Genie Energy Expands Green Energy Supply Business in Scandinavia
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) announced a 20% increase in its customer base through its renewable electricity supply subsidiary, Lumo Energia Oyj. This expansion follows Lumo's acquisition of meters from the defunct Finnish energy provider, Energia 247, adding approximately 11,000 new customers. Lumo will provide electricity sourced entirely from renewable resources. CEO Michael Stein stated Lumo is well-positioned amid market volatility and consolidation in the retail supply industry.
- 20% increase in customer base, acquiring 11,000 meters from Energia 247.
- Expansion of renewable electricity supply in Scandinavia.
- Strong financial position and risk management capabilities leveraged for growth.
- None.
NEWARK, N.J., Dec. 6, 2021 /PRNewswire/ -- Genie Energy Ltd., (NYSE: GNE, GNEPRA), a global provider of energy services, today announced that its Helsinki-based renewable electricity supply subsidiary, Lumo Energia Oyj (Lumo), has expanded its customer base by approximately
"We are delighted to welcome Energia 247 customers to their new home at Lumo," said Otto Savast, Lumo's CEO. "Every Energia 247 customer will retain the terms and conditions they previously enjoyed, and each will receive a
Through the agreement with Energia 247, Lumo has begun serving approximately 11,000 electricity meters of Energia 247's former customers.
"We are leveraging our strong financial position and commodity risk management capabilities to expand our green energy supply business in Scandinavia," said Michael Stein, CEO of Genie Energy. "Recent volatility in the region's wholesale electricity market is forcing consolidation in the retail supply industry. Lumo is well-positioned to serve the customers of Energia 247 and potentially other competitive suppliers challenged by the current market conditions."
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
About Genie Energy Ltd.:
Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a global provider of energy services. The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Retail Energy International division supplies customers in Scandinavia. The Genie Renewables division includes Diversegy, a commercial and industrial brokerage and consultative services company, and Genie Solar Energy and Prism Solar, which design, supply and install commercial solar solutions. For more information, visit Genie.com.
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SOURCE Genie Energy Ltd.
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