ZeroNorth has acquired Prosmar Bunkering, the online platform supporting the bunker fuel market. The acquisition aims to accelerate digitalization and transparency in the bunker industry and further support the transition to decarbonization within the marine value chain.
The agreement provides for ZeroNorth to acquire Prosmar’s Bunker Dashboard solution and Bunker Pricer module, which will operate as Prosmar Bunkering. Prosmar’s other two services, Prosmar Risk and Prosmar Price Matrix, which offer freight risk management services, are not included as part of the agreement with ZeroNorth.
ZeroNorth’s investment and commercial support will enable Prosmar Bunkering to accelerate its already impressive growth journey by strengthening the company’s commercial presence in relevant markets, driving the continued development of its product portfolio and improving the ‘client experience.
Prosmar Bunkering will operate as an independent, stand-alone business, with the same management team that currently runs the business. The company will continue to offer a cross-functional dashboard to simplify and streamline the bunkering process, as well as help suppliers, buyers and brokers meet their bunker fuel needs.
The decision to acquire Prosmar Bunkering directly supports ZeroNorth’s ambitious growth strategy in bunker space, enabling the company to offer more accurate bunker pricing.
This is ZeroNorth’s first acquisition since raising $50 million in equity funding earlier this year. In December 2021, ZeroNorth acquired ClearLynx – now ZeroNorth Bunker – another online bunker platform.
Søren Meyer, CEO of ZeroNorth, said: “The bunker industry and its full value chain is an integral part of the process of decarbonizing shipping. Business as usual must now be fundamentally challenged if we are to propel the industry fast enough to save the planet and meet increasingly stringent regulations.
“We have a clear ambition to help the industry in its transition to clean fuels. By acquiring Prosmar Bunkering, we believe we can further accelerate and pursue our goal of decarbonizing shipping, in collaboration with industry.
Ali Jourabchi, CEO of Prosmar, said, “Prosmar Bunkering will continue to provide customers with convenient software to simplify the bunkering process. This partnership with ZeroNorth will now allow us to further develop our products, bring new solutions to market quickly, and drive change in the cargo hold space, all while operating as an independent company. We will also place greater emphasis on growing Prosmar Bunkering’s presence in new markets, getting closer to customers and meeting their needs in this dynamic and changing landscape.