Date: October 3, 2024
Xpansiv Acquires PineSpire’s LCFS and REC BusinessesAcquisition includes key staff, commercial accounts, technology, and Intellectual Property
NEW YORK, LONDON, SYDNEY — October 3, 2024 — Xpansiv, the leading market infrastructure provider for the global energy transition, today announced its acquisition of certain assets of PineSpire, a provider of revenue management services participating in California, Washington, Oregon, and Canada’s low-carbon fuels programs. The acquisition marks the latest step in Xpansiv’s strategy to merge operators of these programs to reduce market fragmentation and provide the benefits of scale to our customers.
“Xpansiv and PineSpire share a common vision, and we are eager to leverage the capabilities of both organizations to deliver optimal customer outcomes,” said Janet Mihalyfi, President, Managed Solutions, Xpansiv. “PineSpire’s management team has a proven record of excellence and innovation, which will enable us to expand our leading presence in low carbon fuels and RECs.”
The transaction will bring key members of PineSpire’s team to Xpansiv, including co-founders Patrick Dawson and Ryan Huggins.
“We are excited to join Xpansiv, the preeminent operator in our business, which will enable us to continue to provide world-class service and technology to our hundreds of clients in California, Washington, Oregon, and Canada,” said Patrick Dawson.
PineSpire’s staff and clients will be integrated with Xpansiv’s Managed Solutions business. Xpansiv Managed Solutions is the largest, independent technology platform for managing and selling solar and renewable energy and clean transportation credits in North America. In February, the Managed Solutions business surpassed 100,000 customers with a total of 1.5GW of renewable energy capability. Last month, the unit eclipsed the $1 billion total customer payout milestone since its establishment a decade ago.
“We believe consolidation is the right strategy for the solar REC and LCFS markets at this pivotal point in their development,” said Mihalyfi. “Enabling smaller operators to attain greater scale will be essential to accelerate the global energy transition.”