NEWARK, N.J., Oct. 9, 2020 /PRNewswire/ -- Genie Energy
Ltd., (NYSE: GNE, GNEPRA), a global provider of energy services,
announced that it has purchased the outstanding 24% interest in its
retail energy supply joint venture operating in the United Kingdom (U.K.) from its former joint
venture partner. The venture, which operates under the trade
name Orbit Energy, provides electricity and natural gas service to
over 100,000 residential meters in the U.K.'s deregulated retail
energy market. The purchase price was approximately $1.7 million. Net of repayment of
outstanding loans, Genie paid approximately $1.4 million.
Following the transaction, Orbit Energy's operating company is a
wholly owned subsidiary of Genie Energy. Genie will
consolidate Orbit's results in its financial reporting under the
Genie Retail Energy International (GREI) Segment.
"Since its launch two years ago, our Orbit Energy initiative has
validated our approach to the retail energy supply business in the
United Kingdom and proven the
potential for long term growth in this exciting market," said
Michael Stein, Genie Energy's Chief
Executive Officer. "With the purchase of the outstanding
interest in Orbit, we continue to expand our international
portfolio of rapidly growing retail energy suppliers."
Gail Parker, CEO of Orbit Energy,
added, "Genie's investment provides a streamlined management
structure that will help us to respond nimbly as we continue to
execute on our growth strategy. We will continue to provide
the outstanding service and value that our customers here in the UK
About Genie Energy Ltd.:
Genie Energy Ltd., (NYSE:
GNE, GNEPRA) is a global energy solutions company. We supply
homes and small businesses in the US, Europe and Asia with electricity including electricity
generated from renewable resources and with natural gas. We
provide commercial and industrial clients with energy brokerage and
consultative services through our Diversegy brand. Through
Genie Solar Energy and Prism Solar, we design, construct and
install commercial solar energy solutions. For more
information, visit https://genie.com/.
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SOURCE Genie Energy Ltd.