Calgary-based Fuelled Energy Marketing Inc., an online energy equipment marketplace platform, announced recently it has acquired PNG Equipment Ltd.
Fuelled will add over 4,500 equipment listings to its platform and onboard new clients including Canadian Natural Resources Ltd., one of the world’s largest independent crude oil and natural gas producers.
“PNG has developed a robust subscription-based platform for energy and energy service companies to externally promote, manage, and internally redeploy their assets. The acquisition of PNG will help accelerate our growth through the acquiring of new clients and product listings, and further solidify our position as market leader,” said Raj Singh, CEO and founder of Fuelled.
“Fuelled has achieved tremendous organic growth over the past two years and we are excited about our acquisition of PNG as it creates additional value for users of both platforms by expanding the overall service and technology offerings available to them.”
The Calgary-based technology company operates two online marketplace platforms for energy equipment: Fuelled, an exclusive sales consignment platform, and PNG Equipment, a subscription-based materials management and P2P sales platform. Fuelled launched in 2014.
In a news release, the company said Fuelled and PNG represent two of the largest energy equipment marketplaces in Canada and both will now access to an increased equipment data set, allowing for greater insights into the buying and selling trends of the energy equipment industry.
“It was clear early on that Fuelled acquiring PNG was the right next step,” said Christian Lindved-Jensen, co-founder of PNG.
Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald, including 12 years as a senior business writer.