Tuesday 14 July 2020
GLX DIGITAL TRADING PLATFORM SECURES FUNDING FROM SHELL VENTURES
GLX Digital, an Australian company that has developed the first end-to-end trading software solutions for global commodity markets, today announced it has secured a minority investment from Shell Ventures, corporate venture capital fund of Royal Dutch Shell.
Additionally, as a member, GLX Connect allows Shell’s LNG trading teams to buy and sell LNG cargoes using their own private and confidential digital trading environment, connecting in real-time to more than 75 global energy companies that have already signed up to the GLX Connect platform.
Recently appointed GLX Chairman Mark Barnaba, who is also a current board member of the Reserve Bank of Australia, believes the new investment validates the emergence of digitalisation across global commodity markets.
“This development is not just significant for the LNG sector, but the digitalisation of commodity markets globally,” Mr Barnaba said. “We are delighted to welcome Shell Ventures as a shareholder, joining a growing registry of respected equity investors.”
Steve Hill, Executive Vice President for Shell Energy stated “GLX Connect stands out amongst the various new platforms looking to offer efficient ways to connect LNG producers, traders and consumers.”
“This digital platform is a natural step in the continued evolution of the global LNG market and as a leading LNG player, we are keen to be part of this. The sophistication of the GLX software in combination with the high caliber and quality of the management team gives GLX a strong base for the future.”