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Genie Energy buys controlling stake in Finnish renewable electricity provider

Newark, N.J.-based Genie Energy said it acquired a controlling interest in the Finnish renewable electricity provider Lumo Energia for undisclosed financial terms.

Founded in Helsinki in 2015, Lumo Energia serves approximately 32,000 residential customers in Finland. The acquisition will have positive impact on Genie Energy's earnings, the company said in a Jan. 4 news release.

"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," Lumo Energia CEO Samuli Melanko said in a statement.