Hitachi ABB Power Grids Acquires Pioneer Solutions and Strengthens Energy Portfolio Management
Acquisition will expand Energy Market Operations offering and empower energy market participants with leading digital capabilities to navigate the evolving regulatory environment and renewable energy goals.
DUBAI – October 21, 2020: Hitachi ABB Power Grids has signed a definitive agreement to acquire US-based Pioneer Solutions, a provider of industry-leading front-to-back-office Commodities/Energy Trading and Risk Management (C/ETRM) solutions, headquartered in Denver, Colorado, USA. This expansion will give the business the most comprehensive offering in the market. The acquisition is expected to close in the fourth quarter of 2020.
Pioneer Solutions has been recognized as an industry leader, being named in the top five of Energy Risk’s Software Survey & Rankings for the past seven years. The company was also ranked as the best cloud-based C/ETRM and as the number one in customer service and support by Energy CIO Insights for 2019.
Claudio Facchin, CEO of Hitachi ABB Power Grids, said, “The addition of Pioneer Solutions, an industry recognized leader in Commodities/Energy Trading and Risk Management, will position us as the partner of choice for customers looking to support a sustainable energy future while managing market risks.”
As a result of this agreement, Hitachi ABB Power Grids will expand its existing Energy Portfolio Management offering to create new value for energy market participants who trade, hedge risk and track emission and renewable energy credits for electricity and other commodities.
Massimo Danieli, managing director of Hitachi ABB Power Grids’ grid automation business unit, said, “C/ETRM systems continue to be critical tools for global energy merchants and traders in western markets, and will be of increasing importance in Asian markets, especially Japan, China and many other rapidly developing economies.” He continued, “This comprehensive solution will help them to more effectively address the rapidly changing commodity markets around the world.”
Uday Baral, president, Pioneer Solutions LC, said, “We are excited to become a part of global technology leader, Hitachi ABB Power Grids. This acquisition positions Pioneer Solutions LLC to continue to provide our uncompromised level of service to our existing customers and expand our reach into new regions and segments.”
The foundation for Pioneer Solutions’ software is its Financial and Regulatory Risk Management (FARRMS) technology platform that offers customers increased flexibility, lower cost of ownership and faster time-to-value. Based on leading digital architecture, FARRMS forms a complete C/ETRM solution that can be deployed both on premises, at the customer site, or hosted in the cloud and delivered over the internet via a Software-as-a-Service (SaaS) model.
Home >> Energy and Industry Section
Hotel Indigo Redefines Art Experience with Launch of Keerthana's First Supper
Roghani, Golestan claim Padel crown at 11th Nad Al Sheba Sports Tournament
ADNOC Distribution Shareholders Approve New Five-Year Dividend Policy As Company ...
flydubai adds two destinations in the Kingdom of Saudi Arabia
Media Statement on the occasion of Zayed Humanitarian Day: Humaid Al Dhaheri, Ma ...
Snap, Savour and Win: Dubai Food Festival and Gulf Photo Plus Launch Photograph ...
Greenpeace MENA Reveals North Africa's Polluters- Time for Urgent Action!
Hotpack Global MD emerges Founding VC of Paper and Tissue Business Group at Duba ...
Dubai Shopping Malls Group Set To Delight Shoppers With New ‘Shop. Scan & Win' E ...
Power to progress: Kia K4 next-generation compact sedan sets new design standard ...
Etihad Rail signs agreement for waste management services with BEEAH Group
Rowland Seeks To Extend Nissan's Podium Streak In Front Of Sell-Out Home Crowd A ...
Union Coop joins forces with Emirates Skywards
Identity and Dubai Police in Wheelchair Basketball final at Nad Al Sheba Sports ...
Abu Dhabi Chamber and UAE International Investors Council Sign Collaboration Agr ...
Al Haramain Group shares its business growth by hosting UAE's largest Iftar for ...
5th Ramadan Heroes supports 224,000+ beneficiaries in two weeks
Call for Entries for Milestone Tenth Edition of Van Cleef & Arpels Middle East E ...
Emirates Adds Saf On Flights From Amsterdam Schiphol Airport
Formula E Races Into Asphalt 9: Legends With Time-Limited Events Ahead Of Tokyo ...