Australia’s loss is Blackstone’s $2b carbon market gain

Blackstone Energy Partners, the private-equity energy investment arm of Blackstone, stepped in whenXpansiv’s chief commercial officer, Ben Stuart, says funds supplied by Blackstone will be used to complete the acquisition of carbon registry APX.says the Blackstone investment is via a term loan that converts into equity at a “post-money” valuation of $US1.2 billion. This suggests Blackstone will own about a third of the company.

As markets have tanked, the public market capital has dried up and private equity has gained a strategic edge because of its lack of exposure to short-term volatility.The start-up’s founders – Ben Stuart, Joe Madden and Nathan Rockcliff – were clearly in favour of using an IPO to fund strategic expansion, including the $US300 million cash purchase of carbon registry APX.

Stuart, who is chief commercial officer, says the turnover in carbon offsets on its platform in the first quarter was about 47 million tonnes compared with a total of 121 million tonnes for the whole of 2021.

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