NEW YORK, Sept. 14, 2022 /PRNewswire/ — Energywell, LLC (“Energywell”), an energy technology company powering the sustainable energy transition, announces the signing of a Purchase & Sale Agreement to acquire Engie Retail, LLC d/b/a Think Energy (“Think Energy”), Engie’s residential/mass market retail electricity affiliate. The pending acquisition is subject to approval by the Federal Energy Regulatory Commission and is expected to close in early Q4 2022.
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 (64) electric and natural gas utilities.
“We are thrilled to acquire the Think Energy business as we see tremendous value in its strong brand name and broad operating footprint,” said Michael Fallquist, Director & Co-Chief Executive Officer of Energywell. “We intend to rapidly deploy our proprietary technology platform and sales channels upon closing the acquisition as we see an opportunity to provide great customer value given the return of commodity market volatility and expected high utility prices this winter and beyond.”
Energywell will deploy its proprietary technology platform, named Proton™, across the Think Energy operating footprint by mid-2023. Proton enables Energywell and its technology licensing partners to offer innovative products and services to differentiate themselves in a crowded retail energy marketplace.
“Deploying the Proton platform across the Think Energy footprint will be an immediate priority given it creates a competitive advantage for us and our licensing partners,” said Christian McArthur, Co-Chief Executive Officer of Energywell. “We expect to have significant interest from new technology licensing partners as we are the only solution currently available in the North American market to deliver a fully digital, app-based customer experience that is integrated with customer smart meters.”
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, please visit Energywell’s website at http://www.energywell.com.
Director & Co-Chief Executive Officer