NEWARK, N.J., Aug. 14, 2017 /PRNewswire/ -- Genie
Energy Ltd (NYSE: GNE, GNEPRA), today announced that its Genie
Retail Energy division has acquired Mirabito Natural Gas, a
Ft. Lauderdale, Florida-based
natural gas supplier, from Angus Energy for $3 million plus Mirabito's working
capital.
"Mirabito Gas has built a successful business by reducing energy
costs and mitigating risk for its commercial customers in
Florida. Its management team has
demonstrated the ability to sustain profitability in a range of
market conditions and brings considerable commercial supply
management expertise to Genie Energy. We look forward to partnering
with them to pursue additional opportunities in Florida," said Michael
Stein, COO of Genie Energy.
Mirabito Gas serves commercial and governmental customers
throughout Florida. Its customer base comprises approximately
10,000 residential customer equivalents (RCEs).
"Over the years, we have expanded Mirabito Gas throughout
Florida by providing value and
outstanding service to our customers," said Philip Baratz, Mirabito Gas' CEO. "We
welcome this partnership with Genie Energy to further strengthen
our offerings and accelerate our growth while maintaining our
customer-centric focus."
With the acquisition of Mirabito Gas, Genie's retail energy
supplier brands expand their respective offerings to 12 states.
"Our commercial energy brokers and their customers can
particularly benefit from Genie's established back-office systems
and support, transparent processes, competitive pricing matrices
and additional energy-related service offerings," said Stein.
"We continue to grow and diversify our customer base and scope
of operations," Stein added. "Earlier this month, we
announced a joint venture to enter the residential and small
business market in Great Britain
and now, through Mirabito Gas, we have expanded our foothold in
commercial supply while further broadening our geographic
footprint."
Florida companies interested in
reducing the cost and volatility of their natural gas supply can
contact Mirabito Gas by phone (800-430-2711) or email
(sales@mirabitogas.com).
Commercial energy supply brokers throughout the US seeking
options for their clients in the state of Florida may contact Genie Retail by phone
(973-438-3825) or email (contactus@genieretail.com).
About Genie Energy Ltd.:
Genie Energy Ltd. (NYSE: GNE,
GNEPRA) is comprised of two operating divisions, Genie Retail
Energy (GRE) and Genie Oil and Gas (GOGAS). GRE operates
retail energy providers and brokerage and marketing services.
GRE's retail energy providers market electricity and natural gas to
residential and commercial customers in deregulated markets in the
United States. GOGAS is a global oil and gas exploration
company operating an exploratory program in Northern Israel.
For more information, visit www.genie.com.
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SOURCE Genie Energy Ltd.