Retail Supplier Parent Partners To Offer Full-Service Solar Technology Provider

Genie Energy Ltd., the ultimate parent of IDT Energy and various other retail energy brands, announced that it has acquired a majority stake in Prism Solar Technologies (Prism), "representing the first step in Genie's partnership with Prism's second largest shareholder, Plus EnerG."

Genie's initial investment in Prism had been first reported in September

Genie Energy said that, "The combination of Plus EnerG and Prism comprise a solar solutions company, including US based panel manufacturing, solar installation design and project management. Prism's solar panels feature high efficiency N-type silicon solar cells designed into bifacial solar modules which result in systems with a reduction in the average cost per kilowatt hour, while their glass-on-glass design increases the durability and lifetime value of Prism's panels. Plus EnerG, with its sales, design and project management expertise is uniquely situated to bring the Prism technology and other solutions to large commercial and industrial clients."

"Following our initial investment in Prism early in September, we have become increasingly excited by the potential of this business to immediately contribute to our top and bottom lines. As the business scales, we expect these products to form an important piece of our Energy Services division's renewable offerings for commercial clients," said Michael Stein, Genie Energy's CEO.

Randy Stewart, CEO of Plus EnerG and Prism Solar Technologies, said, "Genie's investment, solid customer base and management depth strengthens our ability to meet market demand while continuing to research and develop powerful new applications."