Mega Energy Announces Commodity And Market Expansion To Enable Acquisition-Based Growth

Initiatives Include Northeast Expansion Through Partnership With Wholesale Energy Supplier

December 7, 2020

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Mega Energy Holdings LLC announced the extension of a credit and supply arrangement with Pacific Summit Energy LLC (PSE), the North American marketing and trading subsidiary of Sumitomo Corporation and its largest U.S. affiliate, Sumitomo Corporation of Americas, "to enable current market growth and strategically identify new market expansion."

"This growth will largely be driven by the attainment of existing retailers within both current and new markets," Mega Energy said

"With the support of PSE, Mega Energy plans to explore offering new commodities, expand dual service offering of electric and gas to clients in current Midwest and northeastern states, and grow its reach to additional deregulated states, including Pennsylvania and New Jersey," Mega Energy said

"The announcement of the exponential growth opportunities come soon after the recent sale of Mega Energy’s Texas book of business to NRG Energy earlier this year. Proceeds from the sale have enabled Mega Energy to shift focus and fuel growth in non-ERCOT territories, while also concentrating on its distinguished customer service and notable competitive pricing," Mega Energy said

"Mega Energy has a lot of exciting growth opportunities that lie ahead," said Javed Meghani, CEO and Chairman of Mega Energy. "Since May, the Texas book proceeds have allowed us to more purposefully seek out new business ventures that will ultimately enhance our service offerings and alleviate buying uncertainty."

"Through the well-established partnership with PSE, Mega Energy has the unique advantage of having support from Sumitomo’s financial resources, combined with PSE’s experienced team of energy specialists. Additionally, the partnership provides growth opportunities in various industry verticals including upstream and downstream energy sourcing," Mega Energy said

Mega Energy offers service in Connecticut, Illinois, Maine, Massachusetts, Ohio, and New Hampshire.

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