REDWOOD CITY, Calif.--(BUSINESS WIRE)--Pricelock, a leader in online energy auctions, announced today that it has projected auctions for over $1 Billion of energy products including natural gas, distillates, coal, and railcar leases for the first quarter of 2013.
“We are pleased to see the physical energy markets increasingly transacting on Pricelock. In a short time we have seen some of the largest buyers across all geographies of the U.S. leverage us to improve their buying process. Transparency, efficiency, and competition benefit even the biggest buyers and sellers,” said Naveen Agarwal, Chief Executive Officer.
Pricelock’s business growth is driven by its multi-commodity platform; engaging new customers and allowing existing customers to expand their usage across different parts of their business. Key customer segments leveraging Pricelock’s service include power generators, utilities, refiners, transportation companies, investment banks, marketers, large industrial enterprises and commercial entities.
“We started with the vision that the process of buying physical energy is nontrivial and Pricelock can help make that process more efficient for all parties involved. With the help of our buyers and sellers, we have become the de facto standard when it comes to transacting physical products. We are proud of the strong response we have seen from market participants who have embraced change and new technology to improve their processes,” said Agarwal. “We have over 300 suppliers and are looking at new ways to provide even more liquidity across physical and financial energy products.”
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.