NEWARK, N.J.

,

Feb. 16, 2021

/PRNewswire/ —

Genie Solar Energy

, a developer, designer and installer of commercial solar systems, has completed an innovative rooftop solar installation for Kraft Power, a provider of generator and cogeneration systems.

Kraft Power’s 57.5 kW custom rooftop solar system was installed at its distribution center in

Pompton Plains

, NJ.  It will supply Kraft with clean electricity sufficient to offset the equivalent CO2 emissions generated by burning over 447,960 pounds of coal, 1,008,804 miles driven by combustion powered cars or 46 houses per year for the next 25 years.

“Kraft Power is elated that, with the completion of this project, we are able to offset up to 100% of our average electricity consumption with electricity generated by American-made solar panels,” said

Owen Duffy

, CEO of Kraft Power.  “As a provider of on-site critical power systems to our clients’ facilities, we continue to lead by example through the expansion of our solar program.  With the solar arrays now in place at our

New Jersey

location, we have taken another big step to reduce our consumption of utility-generated power while substantially cutting electricity costs.”

Kraft Power supplies on-site power systems to hospitals, factories, communications, and other facilities that require reliable energy generation. The company also provides highly efficient cogeneration solutions. Many of these systems convert renewable biogas waste into clean energy.

“We are delighted to have designed, built and installed this successful project for Kraft Power, one of the leaders in its field,” said

Genie Solar’s

Managing Director,

Sara Schwandt

. “We designed this project to maximize the return on investment to Kraft Power over the project lifetime utilizing solar panels made in America.  Since completion, our system’s performance has exceeded expectations, further enhancing the project economics.”

Schwandt added, “We deliver tailor-made strategic energy plans and installations to maximize value for our clients whether their priorities are greater energy efficiency or cleaner and greener solutions.  We also help clients finance, lease and buy solar generation systems while maximizing the value of grants and other incentives.”

About Genie Solar Energy:

Genie Solar Energy

is a subsidiary of

Genie Energy Ltd.,

(NYSE: GNE).  Genie Solar Energy develops, designs and installs solar generation projects for commercial clients nationwide.  Every system is designed specifically to maximize the return on investment available at the site, while leveraging all available governmental incentives and credits.

About Genie Energy:



Genie Energy Ltd.

(NYSE: GNE, GNEPRA), is a global provider of energy services.  The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in

the United States

. The Genie Retail Energy International division supplies customers in

Europe

and Asia.  The Genie Energy Services division includes Diversegy, a commercial and industrial brokerage and consultative services company, and Genie Solar Energy and Prism Solar, which design, supply and install commercial and residential solar solutions. For more information, visit


Genie.com


.

About Kraft Power:


Kraft Power was founded in 1965 in

Boston

, Massachusetts.  Initially named “W. A. Kraft Corp”, the company distributed and serviced industrial engines, transmissions, and clutches.  We designed and manufactured engine-generator systems, and were among the pioneers of “Total Energy” (now known as Combined Heat and Power) power plants, as well as of emergency generator systems and service programs.  Early projects included on-site power systems supplied to facilities such as the World Trade Center, Federal Reserve Bank, the Statue of Liberty, and Yankees Stadium in

New York

, as well as many hospitals, factories, communications, and municipal projects that require reliable energy. Today Kraft Power operates nine sales and service facilities in eight states, with a staff of over 170 professionals dedicated to service excellence.

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SOURCE Genie Energy Ltd.