primary industry

REC/GO Issuance Registries & Tracking Systems (EUAMAKAA)

akta.pro secondary industries

Certificate Registry & Transfer Operations (Account Mgmt, Transfers, Retirement) (EUAGAFAH), REC/GO Certification, Verification & Auditing (EAC Standards) (EUAMAKAB), Carbon Registry & Issuance Services (Registries, Serialisation, Retirement) (EUAGAIAI)

Keywords

• Renewable energy certificates
• Clean energy certification
• Environmental attribute registry
• Carbon credit certification
• Energy attribute tracking

Headquarters

HQ city

Sheffield

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Certificate Issuance Fees: Revenue generated from issuing I-REC(E) certificates to production facility owners. More than 300 million I-REC(E)s issued through September 2025, up from 290 million in full year 2024.
2. Participant and Registrant Fees: Fees charged for registration and account maintenance for Participants (traders and market players) and Registrants (production facility owners). Fee structure documented in I-REC(E) Fee Structure 2026.
3. MiQ Certification Services: Revenue from partnership with MiQ for methane intensity certification of natural gas. Evident serves as Registry Operator for MiQ Certificates.
4. Advisory Services: Expert advisory services to governments and organisations for implementing environmental certification standards and creating compliance markets.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Evident operates global certification registries for renewable energy and clean assets, issuing attribute certificates including I-REC(E) for renewable electricity, MiQ for low-methane natural gas, C-Capsule for carbon removal, Hydrogen certificates for clean hydrogen, Fly-i for sustainable aviation fuel, and I-TRACK(G) for biogas and biomethane. Underpinning these products is a virtual-ledger Registries platform with API connectivity and a separate Advisory Services practice supporting issuers, buyers, and policymakers on compliance and claims.

Product overview

Evident offers a unified platform for certifying the global Clean Economy, combining six core certificate products with a registries platform and advisory services. The core products are: I-REC(E) for electricity from renewable sources, MiQ for independently certified natural gas, C-Capsule for carbon removal units, Hydrogen certificates, Fly-i for sustainable aviation fuel, and I-TRACK(G) for biogas and biomethane. These are supported by the Evident Registries platform—a secure virtual ledger serving customers in over 140 countries—along with certification services, advisory offerings, and a global network of Issuers who perform human audits on all data. The platform is accessible via APIs that enable integration with customer back-office systems and supports an ecosystem of technology partners.

Differentiator

Problem solved

Functional benefit

Brands

• I-REC(E): International Renewable Energy Certificate for electricity - certifies the generation of electricity from sources including hydroelectric, geothermal, wind, and solar.
• MiQ
• C-Capsule
• Hydrogen Certificates
• Fly-i
• I-TRACK(G)

Products and services

• I-REC(E) An attribute certificate that tracks, certifies, and substantiates renewable electricity generation, used by power producers, utilities, and corporate buyers to substantiate clean-energy claims.
• MiQ Certification for low-methane natural gas, providing trusted methane-intensity data to gas producers, operators, utilities, and end buyers across the supply chain.
• C-Capsule Carbon removal certificate that issues, tracks, and retires net carbon removal units for use in corporate decarbonization reporting and voluntary carbon markets.
• Hydrogen certificates Certification of clean hydrogen attributes, supporting producers and buyers in substantiating low-carbon hydrogen claims across supply chains and end-use markets.
• Fly-i Sustainable aviation fuel (SAF) certification that tracks and substantiates environmental attributes of aviation fuel for airlines, fuel producers, and corporate travel buyers.
• I-TRACK(G) Biogas and biomethane traceability certification, providing end-to-end chain-of-custody tracking from organic waste production through to end-buyers of the renewable gas.
• Evident Registries Virtual-ledger registry platform that powers the lifecycle — issuance, transfer, retirement, and tracking — of Evident's environmental attribute certificates, with API connectivity for institutional users.
• Advisory Services Consulting and advisory services supporting governments, energy companies, and financial institutions on clean economy compliance, certification frameworks, environmental attribute claims, and ESG disclosure strategy.

Quantifiable outcome

• Over 300 GW combined global capacity
• +3 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core, minor and regional.

