Aquilon Energy Services raises $19 million during Series B financing round

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Aquilon Energy Services raises $19 million during Series B financing round
—  Citi, Goldman Sachs, Invenergy and Macquarie Group invest in Chicago-area developer of first
collaborative, cloud-based energy settlement network —

LISLE, Ill. — Feb. 1, 2017 — Aquilon Energy Services Inc., developer of the first collaborative
cloud- based platform that enables buyers and sellers to automatically settle both physical and
financial energy transactions, has raised $19 million during a Series B financing round. The Series
B financing round includes investments from Citi, Goldman Sachs Principal Strategic Investments,
Invenergy and Macquarie Group – and all four companies committed to use Aquilon’s Energy Settlement
Network (ESN™).

“The companies investing in our firm have large trading and settlement operations and realized how
we can automate settlement processes, strengthen financial controls, enhance risk management and
improve efficiency,” said Jeffrey Wagner, founder and CEO of Aquilon Energy Services. “Their
participation in the network will expand its reach and increase its value to users. This round of
financing will allow us to not only grow our Energy Settlement Network™, but also enhance features
and functionality for settlements with independent system operators (ISO) as well as transactions
involving power, natural gas, crude oil, and refined products.”

Aquilon designed the ESN™ to address a long-standing industry need for automation to manage the
large amount of data and information involved in energy settlements. It enables settlement
departments at energy companies and financial institutions to track, review, and approve their
transactions, identify discrepancies, and collaborate with counterparties to resolve exceptions
within a single easily navigable interface.

An explosion of data in the energy industry

“As the growth of renewables drives the energy industry toward price changes every five minutes,
the amount of data commodity operations professionals need to manage – and the speed with which
they must do it -- is skyrocketing,” Wagner said. “As a result, the time critical yet manual
settlement processes in the industry pose increased business risks. During the last year, we worked
closely with major industry players to develop our cloud-based settlement platform. The result is a
collaborative network that automates the multiple steps of the settlement process to boost
efficiency and improve compliance and risk management.”

As users of the Energy Settlement Network™, Citi, Goldman Sachs, Invenergy and Macquarie Group
expect to benefit from instant access to settlement data, information and counterparty

“With the Energy Settlement Network™, Aquilon has increased automation in the settlement process,”
said Owen West, head of US Natural Gas and Power Trading at Goldman Sachs. “Additionally, as
members of the network, we will now be able to access the data and information we need in one

etwork will be able to automate settlements and complete invoicing and
payments in the web browser-based system.