Pricelock Celebrates $1 Billion in Energy Auctions
Pricelock, a leader in online energy auctions, announced today that it has held successful auctions for over $1 Billion of energy and energy related products including natural gas, power, distillates, coal, natural gas storage and railcar leases.
“We want to thank our buyers and sellers for this success. We have seen our suppliers win big volumes and are pleased that we can provide another liquidity point for them. Our buyers trust us for efficiency and transparency and in a short time have embraced our online platform,” said Naveen Agarwal, Chief Executive Officer. “We will continue to innovate and are looking at new ways to provide even more liquidity across physical and financial energy products. Energy markets are complex and traditional exchanges are not always suitable for the needs of buyers and sellers. Pricelock is happy to bridge that gap,” Agarwal added.
Key players from power generators, utilities, refiners, transportation companies, investment banks, marketers and large industrial and commercial enterprises have participated on the Marketplace platform. “Our focus has been on making energy transactions as easy and efficient as possible by leveraging technology to provide added liquidity to the market,” explains Agarwal. “This is a concept that both buyers and sellers embrace regardless of industry.”
Pricelock Marketplace offers buyers and sellers the definitive online platform for circulating requests and RFPs, gathering bids, holding online auctions and analyzing results. Counterparty bids and offers are automatically ranked so the party hosting the auction can quickly analyze award the business based on any relevant cost factors. By automating processes, Pricelock Marketplace is able to create an efficient and liquid market for all participants.
Pricelock's online energy transaction platform provides large energy buyers and sellers an easy and efficient way to transact energy and energy-related products. The platform supports transactions for power, natural gas, natural gas storage, distillates, jet fuel, coal and railcar leases. The largest refiners, utilities, power generators, investment banks, marketers, transportation, industrial and commercial firms participate on the platform. Pricelock's mission is to innovate and provide liquidity for products that cannot be traded on an exchange.
Pricelock is headquartered in Silicon Valley and is the recipient of several awards including Forbes list of America's Most Promising Companies, Global Energy Award of Excellence by Platts, and Hottest Companies in Silicon Valley by Lead 411. Pricelock's investors include Goldman Sachs, Barclays, Traveler's Insurance, RenaissanceRe, and Artiman Ventures. To learn more about Pricelock please visit www.pricelock.com.
Liat Rorer, Vice President