• XpansivcoreStrategic or Co-development Partner · 3 November 2025Xpansiv completed 100% acquisition of Evident Group in November 2025, following a minority investment announced in January 2024. The acquisition combines Evident's I-REC(E) registry with Xpansiv's NAR, TIGR, and CBL platforms, creating a world-leading clean energy registry network with over 300 GW capacity and 4,000+ participating companies.
• MiQcoreStrategic or Co-development PartnerEvident partnered with MiQ to deliver pioneering quality standard for Independently Certified Gas (ICG). Evident is the Registry Operator for MiQ Certificates, providing the data infrastructure needed to drive change on global methane emissions.
• C-CapsulecoreStrategic or Co-development PartnerEvident is one of the founding partners responsible for the design and delivery of C-Capsule, a tradeable carbon certificate framework for verified Carbon Dioxide Removal (CDR). C-Capsule provides trustworthy, universal access to the Voluntary Carbon Market.
• Roundtable on Sustainable Biomaterials (RSB)minorStrategic or Co-development PartnerEvident is a member of RSB (Roundtable on Sustainable Biomaterials), supporting the certification of sustainable aviation fuels that meet stringent standards.
• I-TRACK FoundationcoreTechnology or IntegrationEvident operates as an Accredited Code Manager under the I-TRACK Foundation's International Attribute Tracking Standard. This governance structure ensures highest levels of transparency and market integrity. Evident also partnered with I-TRACK Foundation to establish I-TRACK(G) for biogas and biomethane tracking.
• Instituto TotumcoreStrategic or Co-development PartnerInstituto Totum partnered with Evident and I-TRACK Foundation to establish Global Gas Tracking (GGT) and deliver I-TRACK(G), an internationally aligned system for tracking the environmental attributes of renewable gas.
• GCC (Green Certificate Company)coreChannel Partner/ Reseller/ DistributorGCC is the central Issuer for I-REC(E), responsible for issuing I-RECs in over 20 regions. It is designated as the Central Issuer permitted to provide services in any region where Evident Service is available, except where another Issuer has been exclusively designated.
• IRAM (Instituto Argentino de Normalización y Certificación)regionalChannel Partner/ Reseller/ DistributorIndependent, not-for-profit association with experience in ISO and standardisation processes. Serves as I-REC(E) Issuer in Argentina.
• Oakley GreenwoodregionalChannel Partner/ Reseller/ DistributorAustralian issuer specialising in gas industry, electricity sector, water & waste water services. Serves as I-REC(E) Issuer in Australia.
• Instituto TotumregionalChannel Partner/ Reseller/ DistributorBrazilian certification solutions provider. Serves as I-REC(E) Issuer in Brazil and partnered to establish Global Gas Tracking.
• ICX (Indian Energy Exchange)regionalChannel Partner/ Reseller/ DistributorWholly owned subsidiary of Indian Energy Exchange, India's leading Power Trading Exchange. Established in 2022 to provide services for Environmental Attribute Certificates.
• SCX (Santiago Climate Exchange)regionalChannel Partner/ Reseller/ DistributorPrivate organisation focused on tracking greenhouse gas emissions reductions. Serves as I-REC(E) Issuer in Chile.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• DNV: DNV is a major energy certification and standards provider (including hydrogen and renewable energy auditing) with comparable services to Evident's certification and advisory offerings — but at much larger scale and across many non-overlapping industries.
• Bureau Veritas: Bureau Veritas is a global testing, inspection and certification (TIC) giant providing third-party verification and certification services across energy and environmental categories. It is a broad incumbent that competes with Evident's double-layer verification services as part of a much larger portfolio.

Direct peers

• Green-e: Green-e is the leading North American REC quality certification program, certifying retail renewable energy products and offering a parallel 'chain-of-custody' verification model. It is structurally analogous to Evident's accreditation role in emerging markets and competes on the same sustainability-disclosure use cases.
• Puro.earth: Puro.earth operates one of the leading carbon dioxide removal (CDR) certificate registries — directly comparable to Evident's C-Capsule carbon removal unit product, serving the same net zero procurement buyers.
• Xpansiv: Xpansiv is the parent company of Evident post the November 2025 acquisition and operates overlapping REC registries including NAR, TIGR, and CBL exchange. It is the closest direct comparable — both run certificate issuance registries, trading infrastructure, and corporate sustainability offerings on a global scale.
• Gold Standard: Gold Standard is a leading voluntary carbon and clean energy certification body with comparable methodology development and verification services. It is a peer in voluntary registry standards and competes for the same corporate sustainability buyers.
• Verra: Verra administers the Verified Carbon Standard and related carbon credit registries. It overlaps with Evident on carbon attribute certification (adjacent to C-Capsule) and competes in the broader voluntary environmental attribute market.
• APX (North American Renewables Registry): APX operates the North American Renewables Registry and several regional tracking systems (M-RETS, WREGIS, NEPOOL-GATS). It is the legacy incumbent for certificate issuance and retirement infrastructure in the largest REC market globally — directly comparable to Evident's I-REC(E) registry model.

Emerging players

• South Pole Group: South Pole is a major climate consultancy and carbon credit originator with adjacent presence in voluntary REC procurement and corporate sustainability advisory — overlapping with Evident's advisory services and competing for the same corporate energy attribute buyers.

Regional players

• M-RETS (Midwest Renewable Energy Tracking System): M-RETS is a regional North American REC tracking system similar to I-REC(E) in architecture (issue, track, retire). It is directly comparable in registry mechanics but does not compete geographically with Evident given its North American focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/EvidentGlobal

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Evident