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Genie Energy invests in solar solutions company


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Genie Energy invests in solar solutions company

Genie Energy said it is nearing completion of its strategic transition to a retail energy provider model with two deals.

The first is the completion of an initial investment in New York-based Prism Solar Technologies, a solar technology and solutions company, according to a Sept. 6 news release. Genie Energy also agreed to acquire a controlling stake in Prism Solar, subject to certain conditions.

"Prism already has a robust pipeline of clients and orders and we expect it to become a contributor to Genie Energy's growth story," Genie Energy CEO Michael Stein said.

The second transaction involves the finalization of an agreement to sell a significant stake in Atid Drilling, an onshore drilling services ventures based in Israel, to its chairman, Howard Jonas, and Atid's management.

Genie Energy said the deal allows it to wind down costs of its oil and gas technology program while it continues the permitting process to complete its oil and gas exploration program in Northern Israel.