NEWARK, N.J., Jan. 4, 2019 /PRNewswire/ -- Genie
Energy, Ltd. (NYSE: GNE, GNEPRA) today announced the acquisition of
a controlling interest in Lumo Energia, a rapidly growing provider
of electricity generated from renewable sources to residential
customers in Finland.
"We are overjoyed to welcome the creative and innovative team at
Lumo Energia to the Genie Energy family," said Michael Stein, CEO of Genie Energy. "Lumo
has become one of the fastest growing retail energy providers in
Scandinavia by providing outstanding service, clean energy and
innovative solutions perfectly suited to its customers. We
look forward to supporting the Lumo team as they continue to grow
and expand."
Lumo Energia was founded in 2015 in Helsinki, and has grown to provide electricity
to approximately 32,000 residential customers in Finland. Genie Energy expects the
acquisition to positively impact earnings.
"We are very pleased to partner with Genie Energy," said
Samuli Melanko, Lumo Energia's
CEO. "Lumo Energia offers renewable electricity solutions
and, with Genie Energy's support and collaboration, we intend to
become the premier independent supplier in Scandinavia, with
innovative plans that fit every home and budget."
"The acquisition of Lumo Energia represents a significant step
in our program of revenue diversification and global
expansion. Lumo has terrific potential to continue growing
its customer base in Finland while
providing an outstanding platform to address the broader
Scandinavian market," added Mr. Stein.
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. The Genie International
division supplies customers in Europe and is launching operations in
Asia. Genie Energy Services
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
the results expressed or implied by these statements due to
numerous important factors, including, but not limited to, those
described in our most recent report on SEC Form 10-K (under the
headings "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations"), which may be
revised or supplemented in subsequent reports on SEC Forms 10-Q and
8-K. We are under no obligation, and expressly disclaim any
obligation, to update the forward-looking statements in this press
release, whether as a result of new information, future events or
otherwise.
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SOURCE Genie Energy Ltd.