Subsidiary of Parent of Retail Supplier Enters Into Agreement To Launch New Retail Energy Joint Venture

On July 17, 2017, a subsidiary of Genie Energy Ltd. (the "Registrant") entered into a definitive agreement with a partner to launch a joint venture offering electricity and natural gas service to residential and small business customers in the United Kingdom, Genie Energy Ltd. reported in an 8-K

The Registrant is committed to provide the joint venture with £985,000 in initial funding including £75,000 that was provided on signing of the agreement. Funding could increase to £5,975,000 between the launch of the joint venture and August 1, 2018 contingent on the achievement by the venture of performance based milestones, Genie Energy Ltd. reported in an 8-K

Genie Energy Ltd. is the parent of Genie Retail Energy, which operates various retail suppliers, including IDT Energy