Genie Energy Enters Scandinavian Retail Energy Supply Market

06 Jan 2019

Genie Energy, Ltd. (NYSE: GNE, GNEPRA) 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.  

Genie Energy | http://www.genie.com