Benzinga | Dec 7, 2021 05:13AM EST

Genie Energy Announced Expansion of Green Energy Supply Business in Scandinavia

Genie Energy Ltd., (NYSE:GNE, GNEPRA)), a global provider of energy services, today announced that its Helsinki-based renewable electricity supply subsidiary, Lumo Energia Oyj (Lumo), has expanded its customer base by approximately 20% after acquiring meters from Energia 247, a Finnish competitive energy provider that has exited the business. Lumo is supplying the new customers with electricity generated entirely from renewable resources wind, solar and hydroelectric.

"We are delighted to welcome Energia 247 customers to their new home at Lumo," said Otto Savast, Lumo's CEO. "Every Energia 247 customer will retain the terms and conditions they previously enjoyed, and each will receive a 40 gift card from our partner, the Ruokaboksi food delivery service, as our delicious welcoming gift."

Through the agreement with Energia 247, Lumo has begun serving approximately 11,000 electricity meters of Energia 247's former customers.

"We are leveraging our strong financial position and commodity risk management capabilities to expand our green energy supply business in Scandinavia," said Michael Stein, CEO of Genie Energy. "Recent volatility in the region's wholesale electricity market is forcing consolidation in the retail supply industry. Lumo is well-positioned to serve the customers of Energia 247 and potentially other competitive suppliers challenged by the current market conditions."