Hitachi ABB Power Grids has signed a definitive agreement to acquire Pioneer Solutions LLC, a provider headquartered in Denver, Colorado, USA of front-to-back-office commodities/energy trading and risk management (C/ETRM) solutions. The acquisition is expected to close in the fourth quarter of 2020.
Pioneer Solutions LLC has been recognised as an industry leader, being named in the top five of Energy Risk’s Software Survey & Rankings for the past seven years.
Claudio Facchin, CEO of Hitachi ABB Power Grids, said, “The addition of Pioneer Solutions LLC, … 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 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.”
The foundation for Pioneer Solutions’ software is its financial and regulatory risk management (FARRMS) technology platform that is said to offer customers increased flexibility and lower cost of ownership. Its FARRMS solution can be deployed at the customer site, or hosted in the cloud and delivered over the internet via a ‘software-as-a-service’ (SaaS) model.
