Hitachi ABB Power Grids has officially announced the acquisition of Pioneer Solutions Llc, a prominent US-based company specializing in front-to-back-office Commodities/Energy Trading and Risk Management (C/ETRM) solutions. This strategic move is set to significantly expand Hitachi ABB Power Grids’ capabilities, providing the most comprehensive suite of offerings in the C/ETRM market. The acquisition, finalized in the fourth quarter of 2020, marks a pivotal moment for both companies and the energy industry as a whole.
Pioneer Solutions LLC: An Industry-Recognized Leader in C/ETRM
Pioneer Solutions LLC has consistently been recognized as a leader in the C/ETRM space. For seven consecutive years, the company has been ranked among the top five in Energy Risk’s Software Survey & Rankings, a testament to their robust and reliable solutions. Further solidifying their industry standing, Energy CIO Insights recognized Pioneer Solutions LLC as the premier cloud-based C/ETRM provider and lauded them for their exceptional customer service and support in 2019. These accolades highlight the company’s commitment to innovation and customer satisfaction, making them a valuable addition to Hitachi ABB Power Grids.
Claudio Facchin, CEO of Hitachi ABB Power Grids, emphasized the strategic importance of this acquisition, stating, “The addition of Pioneer Solutions LLC, 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.” This statement underscores the shared vision of both companies in driving the energy transition and empowering clients to navigate complex market dynamics.
Expanding Energy Portfolio Management for a Sustainable Future
The acquisition of Pioneer Solutions LLC enables Hitachi ABB Power Grids to significantly expand its existing Energy Portfolio Management offerings. This expansion will create substantial new value for energy market participants involved in trading, hedging risk, and tracking emission and renewable energy credits across electricity and other commodities. By integrating Pioneer Solutions’ advanced C/ETRM platform, Hitachi ABB Power Grids is poised to offer a more holistic and powerful solution to meet the evolving needs of the energy sector.
Massimo Danieli, managing director of Hitachi ABB Power Grids’ grid automation business unit, highlighted the growing global relevance of C/ETRM systems, noting, “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 further added, “This comprehensive solution will help them to more effectively address the rapidly changing commodity markets around the world.” This perspective emphasizes the global reach and future-oriented approach of the combined entity.
Uday Baral, President of Pioneer Solutions LLC, Expresses Excitement About Joining Hitachi ABB Power Grids
Uday Baral, president of Pioneer Solutions LLC, conveyed his enthusiasm about joining forces with a global technology leader. “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.” This reflects the commitment of Pioneer Solutions LLC to maintain its high standards of service while leveraging Hitachi ABB Power Grids’ global infrastructure to reach new markets and clients.
FARRMS Technology: The Foundation for Flexible and Cost-Effective C/ETRM Solutions
At the core of Pioneer Solutions LLC’s software suite is its Financial and Regulatory Risk Management (FARRMS) technology platform. FARRMS is designed to provide customers with enhanced flexibility, reduced cost of ownership, and accelerated time-to-value. Built on a leading digital architecture, FARRMS serves as a comprehensive C/ETRM solution that can be deployed on-premises, at the customer’s site, or hosted in the cloud. The Software-as-a-Service (SaaS) model further enhances accessibility and scalability, making it a versatile solution for diverse energy market participants.
About Hitachi ABB Power Grids Ltd.
Hitachi ABB Power Grids is a global technology leader with a rich heritage spanning nearly 250 years. Operating in 90 countries and employing approximately 36,000 people, the company is headquartered in Switzerland and serves utility, industry, and infrastructure customers across the energy value chain. Expanding into emerging sectors such as sustainable mobility, smart cities, energy storage, and data centers, Hitachi ABB Power Grids is committed to powering good for a sustainable energy future. Through pioneering and digital technologies, they aim to be the partner of choice for creating a stronger, smarter, and greener grid. https://hitachienergy.com
About Pioneer Solutions
Pioneer Solutions LLC is a global provider of C/ETRM, environmental management, and financial and regulatory compliance solutions. Serving utilities and trading companies worldwide, Pioneer’s suite of adaptable software applications offers user-friendly and integrated functionality for Trade Capture, Position Analysis, Portfolio Management, Risk Reporting, and Settlement. These solutions provide the crucial insights and granularity needed to optimize operations. Pioneer Solutions LLC’s award-winning software is known for its user-configurable environment and rapid deployment capabilities, resulting in a lower total cost of ownership and improved customer satisfaction.
