NEW YORK–(BUSINESS WIRE)–Six One Commodities LLC (61C) today announced that it is expanding its power and gas business to Europe with the addition of a power team out of Berlin lead by Ingo Klause. Mr. Klause has over 20 years of experience in the CWE region for power trading. He worked for the Swedish utility Vattenfall acting as a lead trader and head of cross border trading and built successful trading strategies together with his team. Six One Commodities US LLC (EU Trading) is an affiliate of Six One Commodities Global LLC and will be based in Berlin.
“The team is well positioned to help 61C expand into Europe,” said Mr. Klause. “A rapidly changing supply side will require strong analytical skills to navigate the implications for generation margins and location and time spreads across individual national power markets. Building, maintaining, and adjusting a comprehensive model will be critical when trying to capture these fundamental price shifts, and we are the team that can provide that capability.”
Earlier in the year, 61C launched its LNG business in Asia to meet the region’s needs. It has hired an LNG team out of Singapore lead by Delia Proteasa.
“With the hiring of Delia, Ingo, and their teams, 61C is well positioned to become a premier globally integrated energy company,” said Ben Sutton, CEO of 61C. “With their complimentary backgrounds, Delia and Ingo will focus on advancing our position of becoming a market-leading franchise at this critical stage in the commodity cycle. 61C has grown its power and gas business in the U.S. for the past two years. I think there is a strong opportunity for LNG volumes to grow in Asia and throughout the globe and for us to grow our power and gas business in Europe. I can’t think of a better opportunity than right now to expand our business into Asia and Europe.”
ABOUT SIX ONE COMMODITIES LLC
In August of 2018, Pinnacle Asset Management, L.P. and affiliated investment entities (Pinnacle), a leading commodities and natural resources investment organization, partnered with Benjamin Sutton, who had served as Head of North American Gas and Power at Noble Americas Gas & Power Corp., to form 61C.
61C is a global natural gas and power merchant headquartered in Stamford, CT. 61C is led by key members of the former leadership team of Noble North American Gas and Power (NAGP) – a former leading natural gas and power merchant. The 61C team has a demonstrated track record of unique market insight, strong client relationships, robust returns, and disciplined risk management to execute on opportunities with the gas and power 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 $2.9 billion under management. Pinnacle provides its institutional investor clientele 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, is registered as a commodity trading adviser and a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association.