|By Business Wire||
|March 14, 2014 06:54 AM EDT||
Pricelock, the most innovative platform for energy professionals to transact, network, recruit and search for jobs, announced that it had successfully completed an auction for over 150 BCF of baseload natural gas with a notional value in excess of $677 million. Ten suppliers, including some of the largest producers, investment banks and marketing companies, participated in the auction. The entire auction process took less than two hours.
“Large numbers lead to more competition and higher savings,” said Naveen Agarwal, Chief Executive Officer of Pricelock. “We are quickly becoming the de facto purchasing standard for energy companies and the entire industry is watching. We are very thankful to the buyers and suppliers who have embraced our solution and have already transacted billions of dollars of energy across a range of products including liquid fuels, coal, power and railcars. Our goal is to create liquidity, transparency, and competition for all energy products.”
Pricelock’s auction platform supports forward and reverse auctions of energy and energy services of all types including natural gas, power, coal, liquid fuels, transportation, capacity and storage. Pricelock’s supplier list contains almost 400 suppliers ranging from the largest producers to smaller specialized firms. In addition to creating an efficient, competitive market for physical energy products, Pricelock is able to greatly increase the efficiency of the buying process.
Pricelock allows energy professionals to transact energy products online, connect with other professionals based on their interest in buying and selling specific types of energy, and to recruit talent and find jobs. The platform supports transactions for all energy products and services including motor and jet fuels, physical natural gas, storage and capacity, power generation and capacity, railcar leases and coal. The largest utilities, power cooperatives, power generators, investment banks, refiners, producers, marketers, transportation, industrial and commercial firms participate on the platform. Pricelock’s mission is to provide liquidity for energy products not traded on an exchange.
Pricelock is headquartered in Silicon Valley and the recipient of several awards including Forbes list of America’s Most Promising Companies, Global Energy Award of Excellence by Platts and TiE50 Top Start-Up. Pricelock’s investors include Goldman Sachs, Barclays, Traveler’s Insurance, RenaissanceRe and Artiman Ventures. To learn more about Pricelock please visit www.pricelock.com.