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Prism Solar Expands Solar Panel Deployments for JPMorgan Chase

NEWARK, N.J., Nov. 4, 2019 /PRNewswire/ -- Genie Energy Ltd., (GNE), a global provider of energy services, announced that its solar manufacturing subsidiary, Prism Solar Technologies (Prism Solar), has received additional purchase orders from JPMorgan Chase Bank (JPMorgan Chase) to supply solar modules for installation at JPMorgan Chase facilities nationwide.

Genie Energy is a leading provider of electricity and natural gas to homes and small businesses in the Eastern U.S. Genie also operates an E&P company with an active exploratory program in Northern Israel.

JPMorgan Chase and Prism Solar previously reached a module supply agreement pursuant to which Prism Solar was named Preferred Supplier for the 2017-2020 JPMorgan Chase Solar PV (Photovoltaic) Installation Program for locations in the USA. 

Prism Solar, based in Highland, NY, is a fast-growing supplier of monofacial and bifacial solar modules assembled in the United States.  The company is recognized globally as the first supplier of Quality Plus Certified, glass-on-glass, bifacial solar modules, and as the developer of the original design and modeling tools essential for forecasting and optimizing the energy-generating performance of bifacial solar systems.

Prism Solar is a wholly owned subsidiary of PlusEnerG, in which Genie Energy holds a majority stake.  PlusEnerG is a leading provider of complete roof-top solar energy solutions for commercial clients. PlusEnerG's offerings are optimized to provide the industry's lowest cost of energy in the commercial and industrial markets

Randy Stewart, CEO of PlusEnerG Inc., said, "PlusEnerG and Prism Solar offerings are designed to help clients meet their renewable power goals.  The quality and versatility of our photovoltaic solutions enable us to tailor site-specific solutions optimized for demanding applications in the Commercial and Industrial sector.  Our work for JPMorgan Chase reflects the value of this approach for the most sophisticated clients."

"We are extremely proud to contribute to JPMorgan Chase's effort to reach 100% renewable power," said Michael Stein, CEO of Genie Energy.  "JPMorgan Chase has become a leader in the effort to move the world toward clean, environmentally sustainable energy. Their commitment to renewable power has set an example for organizations globally."

About Genie Energy Ltd.:
Genie Energy Ltd., (NYSE: GNE, GNEPRA) is a global energy solutions company.  We supply homes and small businesses in the US, Europe and Asia with electricity - including electricity generated from renewable resources - and natural gas.  We provide commercial and industrial clients with energy brokerage and consultative services through our Diversegy brand.  Through PlusEnerG (plusenerg.com), we design and deliver commercial solar energy solutions.  For more information, visit Genie.com.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K.  We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

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