Genie Energy Acquires Retail Supplier

Genie Energy, Ltd. today announced the acquisition of a controlling interest in Lumo Energia, which Genie described as, "a rapidly growing provider of electricity generated from renewable sources to residential customers in Finland."

Lumo Energia was founded in 2015 in Helsinki, and has grown to provide electricity to approximately 32,000 residential customers in Finland. Genie Energy expects the acquisition to positively impact earnings.

"Lumo has become one of the fastest growing retail energy providers in Scandinavia by providing outstanding service, clean energy and innovative solutions perfectly suited to its customers. We look forward to supporting the Lumo team as they continue to grow and expand," said Michael Stein, CEO of Genie Energy.

"The acquisition of Lumo Energia represents a significant step in our program of revenue diversification and global expansion. Lumo has terrific potential to continue growing its customer base in Finland while providing an outstanding platform to address the broader Scandinavian market," added Mr. Stein.