A Silicon Valley software company, Pricelock Marketplace, said March 1 that it has launched the first online auction platform for coal.
The new platform simplifies and speeds up the complex, start-to-finish process of buying and selling coal and creates an efficient and liquid market, the company said. Since last year, Pricelock Marketplace has enabled global companies to transact real-time auctions for natural gas and liquid fuels such as gasoline, diesel, bio-diesel, jet fuel and marine diesel. Pricelock imbeds coal costs, including transportation, directly into the auction, allowing the buyer to compare the true real-time cost of offers and eliminating days of tedious data entry and analysis.
“By working with both buyers and sellers, Pricelock has created an online coal auction solution that not only addresses the complexities of the coal specifications but brings time and cost savings to all,” said Naveen Agarwal, CEO of Pricelock.
He added: “As power generators and others have changed their operations to comply with new regulatory standards, they now have buying options they never had before. Marketplace helps bring buyers and suppliers together on a platform where they can easily analyze new options.”
Pricelock, headquartered in Silicon Valley, said it leverages breakthrough technology to offer major energy buyers and sellers the most powerful and easy-to-use online energy auction platform. The company said it serves some of the largest power generators, utilities, commercial buyers, railroads and airlines in North America.