Gilbert + Tobin has advised the shareholders of Formbay on the proposed sale of the business to Xpansiv, a global energy transition infrastructure provider.
Formbay operates one of Australia’s leading electrification and AI-enabled compliance platforms for renewable energy certificates. Retailers, installers and other market participants use the platform to verify installations and manage compliance and payments across solar, batteries and energy efficiency programs. Its systems support about one-quarter of the country’s Small-scale Technology Certificates (STCs), creating almost 100,000 certificates per day or more than 25 million per year and driving more than $1 billion in certificate transactions in 2025. The company works with nearly 30,000 registered retailers and installers, handling one in three home solar installations nationally.
The acquisition will further broaden Xpansiv’s strong and growing position in global electricity markets. Around 4% of total global electricity generation and 7% of renewable energy generation are managed through the Xpansiv platform, and about 28% of renewable energy certificates issued globally in 2025 are on its registry network.
Partner Adam Laura said:
Adam LauraFormbay has built a cutting-edge platform at the heart of Australia’s renewable energy certificate market, supporting one in three home solar installations nationally and driving more than $1 billion in certificate transactions each year. Xpansiv is the right partner to take the business forward, combining its global energy transition infrastructure with Formbay’s deep expertise in the Australian market. This transaction reflects growing international interest in the technology and innovation powering Australia’s energy transition.
The G+T team was led by Corporate Advisory Partner Adam Laura, with support from Sam Lee. The Tax team was led by Partners Julian Cheng and Hanh Chau, with support from Sophie Jiang and Banking and Projects Partner Ilona Millar.
