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BlackRock Backing a New Type of Energy Exchange

November 27, 2023
x min read

A Canadian public company is building a new type of futures exchange for the energy transition. And now BlackRock is getting behind it.

What’s happening:

  • The world’s largest asset manager BlackRock has backed Toronto based Abaxx Technologies (CBOE:ABXX) in a new $30.7M CAD financing round
  • The new funding will go towards accelerating their Singapore based futures market for energy transition metals and commodities

The big idea:

  • Abaxx is aiming to build a new type of futures exchange and clearing house that can provide price certainty around certain metals and commodities that are critical to the global energy transition
  • From nickel futures to carbon offsets, Abaxx is hoping to usher in a new era of institutional access around decarbonization and build a completely new trading ecosystem that leverages purpose built technology and data transparency

Going deeper:

  • Abaxx has a number of notable backers, including legendary mining financier and entrepreneur Robert Friedland
  • Abaxx is also a founding shareholder of Base Carbon (CBOE:BCBN) who provides financing to carbon credit project developers
  • Joining BlackRock in the latest financing round included Canadian asset manager Canoe Financial and Toronto based hedge fund K2 Associates

The intrigue:

  • Jeff Currie, who was the former Global Head of Commodities Research at Goldman Sachs, recently joined Abaxx to help build out their new futures market in Singapore

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