NEWARK, N.J., Dec. 7, 2021 /PRNewswire/ -- Genie Energy
Ltd., (NYSE: GNE, GNEPRA), a global provider of energy services,
today announced that its Helsinki-based renewable electricity supply
subsidiary, Lumo Energia Oyj (Lumo), has expanded its customer base
by approximately 20% after acquiring meters from Energia
247, a Finnish competitive energy provider that has exited the
business. Lumo is supplying the new customers with electricity
generated entirely from renewable resources – wind, solar and
hydroelectric.
"We are delighted to welcome Energia 247 customers to
their new home at Lumo," said Otto Savast, Lumo's CEO. "Every
Energia 247 customer will retain the terms and conditions
they previously enjoyed, and each will receive a € 40 gift card
from our partner, the Ruokaboksi food delivery service, as our
delicious welcoming gift."
Through the agreement with Energia 247, Lumo has begun
serving approximately 11,000 electricity meters of Energia
247's former customers.
"We are leveraging our strong financial position and commodity
risk management capabilities to expand our green energy supply
business in Scandinavia," said Michael
Stein, CEO of Genie Energy. "Recent volatility in the
region's wholesale electricity market is forcing consolidation in
the retail supply industry. Lumo is well-positioned to serve the
customers of Energia 247 and potentially other competitive
suppliers challenged by the current market conditions."
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 global provider of energy services. 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 Retail Energy International division
supplies customers in Scandinavia. The Genie Renewables
division includes Diversegy, a commercial and industrial brokerage
and consultative services company, and Genie Solar Energy and Prism
Solar, which design, supply and install commercial solar solutions.
For more information, visit Genie.com.
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