NEWARK, N.J., Dec. 4, 2018 /PRNewswire/ -- Diversegy, LLC.,
Genie Energy's (NYSE: GNE) commercial energy advisory firm, today
announced the purchase of Frontline Power Solutions' (FPS) energy
commodity brokerage business assets.
The acquisition expands Diversegy's growing book of business and
adds to Diversegy's impressive portfolio of experienced energy
procurement agents and advisory experts. This is the third,
and the largest, acquisition by Diversegy this year. Diversegy will
support FPS agents in all aspects of the business while they
continue to serve existing FPS clients. Diversegy will also provide
additional tools and resources to allow FPS agents to evaluate,
price and close new business more efficiently.
"Diversegy's acquisition of FPS's brokerage assets will benefit
both companies," said Sara Schwandt,
Diversegy General Manager. "FPS' existing book of business and
experienced network of agents together with Diversegy's agent
portal, pricing tools, products and services, create a strong value
proposition for businesses seeking to reduce energy costs and
mitigate exposure to commodity price risk while using their energy
more efficiently."
Large commercial and industrial clients and agents will have
access to FPS' and Diversegy's combined portfolio of products and
services including an extensive pool of suppliers, pricing engine
and portal, and commission processing capabilities.
"Frontline is excited to align with Diversegy," said
John Holmes, CEO of FPS. "This
acquisition will allow us to focus on new business ventures, such
as our exciting new patented building efficiency technologies and
other IoT services and strategies, all while providing our existing
clients and agents even greater options and efficiency, with an
offering of new products and services to deliver greater
savings."
About Diversegy:
Diversegy, LLC., is a commercial
energy advisory firm helping clients to reduce costs, mitigate
risk, and improve their bottom lines through the development and
implementation of energy utilization and sourcing strategies.
Diversegy works with customers to lower their energy supply costs,
reduce their consumption with LED upfitting and other means, as
well as provide on- and off-site generation with solar. Diversegy
is a subsidiary of Genie Energy (NYSE: GNE).
About Frontline Power Solutions (FPS):
FPS is a
comprehensive energy solutions company. FPS caters to large and
small commercial, industrial, institutional and property management
firms to facilitate substantial reductions in energy consumption
and spending, through building automation, while streamlining
logistical management of their energy portfolios.
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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/diversegy-purchases-frontline-power-solutions-energy-commodity-brokerage-assets-300758653.html
SOURCE Genie Energy Ltd.