NEWARK,
N.J., Nov. 30, 2022 /PRNewswire/ -- Genie Energy
Ltd., (NYSE: GNE, GNEPRA), a leading retail energy and renewable
energy solutions provider, announced today that it has acquired a
portfolio of residential and small commercial customer contracts
from Mega Energy.
"Market conditions are producing attractive opportunities for
portfolio expansion in some of our retail supply markets," said
Michael Stein, Genie Energy's CEO.
"Our strong balance sheet, with significant cash reserves,
positions us to compete for additional books of business at
favorable prices. We will continue to look for customer acquisition
opportunities as specific markets become more conducive to
growth."
"Mega Energy believes the time is right to transfer our
portfolio to Genie Energy as this will enhance our customers'
long-term service with expanded product offerings and additional
resources," said Javed Meghani,
Chairman of WP&G Holdings, LLC., dba Mega Energy. "We are
committed to providing a seamless service experience as each of our
highly valued customers moves to the Genie Energy platform."
The portfolio of acquired customers is located in seven states
in the Northeast and Midwest, all within Genie's current geographic
footprint of deregulated retail markets. It comprises
approximately 11,000 residential and commercial customer meters.
The Company expects the acquired portfolio to be immediately
accretive. Terms of the deal were not disclosed.
Vin Deshpande and Fernando Alvarez of Drexel Hamilton served as exclusive financial
advisors to Mega Energy.
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.
About Genie Energy Ltd.:
Genie Energy Ltd., (NYSE: GNE, GNEPRA) is a retail energy and
renewable energy solutions provider. The Genie Retail Energy
division supplies electricity, including electricity from renewable
resources, and natural gas to residential and small business
customers in the United States.
The Genie Renewables division is a vertically-integrated provider
of commercial, community and utility-scale solar energy solutions.
For more information, visit Genie.com.
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SOURCE Genie Energy Ltd.