NEWARK, N.J., Dec. 4, 2018 /PRNewswire/ -- Diversegy, LLC., Genie Energy's (NYSE: GNE) commercial energy advisory firm, today announced the purchase of Frontline Power Solutions' (FPS) energy commodity brokerage business assets.
The acquisition expands Diversegy's growing book of business and adds to Diversegy's impressive portfolio of experienced energy procurement agents and advisory experts. This is the third, and the largest, acquisition by Diversegy this year. Diversegy will support FPS agents in all aspects of the business while they continue to serve existing FPS clients. Diversegy will also provide additional tools and resources to allow FPS agents to evaluate, price and close new business more efficiently.
"Diversegy's acquisition of FPS's brokerage assets will benefit both companies," said Sara Schwandt, Diversegy General Manager. "FPS' existing book of business and experienced network of agents together with Diversegy's agent portal, pricing tools, products and services, create a strong value proposition for businesses seeking to reduce energy costs and mitigate exposure to commodity price risk while using their energy more efficiently."
Large commercial and industrial clients and agents will have access to FPS' and Diversegy's combined portfolio of products and services including an extensive pool of suppliers, pricing engine and portal, and commission processing capabilities.
"Frontline is excited to align with Diversegy," said John Holmes, CEO of FPS. "This acquisition will allow us to focus on new business ventures, such as our exciting new patented building efficiency technologies and other IoT services and strategies, all while providing our existing clients and agents even greater options and efficiency, with an offering of new products and services to deliver greater savings."
Diversegy, LLC., is a commercial energy advisory firm helping clients to reduce costs, mitigate risk, and improve their bottom lines through the development and implementation of energy utilization and sourcing strategies. Diversegy works with customers to lower their energy supply costs, reduce their consumption with LED upfitting and other means, as well as provide on- and off-site generation with solar. Diversegy is a subsidiary of Genie Energy (NYSE: GNE).
About Frontline Power Solutions (FPS):
FPS is a comprehensive energy solutions company. FPS caters to large and small commercial, industrial, institutional and property management firms to facilitate substantial reductions in energy consumption and spending, through building automation, while streamlining logistical management of their energy portfolios.
About Genie Energy Ltd:
Genie Energy Ltd (NYSE: GNE, GNEPRA), through its Genie Retail Energy (GRE) division, provides electricity and natural gas primarily to residential and small business customers in the United States and, through a joint venture, in Great Britain. GRE also operates Diversegy, a commercial brokerage and marketing services company. For more information, visit www.genie.com.
SOURCE Genie Energy Ltd.