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Generac Holdings Inc. reports news on its energy technology and power products business, including generators, energy storage systems, energy management devices and outdoor power equipment for residential, commercial, data center, telecom, rental and industrial markets.
Recurring developments include earnings and segment updates for Residential and Commercial & Industrial, product launches such as diesel generators and DR Power outdoor equipment, storm-readiness initiatives tied to backup power, and distributed energy resource collaborations for resiliency, demand response and grid capacity. Company updates also cover investor presentations, manufacturing-industry governance participation, and market demand for home standby, portable and mission-critical power solutions.
Generac Power Systems (NYSE: GNRC) has partnered with EODev to distribute large-scale zero-emission hydrogen fuel cell generators, specifically the GEH2®, in North America. This agreement signifies a strategic move towards sustainable energy solutions in the industrial power sector. Generac has placed an initial order for the GEH2® units, enhancing its service capabilities with in-house support for installation and maintenance. The GEH2® offers a silent, emissions-free power solution, delivering up to 110 kVA, thus aligning with the growing demand for cleaner energy technologies.
Generac Power Systems, Inc. (NYSE: GNRC) has launched its new line of portable battery products, introducing the GB1000 and GB2000 Portable Power Stations. These innovative power stations provide clean, emission-free power for various devices and are designed for indoor and outdoor use. The GB1000 offers a capacity of 1086 kWh, while the GB2000 has 2106 kWh capacity. Both models feature multiple charging options and fast recharging capabilities, reaching 80% in just 2.1 hours. Available through authorized dealers and retail partners, these stations aim to enhance consumer access to sustainable energy.
DR Power Equipment, a subsidiary of Generac Power Systems (NYSE: GNRC), has launched the PILOT XT series Leaf and Lawn Vac. These innovative leaf collectors are designed with the EZ Bagger Leaf Collection System for standard disposable leaf bags, making them efficient for curbside pickup and composting. The series includes push- and self-propelled models, which come with features to streamline the bagging process, allowing users to replace bags quickly. Aimed at both suburban and rural customers, the PILOT XT models enhance leaf collection capabilities.
Generac Grid Services (GNRC) has partnered with Pearlstone Energy to offer energy management solutions in the U.K. The collaboration utilizes the Concerto™ platform to reduce energy demand during peak periods, helping facilities save costs and support grid stability. This initiative marks the first phase of a multi-year plan aimed at unlocking value from the flexible capacity of commercial and industrial sites. Customers will benefit from participation in National Grid's flexibility initiatives, potentially avoiding high demand charges while contributing to net-zero goals.
Generac Power Systems (NYSE: GNRC) has launched a pilot program with San Diego Gas & Electric to prevent power outages during extreme weather events. Eligible customers will receive notifications for minor temperature adjustments on their ecobee smart thermostats to help reduce energy demand. The partnership aims to enhance community resilience and promote energy conservation amidst increasing climate-related challenges. This innovative initiative follows a reported rise in weather-related disasters, highlighting the urgency of reliable energy management systems.
Generac Grid Services, a subsidiary of Generac Power Systems (NYSE: GNRC), has been selected by Dominion Energy Virginia to implement its Concerto™ platform for managing distributed energy resources (DERs). This platform will enhance grid reliability and enable customers to participate in the PJM wholesale electricity market. The initiative is part of Dominion's Grid Transformation Plan, promoting renewable energy integration. By leveraging real-time data, the Concerto platform aims to optimize energy distribution and support a secure, modern electric grid.
Generac Power Systems has appointed Norm Taffe as the new president of Energy Technology, effective August 25, 2022. Taffe brings over 30 years of clean energy technology experience and will lead strategies focused on solar and battery storage systems, energy monitoring, and grid services. Reporting to CEO Aaron Jagdfeld, he aims to develop a comprehensive energy ecosystem and align Generac's engineering efforts with the Energy Technology organization. This move supports Generac's goal of enhancing capabilities in the evolving energy technology landscape.
Generac Grid Services has secured a multi-year contract with Arizona Public Service (APS) to enhance grid capacity using residential battery storage systems. The partnership utilizes Generac's Concerto™ distributed energy resource management system (DERMS) to deliver capacity and advanced grid services. This initiative aims to support energy demand during peak times and allow customers to participate in demand-side resources without compromising their battery performance. The agreement, part of APS's Distributed Demand-Side Resources Aggregation Tariff, will begin in January 2023.
Generac Power Systems (NYSE: GNRC) announced an update to its PWRcell products, enabling AC-coupled battery storage and integration with Guardian home standby generators. The firmware update allows PWRcell to accept up to 7.6kW of AC power from third-party PV inverters, enhancing consumer energy independence and outage protection. This upgrade supports existing solar installations by integrating battery storage, offering reliable energy even during grid failures. Generac aims to enhance its clean energy product portfolio, responding to increasing demand for energy resilience amid weather-related outages.
Generac Holdings reported a record net sales of $1.29 billion for Q2 2022, marking a 40% increase from the previous year. Residential product sales soared 49% to $896 million, while Commercial & Industrial sales grew 22% to $309 million. Net income reached $156 million or $2.21 per share. The company maintains its full-year net sales growth outlook of 36-40%. Despite gross profit margins declining to 35.4%, Generac anticipates sequential margin improvement moving forward. Additionally, a new stock repurchase program of $500 million was approved.