NEWARK, N.J., Sept. 6, 2018 /PRNewswire/ -- Genie Energy Ltd.,
(NYSE: GNE, GNEPRA) a leading independent retail energy provider,
today announced that it has substantially completed its strategic
transition to a retail energy provider model with an investment in
a domestic solar energy company and sale of a stake in its
Israel-based drilling services
subsidiary.
In a move to expand its renewable energy portfolio, Genie has
completed an initial investment in Prism Solar Technologies of
Highland, NY. Prism is a full-service solar technology and
solutions company. It designs and manufactures solar systems in
the United States featuring its
innovative bifacial solar modules. The Prism modules harvest
energy from both sides of the panel to significantly boost
efficiency. As a result, the Prism solution's average cost per
kilowatt for commercial and industrial solutions is extremely
competitive.
Genie Energy has made an initial investment in Prism, and,
subject to certain conditions, has agreed to acquire a controlling
stake in the solar energy company.
"Genie Energy supplies green energy to families and small
businesses in the Northeast and Midwest and has seen early success
marketing solar solutions to small and midsize businesses.
Prism's 'Made in the USA'
manufacturing capability and exciting technology broaden our
offering along the value chain and will appeal to larger commercial
customers. Prism already has a robust pipeline of clients and
orders and we expect it to become a contributor to Genie Energy's
growth story," said Michael Stein,
Genie Energy's CEO.
Randy Stewart, CEO of Prism Solar
Technologies, said, "We are delighted to partner with the Genie
Energy team. Our bifacial solar solutions – with their
superior conversion efficiency - are gaining traction in the solar
marketplace. Genie's investment strengthens our ability to
meet market demand while continuing to research and develop
powerful new applications."
Genie also has finalized an agreement to sell a significant
stake in its on-shore drilling services venture based in
Israel, Atid Drilling, to its Chairman, Howard Jonas, and Atid's management. The
deal enables Genie to substantially reduce the wind-down costs of
its oil and gas technology program while it continues to pursue
permitting of the final tests needed to complete its oil and gas
exploration program in Northern
Israel.
"Genie Energy's retail energy provider business is poised to
take advantage of abundant growth opportunities," said Mr. Stein.
"These two deals tighten our strategic focus, deepen our commitment
to green energy solutions and move us closer to a pure-play retail
energy provider business model."
About Genie Energy Ltd.:
Genie Energy Ltd. (NYSE: GNE,
GNEPRA), through its Genie Retail Energy (GRE) division, provides
electricity and natural gas primarily to residential and small
business customers in the United
States and, through a joint venture, in Great
Britain. GRE also operates Diversegy, a commercial brokerage
and marketing services company. For more information, visit
www.genie.com.
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SOURCE Genie Energy Ltd.