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.