Mentioned:
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
