REDWOOD CITY, Calif.--(BUSINESS WIRE)--Continuing its momentum to transform the way energy is bought and sold by major companies around the world, Pricelock Marketplace today announced it has launched the first online auction platform for coal. The platform simplifies and speeds up the complex, start-to-finish transaction process of buying and selling coal and creates an efficient and liquid market.
Since last year, Pricelock Marketplace has enabled global companies to transact fast-paced, real-time auctions for natural gas and liquid fuels such as gasoline, diesel, bio-diesel, jet fuel and marine diesel. With the addition of coal, Pricelock Marketplace continues to enlarge its commodity choices for major energy buyers such as power generators, steel manufactures and other industrials.
“By working with both buyers and sellers, Pricelock has created an online coal auction solution that not only addresses the complexities of the coal specifications but brings time and cost savings to all,” Naveen Agarwal, CEO of Pricelock, the leader in online energy auctions for global businesses (www.pricelock.com/main/products/coal). Pricelock Marketplace imbeds the costs of the coal factors and transportation directly into the auction, allowing the buyer to compare the true real-time cost of offers and eliminating days of tedious data entry and analysis.
“This approach helps both coal buyers and sellers,” said Agarwal. “With Marketplace, coal producers and marketers can see for the first time how their offers compare with others allowing them to compete more effectively,” he explained. “As power generators and others have changed their operations to comply with new regulatory standards, they now have buying options they never had before. Marketplace helps bring buyers and suppliers together on a platform where they can easily analyze new options.”
Marketplace allows buyers and sellers to create highly customized auctions, selecting real-time or sealed bid formats, defining their specifications and locations, circulating the RFP and analyzing the offers, and enabling flexible awards. By bringing this process online, Marketplace creates money saving efficiencies for everyone involved. In addition, the international capabilities allow companies to consolidate their global energy purchases – coal, natural gas and liquid fuel – onto one auction platform.
About Pricelock
Pricelock, headquartered in Silicon Valley, leverages breakthrough technology to offer major energy buyers and sellers the most powerful and easy-to-use online energy auction platform. The company serves some of the largest power generators, utilities, commercial buyers, railroads, and airlines in North America. Its solutions are designed in close collaboration with leading industry buyers and sellers of gasoline, diesel, jet fuel, natural gas, storage, pipeline capacity, power and coal to offer customers the ability to understand, control, and reduce energy costs in innovative ways.
Pricelock is proud to have been recognized on the Forbes list of America’s Most Promising Companies, awarded the Global Energy Award of Excellence by Platts, and named one of the Hottest Companies in Silicon Valley by Lead 411. Pricelock’s investors include Artiman Ventures, Barclays, Goldman Sachs, RenaissanceRe and Traveler’s Insurance. To learn more about Pricelock please visit www.pricelock.com.