"A new stage in our history is starting (…). We are celebrating certain rebirth. We are being reborn as an international energy company this time but with very clear goals, and we will continue what our pioneers started during interwar," Darius Maikstenas, the group's CEO, told a Monday event to present the changes.

The group said the change was determined by its goal to use funds more effectively and consolidate more than 14 brands and names into one brand which is easily understandable in Lithuania and abroad.

According to Maikstenas, the group operates in various foreign markets and plans to have almost half of its activity abroad in the upcoming 12 years.

Be&Do was picked as the group's brand creation partner in 2018 and it was paid 3,000 euros for the logo.

The Ignitis Group operates in Lithuania, Latvia, Estonia, Poland, Finland, and its investment into innovative projects reach the United Kingdom, Norway and France.

The State of Lithuania owns 100 percent of the group and the shares are managed by the Ministry of Finance held on a fiduciary basis.