NEWARK — Genie Energy Ltd. 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.
