Hitachi ABB Power Grids is to acquire US-based Pioneer Solutions, a provider of front-to-back-office commodities, energy trading and risk management solutions.
The deal, which is expected to close in the fourth quarter of 2020, will expand Hitachi ABB Power Grids 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.
The foundation for Pioneer Solutions’ software is its financial and regulatory risk management (FARRMS) technology platform.
Hitachi ABB Power Grids chief executive Claudio Facchin 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.”
Hitachi ABB Power Grids managing director of grid automation business unit Massimo Danieli 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.
“This comprehensive solution will help them to more effectively address the rapidly changing commodity markets around the world.”
Pioneer Solutions president Uday Baral said: “We are excited to become a part of global technology leader, Hitachi ABB Power Grids.
“This acquisition positions Pioneer Solutions to continue to provide our uncompromised level of service to our existing customers and expand our reach into new regions and segments.”