Genie Energy acquires majority stake in Prism Solar

Newark-based Genie Energy Ltd., a provider of energy and related services, announced it has acquired a majority stake in Prism Solar Technologies.

The acquisition, Genie Energy said, represents the first step in its partnership with Prism’s second largest shareholder, Plus EnerG.

“Following our initial investment in Prism early in September, we have become increasingly excited by the potential of this business to immediately contribute to our top and bottom lines. As the business scales, we expect these products to form an important piece of our Energy Services division’s renewable offerings for commercial clients,” Michael Stein, Genie Energy CEO, said.

Financial terms of the deal were not disclosed.

“We are delighted to partner with the Genie Energy team.  Our commercial solar solutions – with their superior conversion efficiency and environmental stability – are gaining traction in the solar marketplace.  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,” Randy Stewart, CEO of Plus EnerG and Prism Solar Technologies, said.