Freepoint Energy Solutions to Commence Operations
STAMFORD, Conn., May 1, 2017 /PRNewswire/ — Freepoint Commodities LLC (“Freepoint”) announced today that its retail energy supply subsidiary, Freepoint Energy Solutions LLC (“Freepoint Energy Solutions”), has commenced operations. Rollout of the business will begin in Illinois, Ohio, and Pennsylvania with the remainder of the PJM energy market going live over the next few months. Freepoint Energy Solutions plans to enter ERCOT, NYISO and ISO-NE energy markets in a phased approach over the next 12 months, and will ultimately service all deregulated power markets throughout the United States.
Freepoint Energy Solutions offers cost-efficient, reliable energy services to commercial and industrial end-use customers while leveraging Freepoint’s expertise in the wholesale energy markets.
“We are thrilled to begin our rollout of Freepoint Energy Solutions to our commercial and industrial customers,” said Bradley Quester, President of Freepoint Energy Solutions. “Our world-class resources and our expertise in both wholesale and retail uniquely position us to offer competitive pricing and custom energy solutions designed to meet the specific needs of our customers.”
The Freepoint management team, having previously built and run RBS Sempra Commodities, has over 30 years of experience in the energy sector, including both managing and supplying energy to commercial and industrial businesses.
In addition to Freepoint’s wholesale platform and expertise, the firm will leverage its financial resources – which include a $2.1 billion credit facility – to deliver a superior experience for retail energy customers. Freepoint is majority-owned by private equity funds managed by Stone Point Capital, a fund manager that has raised more than $13 billion for investment.
“Given our experience building the wholesale platform at Freepoint and previously building one of the largest energy retailers in North America, Freepoint Energy Solutions is a logical next step in the strategic growth of our power and natural gas business,” said David Messer, CEO of Freepoint. “By hiring the best talent and continuously investing in technology, we’ve remained committed to serving the best interests of our end-user customers.”
Founded in 2011, Freepoint is based in Stamford, CT with over 370 employees worldwide. Freepoint is a merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets. Freepoint also provides physical supply services and related structured solutions for counterparties.
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