NEWARK, N.J., Oct. 31, 2018 /PRNewswire/ -- Genie Energy Ltd.,
(NYSE: GNE, GNEPRA) a leading independent provider of energy and
related services, today announced that it has acquired a majority
stake in Prism Solar Technologies (Prism), representing the first
step in Genie's partnership with Prism's second largest
shareholder, Plus EnerG.
The combination of Plus EnerG and Prism comprise a solar
solutions company, including US based panel manufacturing, solar
installation design and project management. Prism's solar
panels feature high efficiency N-type silicon solar cells designed
into bifacial solar modules which result in systems with a
reduction in the average cost per kilowatt hour, while their
glass-on-glass design increases the durability and lifetime value
of Prism's panels. Plus EnerG, with its sales, design and
project management expertise is uniquely situated to bring the
Prism technology and other solutions to large commercial and
industrial clients.
"Following our initial investment in Prism early in September,
we have become increasingly excited by the potential of this
business to immediately contribute to our top and bottom
lines. As the business scales, we expect these products to
form an important piece of our Energy Services division's renewable
offerings for commercial clients," said Michael Stein, Genie Energy's CEO.
Randy Stewart, CEO of Plus EnerG
and Prism Solar Technologies, said, "We are delighted to partner
with the Genie Energy team. Our commercial solar solutions –
with their superior conversion efficiency and environmental
stability - are gaining traction in the solar marketplace.
Genie's investment, solid customer base and management depth
strengthens our ability to meet market demand while continuing to
research and develop powerful new applications."
About Genie Energy Ltd.:
Genie Energy Ltd. (NYSE: GNE,
GNEPRA), is a global provider of energy services. Genie's
Retail division supplies electricity and natural gas primarily to
residential and small business customers in the United States. Genie's International
division supplies customers in Europe and Asia. Genie's Energy Services
division includes Diversegy, a commercial brokerage and marketing
services company, and Genie Solar Energy, a provider of solar
generation systems. For more information, visit
Genie.com.
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
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described in our most recent report on SEC Form 10-K (under the
headings "Risk Factors" and "Management's Discussion and Analysis
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SOURCE Genie Energy Ltd.