Brazilian arm of ArcelorMittal invests in energy trading

Friday, 27 January 2023 22:41:42 (GMT+3)   |   Sao Paulo

Açolab Ventures, a subsidiary of ArcelorMittal for the development of new businesses in Brazil, announced an investment of BRL 3.5 million ($689,000) in a hub for the trading of energy, Brazil Energy Exchange (Beenx), destined to serve the corporate consumers of energy that operate in the “free market” of the Brazilian energy sector, currently supplying 40 percent of the energy consumed in the country.

The total investment in Beenx reached BRL 10.5 million, as ArcelorMittal has three partners in the new company.

Beenx will offer, in addition to energy trading, a certification of clean energy and also financial services to its clients.

According to Marcio Fenelon, manager of energy and gases at ArcelorMittal, the energy sector in Brazil is entering a restructuring period, focused on the digitalization and automation of processes, aiming ultimately at trading energy by the hour in the open market. In his view, Beenx will allow for the adaptation to this new model.

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