Genie Energy, an independent retail energy provider and oil and gas exploration company, via its Genie Retail Energy division, secured a $20 million revolving loan facility with Vantage Commodities Financial Services. The new facility, which has a term of three years, will be available for general corporate purposes including working capital.
“The new credit agreement improves Genie Energy’s capital structure and enhances our ability to leverage our strong balance sheet to execute on our growth strategies including organic meter acquisition and additional, strategic acquisitions following the successful purchase of Town Square Energy last year,” said Avi Goldin, Genie Energy’s chief financial officer.
Genie Energy is comprised of two operating divisions, Genie Retail Energy (GRE) and Genie Oil and Gas (GOGAS). GRE operates retail energy providers and brokerage and marketing services. GRE’s retail energy providers market electricity and natural gas to residential and small business customers in deregulated markets in the U.S. GOGAS is a global oil and gas exploration company operating an exploratory program in Northern Israel.