Global energy services provider Genie Energy acquires majority stake in NY-based panel manufacturer Prism Solar

Genie Energy, a global energy services provider, announced it has acquired a majority stake in Prism Solar Technologies, a module manufacturer based in Highland, New York. Genie is now in partnership with Prism’s second largest shareholder, Plus EnerG.

The combination of Plus EnerG and Prism makes Genie Energy a full solar solutions company, including U.S. panel manufacturing, solar installation design and project management. Prism manufactures n-type crystalline silicon solar cells then configured into bifacial modules. Plus EnerG, with its sales, design and project management expertise, is uniquely situated to bring the Prism technology and other solutions to large commercial and industrial clients.

“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,” said Michael Stein, Genie Energy’s CEO.

Randy Stewart, CEO of Plus EnerG and Prism Solar Technologies, said, “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.”

News item from Genie

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