October 5, 2018
Fuelled Energy Marketing Inc., an online energy equipment marketplace platform, announced that it has acquired PNG Equipment Ltd. (PNG) in an all-cash transaction.
With the acquisition of PNG, Fuelled will add over 4,500 equipment listings to its platform and onboard new clients including Canadian Natural Resources Limited, 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.”
Separately, Fuelled and PNG represent two of the largest energy equipment marketplaces in Canada. Collectively, Fuelled and PNG will now have 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.
Earlier this year, Fuelled announced the launch of Fuelled Certified, a comprehensive screening process for all equipment sold on the platform. Once a buyer has purchased a piece of equipment, Fuelled will handle the logistics of dismantling, shipping and, on occasion, installing the product.
Buyers have access to a complete data set regarding the product, technical and logistical guidance when dismantling and reassembling the product, as well as financing options.