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BidEnergy Ltd enters lucrative U.S. energy management market

BidEnergy Ltd enters lucrative U.S. energy management market

BidEnergy Ltd (ASX:BID) has formally launched its cloud-based source-to-pay energy management platform in the U.S. market.

BidEnergy’s platform provides enterprises with multiple sites control over their energy spend, from sourcing to billing and accounts payable.

As a “source to pay” solution, the platform uses automation to deliver value over the entire contract lifecycle, with savings from advanced sourcing and analytics to reduce utility charges.

The U.S. launch follows extensive beta testing for the local market and builds on BidEnergy’s success in the Australian and New Zealand markets with national chain stores and other multi-site entities.

BidEnergy has appointed Phil Adams as its U.S. chief executive officer to drive the U.S. expansion.

‘Energy spend’ has been an outlier in the U.S. eProcurement trend that has successfully automated and centralized nearly every other organizational spend category.

The introduction of BidEnergy’s source-to-pay platform in the U.S. is expected to provide managers all the automation and data they need to manage energy centrally and cost-effectively.

BidEnergy completed a backdoor listing on the ASX in July through Cove Resources Ltd after raising $7 million in new capital.

In July, the company clinched an agreement to supply its platform to BP plc's (LON:BP) Australian and New Zealand businesses.


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