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.