Xpansiv CBL Holding Group (XCHG) today announced the closing of an additional $25M in strategic funding from investors BP Ventures (BP), Oxy Low Carbon Ventures, LLC (OLCV), a subsidiary of Occidental, and Macquarie Group Limited (Macquarie).
XCHG’s platform integrates a global, spot commodity marketplace with a common system of record for commodity data. As a result, buyers and sellers can transact an infinite array of data-driven, ESG-inclusive commodity products in an intuitive environment.
“The expansion of our strategic investor base substantiates the timeliness of our platform, as digitization and external drivers like decarbonization converge in global markets,” said XCHG CEO Joe Madden. “Sector leaders recognize that Intelligent Commodities™ are where markets are headed; as a result, they’re contributing capital and expertise to build the bridge that gets us there.”
“Macquarie is actively engaged in a number of aspects of energy transition, including decarbonization of power, climate adaptation and mitigation, and the evolution of commodities markets to reflect the needs and realities of this new era,” said Scobie Mackay, a Managing Director in Macquarie’s Commodities and Global Markets Group. “We believe that XCHG will be a key enabler for our carbon offset financing and trading business and our build-out of climate-adapted commodities markets activities.”
The addition of OLCV to the XCHG investment group represents progress toward a carbon-neutral future. “Through our carbon-management projects and services, we are working to help create and lead a growing low-carbon economy,” said OLCV President Richard Jackson. “We’re excited about how XCHG can help advance our low-carbon solutions and products to a broader marketplace.”
“I’m extremely pleased with the investment by our new strategic partners, as it only reinforces their support of the XCHG platform,” said Executive Chairman Will Stewart. “The additional capital provides us with the resources to execute our 2020 operating plans, and extend our lead in defining the future of commodities in a data-rich, resource-constrained world.”
BP’s continued investment in XCHG is part of its drive to lead the low-carbon transition. “BP Ventures is focused on supporting BP’s efforts toward digitization and de-carbonization,” said David Hayes, Chief Investment Officer of BP Ventures. “XCHG provides a platform to monetize carbon efficiency and other ESG factors across multiple sectors, including our core operations and investments in sustainable aviation fuels (SAF), low-greenhouse-gas cement, and low-impact protein from natural gas.”
The announcement comes amidst a series of announcements from XCHG, heralding the arrival of new asset classes of tradable digital products that provide proof of superior environmental provenance, including low-GHG cement and energy products valued according to methane emissions and water utilization.
“The XCHG platform powers the Digital Commodity Ecosystem™ where risk is transformed from a liability into an asset,” Madden said. “Resource constraints mean that scarcity has replaced abundance in the global resource ledger. Leaders who manage to this new reality will likely prosper, and those who don’t are exposed to accelerating risk factors.”
Xpansiv CBL Holding Group (XCHG) is the world’s first commodity exchange built for a new asset class: data. We bring transparency to the market by recording real-world characteristics in an immutable profile, empowering informed decision-making and commodity differentiation. As a result, commodities can be valued based on vital information that was invisible—until now. XCHG.net
About Oxy Low Carbon Ventures
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental, an international oil and gas exploration and production company with operations in the United States, Middle East, and Latin America. OLCV is focused on advancing leading-edge, low-carbon technologies and business solutions that enhance its business while reducing emissions. OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon-capture projects globally. Oxy.com
About Macquarie Group
Macquarie Group Limited is a diversified financial group providing clients with asset management and finance, banking, advisory, and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie employs more than 15,700 people globally. Macquarie’s assets under management at 30 September 2019 were $380.2 billion. Macquarie.com
About BP Ventures
BP Ventures was set up more than 10 years ago to identify and invest in private, high-growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. Since then, BP has invested over $500 million in technology companies across more than 50 entities with more than 300 co-investors. BP.com