Energywell, LLC (“Energywell”), an energy technology company powering the sustainable energy transition, announces the completion of its acquisition of ENGIE Retail, LLC d/b/a Think Energy (“Think Energy”) and the signing of a Preferred Supplier Agreement with ENGIE Energy Marketing North America, Inc. (“ENGIE Energy Marketing”).
Founded in 2011, Think Energy is a mid-sized mass market focused energy retailer with licenses to operate in 13 states and the District of Columbia covering sixty-four electric and natural gas utilities.
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“Completing the acquisition is an important milestone for our business as we can immediately begin to deploy our proprietary technology platform and sales channels across the many utility markets served by Think Energy,” said Michael Fallquist, Director & Co-Chief Executive Officer of Energywell. “The deployment of our proprietary technology outside of Texas will allow us to provide customers with innovative and valuable products that are not available in the market today.”
Concurrent with the acquisition of Think Energy, Energywell entered into a Preferred Supplier Agreement with ENGIE Energy Marketing to purchase wholesale energy supply to support Think Energy’s customer growth plans.
“We are pleased to be working with top-tier supplier ENGIE Energy Marketing on this facility,” said Roop Bhullar, Chief Financial Officer of Energywell. “The scalable 3-year facility provides us with the financial flexibility to execute on our growth strategy.”
Energywell was represented by Baker Botts L.L.P. in connection with the acquisition of Think Energy and negotiation of the Preferred Supplier Agreement.
About Energywell
Energywell is an energy technology company powering the sustainable energy transition. Energywell combines the financial strength of funds managed by Oaktree Capital Management, L.P. and capital and commodities expertise from Hartree Partners L.P. with proprietary technology and a seasoned team of energy industry veterans. For additional information
SOURCE: PR Newswire