Pioneer Global Solutions, better known in the CTRM space as just Pioneer, announced this afternoon that they are being acquired by Hitachi ABB Power Grids. ABB had previous acquired Ventyx, which itself had acquired Global Energy Decisions and among other assets, the nMarket power settlements solution. ABB had included those solutions under the banner of ABB Power Grids, which was their power market and power storage asset-centric business (transformers, switching equipment, power lines, etc) and accounted for about 25% of ABB’s total revenues. Though nMarket had been a solid solution in wide use around the power markets for many years, it did seem to suffer from lack of attention within the larger ABB organization. Hitachi had announced the acquisition of the ABB Power Grids unit at the end of 2018, but the deal wasn’t finalized until July of this year. Now with that acquisition complete, the purchase of Pioneer and their multi-commodity solution platform TRMTracker would seem to signal a renewed interest in the wholesale energy space on the part of the management of Hitachi ABB Power Grids. As noted in the press release, as a result of this agreement, “Hitachi ABB Power Grids will expand its existing Energy Portfolio… continue reading
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