Leading power futures exchange expands in Virginia with new $300,000 investment
Fairfax, Virginia – Governor Glenn Youngkin announced that Nodal Exchange, LLC, North America’s largest power futures exchange, will invest $300,000 to expand its operations in Fairfax County. The company, a subsidiary of the Deutsche Boerse Group’s EEX Group, will create 33 new jobs as part of its growth.
Governor Youngkin emphasized the significance of this expansion, stating, “Nodal Exchange’s expansion in Fairfax County demonstrates Virginia’s ability to attract and retain global financial technology leaders. As North America’s largest power futures exchange, Nodal Exchange showcases how international firms can thrive in the Commonwealth while developing innovative solutions for the world’s energy markets.”
A Growing Hub for Financial Markets Technology
Secretary of Commerce and Trade Caren Merrick highlighted Virginia’s role in fostering financial technology companies, noting, “The growth of Nodal Exchange highlights Virginia’s role as a hub for innovative financial markets technology. Their decision to expand in Fairfax County, where they’ve built industry-leading trading and clearing platforms, reflects the Commonwealth’s deep technology talent pool and strategic advantages for global financial firms.”
Nodal Exchange specializes in risk management solutions, offering price, credit, and liquidity services through its extensive portfolio of environmental and electric power futures and options contracts. The company clears all transactions through its subsidiary, Nodal Clear, utilizing an advanced portfolio margining methodology. Its in-house technology development underscores its dedication to innovation in energy and commodity markets.
Fairfax County as a Strategic Location
The expansion will take place at 1921 Gallows Road in Vienna, Virginia. Nodal Exchange CEO Paul Cusenza expressed enthusiasm for the company’s continued growth in the region, stating, “Fairfax County is an ideal location for attracting and retaining the highly educated and diverse team necessary for operating Nodal Exchange and Nodal Clear. It is also centrally located for our trading and clearing community and in close proximity to our regulators in Washington, D.C.”
Local leaders echoed their support for Nodal Exchange’s expansion. Senator Azlan Salim praised the investment’s positive impact on the regional economy, saying, “I am excited that Fairfax County will remain a leader in innovation and economic growth through the expansion of Nodal Exchange. This investment will strengthen our local economy and encourage new job creation within the region.”
Fairfax County Board of Supervisors Chairman Jeffrey C. McKay also extended congratulations to the company, adding, “Your groundbreaking work in energy and financial markets showcases the excellence that defines our community and inspires economic growth.”
Support from Virginia’s Economic Development Partners
The Virginia Economic Development Partnership collaborated with the Fairfax County Economic Development Authority to secure the project. Additionally, the Virginia Jobs Investment Program will provide funding and services to support Nodal Exchange’s employee recruitment and training efforts.
