Genie Energy Ltd. (NYSE: GNE) is an independent energy retail company spun off from IDT Corporation on October 31, 2011. It is headquartered in Newark, New Jersey, USA and has 286 full-time employees. It is mainly engaged in energy through its subsidiary Genie Energy International Corporation. Retail and oil and gas exploration.
Genie Energy (GNE):
Genie Energy Ltd. is an American energy company headquartered in Newark, New Jersey. It is a holding company consisting of Genie Retail Energy, Genie Retail Energy International, Genie Energy Services and Genie Energy Oil and Gas.
In 2004, in order to seek diversification, IDT Telecom’s founder, chairman and CEO Howard Jonas (Howard Jonas) launched the first retail energy provider (Retail Energy Provider, REP), and its first batch Energy supply customer registration. Then, in October 2011, Genie Energy Ltd. (NYSE: GNE) separated from IDT Corporation and became an independent public company. At this time, Genie Energy Ltd.’s Class B common stocks began to trade on the New York Stock Exchange. The stock code is GNE.
The founder and chairman of Genie is Howard Jonas (Howard Jonas). Michael Stein is the corporate CEO of Genie Energy and the CEO of Genie Retail Energy. Avi Goldin serves as the company’s CFO.
The president of Genie Energy’s Israeli subsidiary is Effie Eitam. Genie Energy’s strategic advisory committee members include: Dick Cheney (former U.S. Vice President), Rupert Murdoch (media mogul and chairman of News Corp.), James Woolsey (former CIA director), Larry Summers (former head of the US Treasury Department), Bill Richardson (former governor of New Mexico, former United Nations ambassador and US Secretary of Energy), Michael Steinhardt, Jacob Rothschild And Mary Landrieu (former Louisiana State Senator).
Genie Energy’s business operations are mainly divided into 4 parts, including: Genie Retail Energy (GRE), GRE International, Genie Energy Services and Genie Oil and Gas, Inc.
Genie Energy mainly resells electricity and natural gas to residential and small business customers in the eastern and midwestern United States, as well as the United Kingdom, Japan, and Finland. Genie Energy is also engaged in the provision of energy consulting and brokerage services; as well as solar panel manufacturing, solar installation design and project management activities. In addition, Genie Energy also holds an 86.1% interest in the Golan Heights in northern Israel (Afek Oil and Gas exploration project) and has an interest in the contract drilling services business.
Genie Energy (GNE) History:
In 2013, IDT Energy, Inc., a subsidiary of Genie Energy, acquired Diversegy, LLC (a commercial energy consulting company) in Dallas and its online marketing channel Epiq Energy. They are now a wholly-owned subsidiary of Genie Energy Ltd.
In 2016, Genie Retail Energy (GRE), a subsidiary of Genie Energy, acquired Retail Energy Holdings, LLC. (REH).
In August 2017, Genie Retail Energy (GRE) acquired Mirabito Natural Gas, which is a natural gas supplier in Ft. Lauderdale, Florida for commercial customers.
In January 2019, Genie Retail Energy acquired a majority stake in Lumo Energia, which is a Finnish renewable electricity supplier; and launched Genie Energy Japan earlier in 2019, providing customers with various options in the vibrant Japanese retail market. A high-value power supply product.