Genie Energy has announced the acquisition of a controlling stake in Finland-based renewable energy sourced electricity provider Lumo Energia.
Image: Genie Energy acquires Lumo Energia to enter Scandinavian energy market. Photo: Courtesy of rawpixel on Unsplash.
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.
Genie Energy CEO Michael Stein said: “We are overjoyed to welcome the creative and innovative team at Lumo Energia to the Genie Energy family.
“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.”
Genie’s Retail division supplies electricity and natural gas primarily to residential and small business customers in the US.
Lumo Energia CEO Samuli Melanko said: “We are very pleased to partner with Genie Energy,” “Lumo Energia offers renewable electricity solutions and, with Genie Energy’s support and collaboration, we intend to become the premier independent supplier in Scandinavia, with innovative plans that fit every home and budget.”
In October 2018, Genie Energy has acquired a majority stake in Prism Solar Technologies as part of the first step in Genie’s partnership with Plus EnerG, Prism’s second largest shareholder.
The Plus EnerG and Prism jointly comprises a solar solutions company including US based panel manufacturing, solar installation design and project management.
At the time of the announcement of the deal, Stein said: “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.”