Hitachi ABB Power Grids has signed a definitive agreement to acquire US-based Pioneer Solutions LLC, a provider of front-to-back-office Commodities/Energy Trading and Risk Management (C/ETRM) solutions, headquartered in Denver, Colorado. 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.
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.
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 has 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. 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 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.