Genesis Energy shares dip on ChargeNet partnership talks
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The news: Shares in Genesis Energy lowered on the ASX after the New Zealand energy retailer announced plans for a strategic partnership and equity interest in electric vehicle charging network ChargeNet.
The numbers: Genesis shares fell 2.2% to $1.99 by 10:40am AEST, having lost more than 15% since January. Genesis is also trading ex-dividend today.
The context: Genesis said it has entered into a period of exclusivity with ChargeNet, New Zealand's leading provider of electric vehicle charging solutions and infrastructure.
During this period, the companies are expecting to conclude terms for a strategic partnership, including an equity interest in ChargeNet.
What they said: "The discussions reflect Genesis' view of the importance of electrification of transport as part of New Zealand's energy transition and ambition to participate in one of the most significant and emerging retail value pools," the company said in a statement.
The source: ASX announcement
