We've Closed Our Series A

I am excited to announce that Molecule has just closed a $12M Series A, and plan to use the investment to make Molecule even better.

We’ve come a long way since our founding in 2012. We’ve added support for many commodities, deal types, and geographies. Along the way, we’ve grown faster and leaner than many of the companies that came before us, added dozens of customers to our portfolio, and in late 2020, were named the #1 SaaS vendor in the ETRM/CTRM industry, full stop. Our goal is to become the #1 ETRM for electricity — and then the #1 ETRM vendor worldwide.

Last year, we noticed that over half of our customers trade power, and we doubled down with the launch of our Elektra power package to help accelerate the energy industry’s transition to electricity and renewables. This investment helps us do just that. With it, we plan to ramp up feature development, specifically in the following areas:

  • New features related to physical power and full-lifecycle renewable credits management
  • Enhanced back-office functionality, accounting, and settlements for all commodities, plus support for Counterparty contracts
  • Simplification and enhancement of Product and Counterparty management
  • New features focused on enterprise customers, like data warehousing and third-party audit certifications
  • Support for new deal types, commodities, and other securities

The investor group includes Mercury, a Houston-based early-stage venture capital firm that was an early believer in the Molecule team. We are grateful for their ongoing support as well as the support of our customers.

I can’t wait to show you what we cook up; our team is looking forward to making your work life even easier.

Features

Nuts & Volts: Podcast Launch

When I was new to the energy industry, I was fortunate to be part of one of Scott Haddix’s “Energy 101” talks — where he taught new hires about energy markets. Mad props, Scott. Those talks were legendary!

Fast forward 20 years, and I typically spend 3 afternoons with new Molecules (like our latest, Bruce Chung), in a conversational session, to give them a good foundational understanding of our industry. As it turns out, our friend Vivek Pathak does something similar at Broadpeak. Absent these training sessions, we’ve found pretty sparse, modern content about our industry.

So we decided to change that. With the help of podcast veteran Richard Reedstrom, we’ve launched a cross-company collaborative podcast about energy markets. It’s called “Nuts and Volts,” and the first episode drops today.

It’s not advertising. The point is to have a great time talking about modern energy markets, to inform, and to see if a podcast format makes sense for that.

Have a listen. Search for "Nuts & Volts" on Apple or Google Podcasts, Spotify, Pocket Casts, or wherever you listen. Subscribe to make sure you don't miss a future episode. Comment on our LinkedIn posts, if you’d like. We’d love to know what you think!

Happy Holidays 🎉 & Molecule Updates

It’s the end of 2020 (finally), and at Molecule, we’re super proud of our product, team, and the damage we’ve done to the ETRM industry (#1 in cloud ETRM – w00t!).

Here are a few highlights of what we’ve done to our product this year:

Valuations Screen / Quickview

Tired of downloading spreadsheets to diagnose an issue? We were! We built a shiny new screen called Valuations to handle that. On Valuations, you can access all the data available on our Valuations API (i.e., via spreadsheet), and make saved, customized, pivotable views of your portfolio. Want to learn more, or get a preview? NOTE: You must have the “Positions” screen privilege in Molecule, to get access.

Valuations

For quick access to how a single trade has valued over time, you can now: 1) right-click on a trade on the new Trades screen, or 2) click “Show Valuations” while in the Trade Edit view. You can even download the data, to diagnose further. Easy!

Quick Access Valuations

2. More Secure Sign-On

Security is paramount at Molecule, and to that end we rolled out options for two-factor authentication (via a rotating code on users’ phones) and SAML login. This is a huge deal and we highly recommend at least turning on two-factor for your organization (at no extra cost).

SAML login is even better (as it connects to your organization’s single sign-on system), and is available on our Enterprise plan.

3. Physical Power Enhancements (Elektra)

An increasing percentage of our customers trade physical power – so we’ve made lots of enhancements to make your lives easier. We rolled out better hourly (even 1-minute) power support – so trades, market data, and positions can all share the same product codes and be grouped appropriately. Nearly all power customers have been moved over to this scheme.

We also announced that we’ll provide LMPs (and settled blocks) to physical power customers automatically in Molecule – to eliminate the mapping and data-wrangling exercise (and maintenance) otherwise needed to settle power trades. The first version of this is scheduled to roll out in January and we plan to gradually replace LMPs from all other sources (except those uploaded by users) in early 2021.

Our physical power improvements come under the new Elektra package and we hope to have much more to share on this next year.

4. Actualization

We saw a significant increase in physical non-power trading on our platform in 2020. To help with that, we rolled out a new, consolidated Actualization screen. It’s fast and easy and we are continuing to add new features to it based on feedback from customers.

Consolidated Actualization Screen

We have lots more features planned for next year, related to physical trading. These include contract management, limits, and GL account management. Please keep your eyes peeled!

5. P&Sing

Finally, in 2020 we rolled out a super-nerdy feature that, if you can get past its name, is super-important. For companies who trade on exchanges, we now support same-day + FIFO – based P&Sing.

What does this mean? It means that, if you’d like, we can flip a switch and close out exchange positions as they’re closed at your bank. Which, in turn, means, you can get a better breakdown of exchange-based realized and unrealized P&L. This can also dramatically reduce the number of lines on your valuation/P&L reports if your company does a lot of exchange trading.

We drop new features all the time, and we made lots of other important improvements to Molecule this year as well, including finalizing the new Trades screen (old one being retired in Q1), support for bilateral strips, support for several new FCMs, improved decay functionality (for intramonth/balmo valuations), and improved settlements functionality (so you can now mark and settle vs different products).

Thanks so much for being interested in our company, and/or using our product. We ❤️️ you, and we can’t wait to share many more new improvements with you in 2021!

SoftwareFeatures

Meet Elektra, Our New Power Markets Package

With dozens of instruments and shapes across 1000s of North American modes, power is one of the most gloriously complex markets for traders.

Molecule was born in power, and we're preparing to take our next step in modernizing power trading.

In 2021, we are introducing Elektra - a brand new power markets package.

As an add-on to Molecule, Elektra will help power producers and traders manage their complex portfolio of generation, fuel, and everything in between.

Elektra will offer ISO connectivity and a panoply of power-specific block conversions.

Stacking that on top of automated position and P&L in a cloud-based ETRM/CTRM platform built with great design as a core tenet, truly separates us from the competition.

Power traders require near real-time data as they hedge positions in both the real-time and day-ahead markets. So, we've partnered with NRGSTREAM to automatically pull power prices into Elektra.

It's the first time this has been done in the energy trading space, and will make our customers' lives even easier as we continue transitioning to the most important energy source for the 2020s.

We can't wait to demo Elektra to you and your team.

Election Day 2020: A Molecule Holiday

In case you don't know by now, at Molecule we care a lot about American democracy.

The last few years have especially highlighted how important it is, and how little attention we have paid recently to nurturing our democracy. It's time for that to change and it starts by encouraging people to vote.

That starts with us. This year, we added a permanent holiday to our company calendar: Election Day (US). This year, that's Tuesday, November 3.

We encourage Molecules to vote (that day, or before; by mail or in person) and follow the election. If we're lucky, it'll be boring – like so many other amazing things (incremental scientific progress, evolution, and a functioning society), and we can enjoy a day to celebrate our democracy.

Our support team will be available for critical issues, as always. We'll resume regular business hours on Wednesday, November 4.