Dubai PR Network, Online Press Release from Dubai and Middle East
 
(Energy and Industry)
Filter PR by
  
Hitachi ABB Power Grids Acquires Pioneer Solutions and Strengthens Energy Portfolio Management
 
Hitachi ABB Power Grids Acquires Pioneer Solutions and Strengthens Energy Portfolio Management

Acquisition will expand Energy Market Operations offering and empower energy market participants with leading digital capabilities to navigate the evolving regulatory environment and renewable energy goals. 

DUBAI – October 21, 2020: Hitachi ABB Power Grids has signed a definitive agreement to acquire US-based Pioneer Solutions, a provider of industry-leading front-to-back-office Commodities/Energy Trading and Risk Management (C/ETRM) solutions, headquartered in Denver, Colorado, USA. This expansion will give the business the most comprehensive offering in the market. The acquisition is expected to close in the fourth quarter of 2020. 

Pioneer Solutions 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, 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.” 

As a result of this agreement, Hitachi ABB Power Grids will expand its existing Energy Portfolio Management offering to create new value 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.” He continued, “This comprehensive solution will help them to more effectively address the rapidly changing commodity markets around the world.”

Uday Baral, president, Pioneer Solutions LC, said, “We are excited to become a part of global technology leader, Hitachi ABB Power Grids. This acquisition positions Pioneer Solutions LLC to continue to provide our uncompromised level of service to our existing customers and expand our reach into new regions and segments.”

The foundation for Pioneer Solutions’ software is its Financial and Regulatory Risk Management (FARRMS) technology platform that offers customers increased flexibility, lower cost of ownership and faster time-to-value. Based on leading digital architecture, FARRMS forms a complete C/ETRM solution that can be deployed both on premises, at the customer site, or hosted in the cloud and delivered over the internet via a Software-as-a-Service (SaaS) model.


Posted by : Dubai PR Network Editorial Team
Viewed 9424 times
PR Category : Energy and Industry
Posted on : Wednesday, October 21, 2020  2:23:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Trina Solar's Vertex 600W+ Series Modules Obtained the Indus...
Next Story : HVAC Trends That Are Reshaping the Industry
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
More Than Half of UAE Residents Affected by Heart Disease [12763-Views]
Ministry of Health marks World Patient Safety Day 2021 [12599-Views]
Major Saudi Aerospace Players to take part at Dubai Airshow 2021 [12484-Views]
Ogilvy Names Ben Messiaen Chief Client Officer for EMEA [6736-Views]
Louis Moinet Moon Race - A Journey through Space [4694-Views]
Etihad Stuns Visitors to Mall of the Emirates With 50% Flight Discounts [3792-Views]
UAE Residents, Visitors and Saudi Citizens Come Together to Celebrate 91st KSA National Da... [3633-Views]
Gastech 2021 Exhibition and Conference Opens as Global Energy Industry Gathers to Set [3268-Views]
Oris Big Crown ProPilot Rega Fleet Limited Edition [3177-Views]
SEHA Integrates UAE Pass With Its Mobile App and Patient Portal [3079-Views]
2021 Green Good DesignTM Award [3018-Views]
Sharjah International Award for Refugee Advocacy and Support Calls for Nominations for 202... [2886-Views]
Fall in Love with THAT Concept Store's Fall-Winter Collection [2825-Views]
Majid Al Futtaim to Hire 3000 Emiratis In response to “NAFIS” [2788-Views]
Gulf Youth Sport Expo to Bring Together Leading Industry Experts for Discussions and Netwo... [2767-Views]
Jaguar Land Rover to Provide Fleet of All Electric Vehicles for World Leaders at Cop26 [2751-Views]
Peter Rabbit Adventure Zone Hops into Global Village [2677-Views]
Hyundai Motor Presents Carbon Neutral Commitment at IAA Mobility 2021 [2558-Views]
Guinness World Records 2022 Discover Your World [2522-Views]
Hirschi Takes Win and Race Lead in Luxembourg [2415-Views]
Abu Dhabi University holds Virtual Graduation Ceremony for 2021 Cohort [2345-Views]
Combat Dull Skin & Glow From Within! [2333-Views]
Guinness World Records Verifies Oldest Identical Twins Ever [2222-Views]
Hitachi ABB Power Grids to Supply Step-up Transformers for World's Largest Single-site Sol... [2136-Views]
Dubai Municipality Wins 10 Categories of International Stevie Awards [2132-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories