TORONTO, Nov. 25, 2013 /CNW/ - ONEnergy Inc. ("ONEnergy" or the
"Corporation") (TSXV: OEG) and (TSXV: OEG.A) announced today that its
wholly-owned subsidiary Sunwave Gas & Power Inc. ("Sunwave") has
entered into agreements with Shell Energy North America (Canada) Inc.
and Shell Energy North America (US), L.P. (collectively "Shell Energy")
under which Shell Energy will supply energy, credit support, and
environmental commodities to Sunwave in multiple North American natural
gas and power retail markets.
"As the industry leader in comprehensive supply solutions for Retail
Energy Marketers, Shell Energy offered the most competitive and
flexible solutions for our needs," said Sunwave President Robert Weir.
"We are excited to launch and grow our US business with their support."
The commodity supply agreements allow for Shell Energy to provide
Sunwave with wholesale electricity, natural gas, carbon offsets, and
renewable energy credits in Canada and five US states, namely
Connecticut, New York, Pennsylvania, Illinois and Massachusetts. The
agreements can be further expanded to cover additional states as
Sunwave moves into additional deregulated markets for natural gas and
Under the credit facility agreements Shell Energy will be providing
Sunwave with credit to help support growth in its targeted Canadian and
US markets. Sunwave is currently submitting license applications and
building infrastructure to implement operations in several markets.
About ONEnergy Inc.
ONEnergy, through Sunwave, is a licensed retailer of energy commodity
products to the residential and commercial customer market in Ontario.
Sunwave was granted its natural gas marketer license and electricity
retailer license from the Ontario Energy Board in June 2012.
ONEnergy's business can be divided into three customer segments:
residential, small commercial and large commercial.
ONEnergy shares are listed on the TSX Venture Exchange under the symbols
"OEG" for Multiple Voting Shares and "OEG.A" for Subordinate Voting
Shares. ONEnergy's website may be found at www.onenergyinc.com.
The corporate information contained in this release includes
forward-looking statements regarding future events and the future
performance of ONEnergy that involve risks and uncertainties that could
cause actual results to differ materially. Assumptions used in the
preparation of such information, although considered reasonable by
ONEnergy at the time of preparation, may prove to be incorrect. The
actual results achieved may vary from the information provided herein
and the variations may be material. Consequently, there is no
representation by ONEnergy that actual results achieved will be the
same, in whole or in part, as those forecast.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: ONEnergy Inc.
For further information:
Chief Executive Officer