Pricelock Expands Management Team With Key New Hire

As Director of Supplier Network, Keith Richardson Will Help Expand Marketplace, Pricelock’s Energy Auction Platform

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Pricelock, the online leader in energy solutions for U.S. businesses, announced that Keith Richardson has joined the firm as Director of Supplier Network. Leveraging over two decades of proven success in the energy industry, Richardson will be responsible for developing supplier relationships for Marketplace, Pricelock’s customized, online energy-auction platform that allows companies to conduct fast-paced, real-time auctions for natural gas and motor fuels (www.pricelock.com/marketplace).

“I am excited to be part of this dynamic company and am looking forward to building out this innovative energy platform that has started to transform how energy is bought and sold today”

“One of our strengths as a company is our management team and we have always prided ourselves in hiring the best people with a high level of experience and expertise in the industries we serve,” said Naveen Agarwal, CEO of Pricelock. “Keith’s exceptional track record of building supplier and business partnerships and his keen understanding of the energy markets will be instrumental as we expand Pricelock Marketplace.”

Pricelock Marketplace is designed to handle the specialized energy needs of utilities, electricity generators, government, commercial and industrial, and other large buyers. These needs include large volumes, complex delivery requirements, and custom terms and conditions. Pricelock Marketplace’s platform is customized to support the unique features of each commodity, including fixed and index pricing as well as peak and weather contingent options.

“I am excited to be part of this dynamic company and am looking forward to building out this innovative energy platform that has started to transform how energy is bought and sold today,” said Richardson.

Prior to joining Pricelock, Richardson was Global Business Development Manager at Chemoil Energy Ltd. (OTC:CLRGF), which included management of the Company’s Risk Management Platform for energy hedging instruments. Previous assignments included International Energy trading and Managing Director of Chemoil Latin America in Panama City, Panama. Earlier in his career, Richardson spent twelve years at Chevron Corporation (NYSE:CVX) where he held a variety of management positions.

About Pricelock

Pricelock, headquartered in Redwood City, CA, offers online fuel and energy solutions to businesses of all sizes. Pricelock’s Fuel Price Protection plans empower small and medium businesses to control fuel costs in ways that were previously only available to large fuel buyers. Pricelock Marketplace is the first customized, online energy-auction platform that allows utilities, electricity generators, government and large commercial and industrial companies to buy and sell both natural gas and motor fuels. Miles Ahead is Pricelock’s discount gasoline incentive plan, an innovative employee benefit program that helps U.S. businesses reduce their employee’s daily driving costs. Pricelock has been awarded the 2010 Rising Star Award of Excellence by Platts Global Energy Awards and the 2010 Risk Innovator ™ Award by Risk & Insurance. A full suite of Pricelock’s solutions can be found at www.pricelock.com.