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 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.
Generac Holdings Inc. (NYSE: GNRC) will release its second quarter 2022 financial results on August 3, 2022, before market opening. A conference call is scheduled for 10:00 a.m. EDT on the same day to discuss the earnings highlights. Investors can access the call online or by telephone. Generac, founded in 1959, is a pioneer in energy technology, providing backup power solutions and energy management systems. The company focuses on sustainable energy products to modernize the electrical grid.
Sunnova Energy International Inc. (NYSE: NOVA) partnered with Generac Power Systems (NYSE: GNRC) and Empowered by Light to install a solar + battery storage system at the Hard Rock Chapter House in the Navajo Nation. The project includes an 18-kilowatt solar system with a 36kWh Generac PWRcell energy storage system, aimed at providing clean, reliable, and resilient energy for the community. This initiative not only reduces electricity costs but also enhances energy independence, allowing the Chapter House to support local services and preparedness during power outages.
Generac Grid Services, a subsidiary of Generac Power Systems (NYSE: GNRC), has successfully delivered uninterrupted automatic Frequency Restoration Reserve (aFRR) capacity to the Amprion Transmission System Operator in Germany since December 2021. This achievement has led to an expanded collaboration with German utility RWE, with plans to launch two more market products this year. The Concerto™ platform has proven effective in optimizing distributed energy resources, allowing RWE to maximize revenue and support a sustainable power grid.
Generac Grid Services and PosiGen have launched a new initiative to improve access to clean energy storage for low- to moderate-income residents in Connecticut. This groundbreaking program offers Generac's PWRcell battery and load-management systems, allowing customers to maintain power during outages and return energy to the grid during peak demand. The program aims to enhance grid stability and reduce reliance on fossil fuels. Generac plans to expand this initiative nationwide, helping underserved communities achieve energy resilience and sustainability.
ecobee has launched its latest smart thermostats, the Smart Thermostat Premium and Smart Thermostat Enhanced, featuring cutting-edge radar technology and built-in air quality monitors. With improved design, functionality, and larger displays, these devices aim to enhance home comfort, security, and health while delivering significant energy savings of up to 26% annually. Priced at $249.99 USD and $189.99 USD respectively, these thermostats are positioned as both intelligent home management tools and eco-friendly solutions. They are compatible with various smart home systems.
Generac Grid Services has launched new electric vehicle (EV) charging solutions targeting both utilities and EV owners. Using Geotab telematics technology, the offering allows EV drivers to access financial incentives while providing utilities with critical charging data. This initiative aids utility planning, rate structures, and smart-charging programs. Generac aims to support utilities at all stages of EV strategy, enhancing grid management and charging behavior. Their solutions, which are now available globally, integrate with various EV makes and models, promoting a cleaner energy future.
Generac Power Systems, Inc. has launched two new dual-fuel capable portable generators, the Powermate 4500 Watt and Powermate 7500 Watt. Designed for home and recreational use, the 4500 Watt model provides 4,500 starting watts and 3,600 running watts, while the 7500 Watt model offers 7,500 starting watts and 6,000 running watts. Both models are equipped with Generac® OHV Engines and COsense® technology for enhanced safety. These generators can be ordered online or at select retail outlets, highlighting Generac's commitment to versatile power solutions.