Founders of sourcing and procurement provider invest to retire long-term debt, fund expansion
Tampa, FL — December 5, 2003 — Enporion, a provider of sourcing and procurement services for the energy utility industry, announced today it has completed a fourth round of funding. Investors were limited to Enporion's original founders.
The company said it used a portion of the funds to retire long-term debt. In addition, the funding will allow Enporion to continue increasing the services it is providing to gas and electric energy companies. A recent company announcement, dated October 21, 2003, highlighted new sourcing support tools and supplier agreements in the first of a series of planned enhancements.
According to John Biggar, executive vice president and chief financial officer of PPL Corp, "In August, 2000, PPL Corp. believed it could reap substantial benefits by participating in the formation of a company dedicated to providing strategic sourcing services to the energy industry. Today the wisdom of that investment is clearly demonstrated as PPL will realize net savings in 2003 alone of $5 million through its Enporion membership."
"At a time when the gas and electric energy industry is emerging from a period of severe financial challenge," said George Gordon, Enporion chairman and CEO, "electronic procurement is maturing and providing an opportunity to streamline purchasing operations. Enporion is pleased to have reached a point in its history where the vision of its founders is justified."
Lenore Puleo, executive vice president Client Services, KeySpan Energy, further noted: "KeySpan Energy has realized significant purchase savings due to its participation in Enporion since its founding. As we begin to implement electronic capabilities such as invoicing and payments, and expand the use of electronic catalogs and group collaboration, there are significant process savings that KeySpan will achieve as well. Electronic commerce is delivering results for KeySpan."