Pricelock Successfully Completes Auction of Over 150 BCF of Natural Gas Worth in Excess of $650 Million

Strong liquidity and buyer efficiency marks largest auction in North America for Natural Gas

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Pricelock, the most innovative platform for energy professionals to transact, network, recruit and search for jobs, announced that it had successfully completed an auction for over 150 BCF of baseload natural gas with a notional value in excess of $677 million. Ten suppliers, including some of the largest producers, investment banks and marketing companies, participated in the auction. The entire auction process took less than two hours.

“Large numbers lead to more competition and higher savings,” said Naveen Agarwal, Chief Executive Officer of Pricelock. “We are quickly becoming the de facto purchasing standard for energy companies and the entire industry is watching. We are very thankful to the buyers and suppliers who have embraced our solution and have already transacted billions of dollars of energy across a range of products including liquid fuels, coal, power and railcars. Our goal is to create liquidity, transparency, and competition for all energy products.”

Pricelock’s auction platform supports forward and reverse auctions of energy and energy services of all types including natural gas, power, coal, liquid fuels, transportation, capacity and storage. Pricelock’s supplier list contains almost 400 suppliers ranging from the largest producers to smaller specialized firms. In addition to creating an efficient, competitive market for physical energy products, Pricelock is able to greatly increase the efficiency of the buying process.

About Pricelock

Pricelock allows energy professionals to transact energy products online, connect with other professionals based on their interest in buying and selling specific types of energy, and to recruit talent and find jobs. The platform supports transactions for all energy products and services including motor and jet fuels,physical natural gas, storage and capacitypower generation and capacityrailcar leases and coal. The largest utilities, power cooperatives, power generators, investment banks, refiners, producers, marketers, transportation, industrial and commercial firms participate on the platform. Pricelock’s mission is to provide liquidity for energy products not traded on an exchange.

Pricelock is headquartered in Silicon Valley and the recipient of several awards including Forbes list of America’s Most Promising Companies, Global Energy Award of Excellence by Platts and TiE50 Top Start-Up. Pricelock’s investors include Goldman Sachs, Barclays, Traveler’s Insurance, RenaissanceRe and Artiman Ventures. To learn more about Pricelock please visit www.pricelock.com.

 

Contacts

Pricelock
Liat Rorer, 650-517-5400
marketing@pricelock.com

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REDWOOD CITY, Calif.--(BUSINESS WIRE)--Pricelock, the most innovative platform for energy professionals to transact, network, recruit and search for jobs, announced transactions in a number of energy commodities on its auction platform for the month of February. Pricelock is the only energy transaction platform supporting forward and reverse auctions of all types of physical energy including coal, railcars, natural gas, power and liquid fuels. Physical energy buyers and sellers are able to leverage Pricelock to create liquidity events that uniquely represent their needs including commodity specifications, delivery, and optionality.

“We are pleased to see some of the biggest players in the energy industry use Pricelock to gain transparency, efficiency and liquidity throughout the energy supply chain,” said Naveen Agarwal, Chief Executive Officer of Pricelock. “We have demonstrated that we are the only one-stop shop for all large volume and cross-commodity energy-based auctions, supported by extremely strong technology that can be personalized by our clients to meet their specific needs. This month has been a testament to the depth, breadth, and flexibility of the auction platform.”

About Pricelock

Pricelock allows energy professionals to transact energy products online, connect with other professionals based on their interest in buying and selling specific types of energy, and to recruit talent and find jobs. The platform supports transactions for all energy products and services including motor and jet fuelsphysical natural gas, storage and capacitypower generation and capacityrailcar leases and coal. The largest utilities, power cooperatives, power generators, investment banks, refiners, producers, marketers, transportation, industrial and commercial firms participate on the platform. Pricelock’s mission is to provide liquidity for energy products not traded on an exchange.

Pricelock is headquartered in Silicon Valley and the recipient of several awards including Forbes list of America’s Most Promising Companies, Global Energy Award of Excellence by Platts and TiE50 Top Start-Up. Pricelock’s investors include Goldman Sachs, Barclays, Traveler’s Insurance, RenaissanceRe and Artiman Ventures. To learn more about Pricelock please visit www.pricelock.com.

Contacts
Pricelock
Liat Rorer, 650-517-5418
marketing@pricelock.com

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