Hitachi ABB Power Grids, a global technology company and provider of industry-leading front-to-back-office Commodities/Energy Trading and Risk Management (C/ETRM) solutions, Pioneer Solutions LLC have signed a definitive acquisition agreement. The acquisition is expected to close in the fourth quarter of 2020.
With this agreement, Hitachi ABB Power Grids will expand its existing Energy Portfolio Management and will be the most comprehensive offering in the market.
Pioneer Solutions LLC 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 LLC, 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.”
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.”
Source & Image: Hitachi ABB | www.hitachiabb-powergrids.com
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