SOURCE: Pricelock

December 06, 2010 09:45 ET

Pricelock Receives 2010 Platts Global Energy Award of Excellence

Company Recognized for Innovative Fuel Price Protection Program

REDWOOD CITY, CA--(Marketwire - December 6, 2010) -  Pricelock, Inc., the leading company that provides innovative business solutions for companies that rely on fuel, has been honored with the Platts Global Energy Award of Excellence in the Rising Star category. The annual program recognizes exemplary industry leadership, innovation and job creation. The 2010 finalists, selected from well over 200 nominations, were announced in September by program host Platts, the leading global provider of energy information. The winners, chosen by an independent panel of judges from the list of finalists, were announced Thursday night at the 12th annual Platts Global Energy Awards in New York, which was attended by nearly 600 energy executives from around the world.

Established in 1999 and widely recognized as the "Oscars" of the energy industry, Platts Global Energy Awards highlight corporate and individual innovation, leadership, and superior performance in 17 categories spanning the entire energy complex.

As recipients of the Rising Star Award of Excellence, Pricelock was recognized for its innovative fuel price protection, a program designed to help small and large businesses mitigate the risk of fuel price volatility. Pricelock is the world's first company bringing online fuel price protection solutions to small to medium sized businesses, something historically available only to large companies with massive fuel budgets and significant commodities expertise.

"We congratulate Pricelock on their outstanding accomplishments and are proud of the innovation they've brought to their industry," said Larry Neal, president of Platts.

"We're honored to be recognized by Platts for our innovative approach to fuel price risk management," said Pricelock Founder and Chief Executive Officer Robert Fell. "We are empowering small and mid-sized businesses with peace of mind through a solution that was unavailable in the past and will help them mitigate risk and build stronger companies in the years ahead."

By leveraging technology to aggregate demand across a broad range of businesses, Pricelock enables companies of all sizes to manage their fuel price risk fuel price protection, companies protect their fuel budgets by purchasing a plan that reimburses businesses when the national average fuel price rises above a pre-determined level Fuel price protection does not require large up-front expenditures nor are there any future payments; companies continue to do business as usual, buying fuel as they are accustomed.

2010 Global Energy Award winners were announced at a black-tie dinner at New York's Cipriani Wall Street on Thursday, December 2, and were presented by Platts and Capgemini, the program's principal sponsor for the past eight years. Co-sponsor Elster Integrated Solutions and celebration sponsor SolArc returned for the third year for the dinner, and co-sponsor SAIC and opening reception sponsor Credit Suisse were back for a second time.

About Pricelock

Pricelock, headquartered in Redwood City, California, provides solutions to manage volatile fuel prices which are top of mind concerns for businesses and individuals alike. The company's full range of solutions has been benefitting fleets, employers, car manufacturers and consumers every day. From national brands such as Chrysler, Hyundai and Aegis to small, local businesses, Pricelock is responsible for more than 100 million gallons of price protected fuel. Pricelock also offers Carbonlock™, a unique, patented "green fleet" program that allows fleets and businesses to efficiently acquire certified carbon offsets and become carbon neutral. Pricelock was recognized with the 2010 Risk Innovator™ Award by Risk and Insurance® Magazine. A full suite of Pricelock's solutions can be found at www.pricelock.com.

About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With a century of business experience, Platts serves customers across more than 150 countries. An independent provider, Platts serves the oil, natural gas, electricity, emissions, nuclear power, coal, petrochemical, shipping, and metals markets from 17 offices worldwide. Platts' real-time news, pricing, analytical services and conferences help markets operate with transparency and efficiency. Additional information is available at http://www.platts.com.