Angel backed Flick Energy on the next leg of it’s growth journey

New Zealand’s largest petrol company is entering the retail electricity market, spending $46 million for a controlling stake in Flick Electric.

Z Energy, which also supplies the Caltex branded stations across New Zealand, said it was acquiring a 70.1 per cent stake in Flick, which offers access for household customers to wholesale electricity prices.

Mike Bennetts, Z’s chief executive, said the purchase was “another step towards the long-term sustainability of Z, and the role we play in a lower carbon transport future”.

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