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.
Sunnova Energy International Inc. (NYSE: NOVA) and Generac Power Systems, Inc. (NYSE: GNRC) are expanding their strategic partnership to enhance energy independence for homeowners. This collaboration will integrate Generac's advanced technology into Sunnova's offerings, introducing standby home generators and microinverters. The initiative aims to improve energy resilience and provide a comprehensive solution through the Sunnova Adaptive Home™. Financing options will now extend to the home standby generator market, accessible nationwide, including Puerto Rico.
Generac Grid Services has been selected by Southern California Edison as a provider for the Power Flex program, which enhances the value of residential solar and battery systems. Participating homeowners can earn incentives by dispatching stored clean energy during grid shortages. The initiative utilizes Generac's Concerto DERMS platform to manage energy flows efficiently. This development reflects the growing trend of homeowners investing in solar and storage solutions for resilience against power outages.
Generac Holdings Inc. has completed its acquisition of ecobee Inc., a leader in sustainable smart home solutions, enhancing its energy technology offerings. Announced on November 1, 2021, this strategic acquisition aims to create an integrated home energy ecosystem that benefits homeowners by reducing energy costs and assists grid operators in balancing supply and demand efficiently. With ecobee's innovative products, Generac seeks to expand its market presence and promote sustainable energy solutions.
Generac Holdings Inc. reported a record revenue of $943 million for Q3 2021, up 34% from the previous year. Residential sales rose by 33% while Commercial & Industrial (C&I) sales increased by 47%. The net income for the quarter was $132 million, equating to $1.93 per share. While gross profit margin fell to 35.6%, the company projects 47-50% net sales growth for 2021 despite supply chain challenges. Recent acquisitions, including ecobee, are expected to enhance Generac's energy technology offerings. A conference call on Nov 2 will detail these results.
Generac Holdings Inc. (NYSE: GNRC) has announced an agreement to acquire ecobee Inc., a leader in sustainable smart home solutions, for up to $770 million. This deal includes $200 million in cash and $450 million in GNRC stock, with potential additional shares based on performance targets. The acquisition aims to integrate ecobee's smart thermostats into Generac's energy technology portfolio, enhancing energy efficiency and supporting grid operators. The deal is expected to close in Q4 2021, subject to regulatory approval.
Generac Power Systems (NYSE: GNRC) is significantly expanding its manufacturing and distribution facility in Trenton, South Carolina, with a completion target set for Q3 2022. The expansion will add 200,000 square feet, enhancing the facility's size by nearly 50%. This growth aims to accommodate increasing demand for Generac's home standby generators, driven by aging infrastructure and rising power outages. The investment reflects Generac's commitment to supporting regional distribution capabilities and meeting consumer needs for reliable power solutions.
Generac Power Systems (NYSE: GNRC) has launched the Guardian® 26kW Home Standby Generator, the most powerful air-cooled generator for residential use. Offering 26 kilowatts of peak power, it provides 28% more starting power than competitors while occupying 68% less space than traditional liquid-cooled options. Homeowners can save up to $8,000 on purchase and installation. The generator is also Smart Grid Ready, allowing participation in grid programs to offset energy costs. This innovative product continues Generac's commitment to accessible, sustainable energy solutions.
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Generac Holdings Inc. (NYSE: GNRC) announced it will release its third quarter 2021 financial results on November 2, 2021, before market open. A conference call is scheduled for 10:00 a.m. EDT to discuss the earnings highlights. The call can be accessed via phone or through a simultaneous webcast on Generac's website. A replay will be available shortly after the call and for seven days thereafter. Founded in 1959, Generac is a leader in energy technology, providing backup systems and solar solutions aimed at revolutionizing the electrical grid.
Generac Mobile has launched the MBE30 Energy Storage System, a portable power supply designed to work with diesel generators. This hybrid system reduces fuel consumption, lowers emissions, and operates quietly, meeting nighttime noise restrictions. The MBE30 can store energy for efficient use and automatically activates the generator as needed. Available with lead-acid or Li-Ion battery technology, it will be released in 2022. The product enhances Generac's reputation as an innovator in the energy sector while offering economic benefits and improved performance for users.