Branch Energy and ENGIE Energy Marketing Announce $40M Wholesale Power Supply Facility Agreement

Rhea-AI Summary

On January 12, 2022, Branch Energy announced a strategic agreement with ENGIE Energy Marketing, securing a $40M non-dilutive wholesale power supply facility. This partnership will facilitate Branch Energy's access to U.S. wholesale energy markets and enhance its working capital, leveraging ENGIE's renewable energy platform. Branch Energy, which utilizes AI to help consumers save on energy bills, aims to expand its market presence, particularly in Texas and across North America. ENGIE's commitment to carbon reduction aligns with Branch's focus on providing 100% carbon-free power.

Positive

• Secured a $40M non-dilutive wholesale power supply facility to enhance working capital.
• Partnership with ENGIE enables access to U.S. wholesale energy markets.
• Potential for expansion in Texas and across North America.

Negative

• None.

HOUSTON, Jan. 12, 2022 /PRNewswire/ -- Branch Energy, a technology-focused green energy provider, and ENGIE Energy Marketing, NA, Inc ("ENGIE Energy Marketing"), a subsidiary of ENGIE S.A. ("ENGIE"), today announced a $40M strategic non-dilutive wholesale power supply facility. The agreement will provide Branch Energy with access to U.S. wholesale energy markets and working capital, as well as the ability to leverage ENGIE Energy Marketing's extensive renewable energy platform.

Branch Energy both sells electricity with an easy-to-use platform and leverages data and artificial intelligence (AI) to determine which smart devices will help reduce a consumer's energy bill the most and helps to coordinate the installation and financing of the devices. This combination of green energy and energy-monitoring smart devices not only saves consumers money but also reduces their carbon footprint.

"ENGIE has one of the fastest growing portfolios of renewable generation assets in North America which makes it the perfect partner to help us grow," said Daniel MacDonald, Branch Energy President. "We are thrilled with the far-reaching impact this will allow Branch to have."

Earlier this year, Branch Energy launched its first market in Texas. The new facility will enable the company to accelerate its growth in the state and to expand into markets across North America.

"ENGIE has made some of the most aggressive commitments in the industry to cutting carbon emissions and expanding renewable generation," said Ken Robinson, ENGIE Energy Marketing President. "Partnering with retailers who have committed to 100% carbon-free power is directly aligned with these commitments, and we are delighted to be partnering with Branch Energy."

About ENGIE

Our group is a global reference in low-carbon energy and services. Together with our 170,000 employees, our customers, partners and stakeholders, we are committed to accelerate the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally-friendly solutions. Inspired by our purpose ("raison d'être"), we reconcile economic performance with a positive impact on people and the planet, building on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers. Turnover in 2020: 55.8 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Eurotop 100, MSCI Europe) and nonfinancial indices (DJSI World, DJSI Europe, Euronext Vigeo Eiris - Eurozone 120/ Europe 120/ France 20, MSCI EMU ESG, MSCI Europe ESG, Stoxx Europe 600 ESG, and Stoxx Global 1800 ESG).

About Branch Energy

Branch Energy is a green energy provider dedicated to helping consumers lower their monthly bills and carbon footprint through the use of smart technology. Through data analysis and the use of AI, the company pinpoints which smart devices will offer the most help to reduce a consumer's bill, and then helps them finance and install those devices. Learn more at www.branchenergy.com.

Media Contacts:
ENGIE North America: Michael Clingan, michael.clingan@external.engie.com, (832) 745-6057
IDPR: Amanda Withers, amandaw@interdependence.com, (702) 412-8286

 

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SOURCE ENGIE North America

FAQ

What is the significance of the $40M agreement between Branch Energy and ENGIE Energy Marketing?

The $40M agreement provides Branch Energy with strategic access to U.S. wholesale energy markets and enhances its working capital.

How will the partnership with ENGIE impact Branch Energy's growth?

The partnership with ENGIE will allow Branch Energy to accelerate growth in Texas and expand into other North American markets.

What technology does Branch Energy use to help consumers?

Branch Energy uses data analysis and AI to identify smart devices that can help reduce consumer energy bills.

When was the agreement between Branch Energy and ENGIE announced?

The agreement was announced on January 12, 2022.

What is ENGIE's commitment regarding carbon emissions?

ENGIE has made aggressive commitments to cutting carbon emissions and expanding renewable energy generation.