Newly listed BidEnergy Ltd (ASX:BID) has soared after clinching an agreement to supply its cloud-based energy management platform to BP plc's (LON:BP) Australian and New Zealand businesses for electricity supplies.
BidEnergy had just completed a backdoor listing on the ASX earlier this week through Cove Resources Ltd after raising $7 million in new capital.
BidEnergy’s platform provides enterprises with multiple sites control over their energy spend, from sourcing to billing and accounts payable.
The subscription agreement with BP was won via a competitive tender process against a suite of local and global consultancies.
BP has over 600 electricity meters across Australia and New Zealand and BidEnergy will provide source-to-pay services to BP’s Australian and New Zealand business units.
This will provide data and reporting access to business analysts in Europe and the U.S. at the same time.
The agreement is for an initial 24 months period and is set to commence in August 2016.
BidEnergy’s platform also allows energy suppliers to bid and provide the most cost-effective service to clients.
Following the listing, the company’s focus will be on the rollout of the BidEnergy platform to deregulated markets in UK, Europe and North America, through direct sales and channel partners.
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