07 Dec, 2020, 09:00 ET
HOUSTON, Dec. 7, 2020 /PRNewswire/ -- Griddy Energy, the pioneer of direct-to-consumer wholesale electricity in Texas, appoints Michael Fallquist as Chief Executive Officer, Christian McArthur as Chief Operating Officer and Roop Bhullar as Chief Financial Officer and enters into an agreement with Macquarie Energy, a subsidiary of the Macquarie Group, to provide a wholesale supply facility and investment capital to support Griddy's growth and market expansion.
"I'm excited to welcome the new leadership team and strategic partner to Griddy as we embark on the next phase of our growth," said Gregory L. Craig, Griddy co-founder and the outgoing CEO of Griddy. "Michael, Christian and Roop bring a proven track record and share our vision to disrupt the retail energy market by delivering an unmatched value proposition and experience to our members."
Fallquist, McArthur and Bhullar served in similar roles at Crius Energy, an independent energy marketer of retail electricity, natural gas and solar products to residential and commercial customers, until July 2019, when it was acquired by Vistra Energy. Under their leadership, Crius Energy went public on the Toronto Stock Exchange and achieved total returns to public unit holders of approximately 10% CAGR (compound annual growth rate), including distributions paid to unit holders of more than C$200 million while serving 1.4 million residential customer equivalents across 19 States and the District of Columbia at its peak.
With this new leadership team, their main focus for the upcoming months will be:
- Solutions to combat price volatility, including a "price lock" feature for peak periods
- A network marketing program to rapidly grow the business in Texas and facilitate expansion into new markets
"We are thrilled to join Griddy and to help the business reach its tremendous potential. It's the best product in the Texas market, and with a few strategic enhancements, including the launch of our word-of-mouth sales channel, we expect rapid growth," said Michael Fallquist, the newly appointed CEO of Griddy. "Macquarie was a tremendous partner for us at Crius Energy, and we believe they will be instrumental in helping us achieve our goals and objectives at Griddy."
The new relationship and capital from Macquarie Energy means a bright future for Griddy.
"Our previous strategic investments with Crius Energy management showed us that combining a strong leadership team with the right financial partner delivers outstanding results," says Roberta Konicki of Macquarie's Commodities and Global Markets group. "Our new investment in Griddy reflects our continued confidence in that management team, as well as our belief in both the Griddy technology platform and the important role energy technologies play in transforming the industry."
Craig and Nick Bain, Griddy co-founder and executive chairman, will join the Griddy Energy Board of Directors, with Bain serving as Chairman of the Board.
Griddy is the pioneer of direct-to-consumer wholesale electricity in Texas. Griddy eliminates the middleman and connects members directly to wholesale electricity rates via a smartphone app, which allows members to optimize their energy consumption and increase their savings and use of renewable energy. Griddy delivers real-time energy usage and price alerts directly through our app because better data means bigger savings for our members. For further information, visit www.griddy.com.
Macquarie Group Limited (Macquarie) is a diversified financial group that provides clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs over 15,800 people globally. Macquarie's assets under management (AUM) at 31 March 2020 were $367.7 billion. For further information, visit www.macquarie.com.
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