November 1 (Renewables Now) - US electricity and natural gas retailer Genie Energy Ltd (NYSE:GNE) has bought a majority stake of an undisclosed size in solar panels maker and systems installer Prism Solar Technologies.
Genie Energy said in a statement that this transaction marks the first step in the company’s partnership with the second largest shareholder of Prism, namely Plus EnerG. The majority stake buy also follows an initial investment made by Genie Energy in September.
Prism is engaged in the production of bifacial modules using N-type silicon solar cells, as well as in solar installation design and project management. Plus EnerG, in turn, has the sales, design and project management expertise to bring those offerings and services to large commercial and industrial clients.
“Genie's investment, solid customer base and management depth strengthens our ability to meet market demand while continuing to research and develop powerful new applications,” said Randy Stewart, CEO of Plus EnerG and Prism Solar Technologies.