Six One Commodities Announces Purchase of RiverCrest Power Holdings from BioUrja Group
BioUrja Group, LLC ("BioUrja Group"), a global leader in developing logistics solutions that ensure the secure and efficient transportation and trading of physical energy, agricultural, and metals commodities, today announced the sale of its subsidiary, RiverCrest Power Holdings, LLC ("RiverCrest"), to Six One Commodities LLC ("61C"). Terms of the transaction were not disclosed.
Founded eight years ago, RiverCrest has established itself as an intelligent, data-driven energy trading company with a track record of generating strong, risk-adjusted returns using proprietary analytical models and advanced power flow analysis. RiverCrest's deep fundamental understanding of electricity market price formation has enabled it to excel in monetizing trading opportunities and in supporting industrial assets to maximize profits while minimizing risks. As a virtual participant in the electricity markets, RiverCrest takes financial positions in the Day-Ahead (DA) and Real-Time (RT) markets through various financial products like Financial Transmission Rights (FTRs), virtuals, futures, and options, an approach that has positioned the company as a well-renowned, leading power trader in North American markets.
The strategic acquisition of RiverCrest by 61C brings together the companies' complementary strengths, fostering innovation and growth in the energy sector. It supports 61C's goals of enhancing trading efficiency, unlocking new growth opportunities, and expanding its asset optimization strategy.
"Our decision to sell RiverCrest to 61C comes after a thorough consideration of what is best for the future of both companies," said Amit Bhandari, Chairman and CEO of BioUrja Group. "We believe this partnership will allow RiverCrest to further capitalize on its trading activities and expand its market presence. It's a win-win situation for both entities involved."
Ben Sutton, 61C's CEO, commented: "We are thrilled to welcome RiverCrest to our platform. Their expertise in the electricity energy trading sector, combined with 61C's resources and network, will enable us to create significant value and offer enhanced services to our clients. This sale represents a step towards reshaping the energy trading landscape, and we look forward to continuing to innovate and enhance market efficiency through this partnership."
About BioUrja Group
BioUrja Group is a Houston-based leader in the energy, agricultural and metals commodity trading and logistics sector, with a diverse portfolio that includes energy trading, ethanol and grain trading, alloy metals manufacturing, and physical supply chain and logistics solutions.
About Six One Commodities
61C is a global merchant of physical energy commodities and provides physical supply services and structures. Formed in 2018, 61C is backed by Pinnacle Asset Management and headquartered in Stamford, CT, with offices in Houston and Singapore. The 61C team has a demonstrated track record of unique market insight, strong client relationships, robust returns, and disciplined risk management to execute opportunities within the energy merchanting space.
About Pinnacle Asset Management, L.P.
Founded in 2003, Pinnacle Asset Management, L.P. is a private, New York-based alternative asset management firm focused on the global commodities markets with approximately $6 billion under management. Pinnacle provides its institutional investor base with exposure to the global commodities markets via physical and financial absolute return funds, strategies, and products. Pinnacle is registered as an investment adviser with the Securities and Exchange Commission, a commodity trading adviser and a commodity pool operator with the Commodity Futures Trading Commission, and a member of the National Futures Association.
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