Griddy Names Retail Energy Vet As CEO, Launching Network Marketing Channel
Announces New Financing Agreement With Wholesale Energy Supplier
December 7, 2020 Email This Story Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Griddy Energy has named Michael Fallquist as Chief Executive Officer, Christian McArthur as Chief Operating Officer, and Roop Bhullar as Chief Financial Officer, and has entered into an agreement with Macquarie Energy, a subsidiary of the Macquarie Group, to provide a wholesale supply facility and investment capital to support Griddy's growth and market expansion.
Fallquist, McArthur and Bhullar served in similar roles at Crius Energy until July 2019, when it was acquired by Vistra Energy. "Under their leadership, Crius Energy went public on the Toronto Stock Exchange and achieved total returns to public unit holders of approximately 10% CAGR (compound annual growth rate), including distributions paid to unit holders of more than C$200 million while serving 1.4 million residential customer equivalents across 19 States and the District of Columbia at its peak," Griddy said
With this new leadership team, Griddy's main focus for the upcoming months will be:
• Solutions to combat price volatility, including a "price lock" feature for peak periods
• A network marketing program to rapidly grow the business in Texas and facilitate expansion into new markets
"We are thrilled to join Griddy and to help the business reach its tremendous potential. It's the best product in the Texas market, and with a few strategic enhancements, including the launch of our word-of-mouth sales channel, we expect rapid growth," said Fallquist
Gregory L. Craig, Griddy co-founder and its outgoing CEO, and Nick Bain, Griddy co-founder and executive chairman, will join the Griddy Energy Board of Directors, with Bain serving as Chairman of the Board.