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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 Holdings to Acquire Tank Utility
Generac Holdings Inc. (NYSE: GNRC) has announced the purchase agreement to acquire Tank Utility, a provider of IoT propane tank monitoring solutions. This acquisition aims to enhance Generac’s energy management offerings, leveraging Tank Utility’s advanced monitoring capabilities. With anticipated closing in October 2021, Generac expects this move to bolster its market position and provide added value to its dealers and customers, especially in off-grid applications and backup power solutions.
Generac Holdings Inc. (NYSE: GNRC) announced a virtual webcast for its 2021 Investor Day, scheduled for September 29, 2021. The event will feature President and CEO Aaron Jagdfeld alongside the management team discussing key strategic priorities and growth opportunities. The live presentation begins at 9:30 a.m. EDT and is expected to conclude by 1:30 p.m. EDT. Interested parties can register for the webcast and access presentation slides through Generac's website.
Generac Power Systems and Enchanted Rock announced a 5-year collaboration to develop advanced natural gas generators and control systems. This partnership aims to enhance power resiliency solutions across the U.S., utilizing Generac's technology to support Enchanted Rock's ultra-low emissions Dual Purpose Microgrids. These microgrids provide reliable backup power and assist electric grid operators in adopting renewable energy. The new generator units will be produced in Generac's Oshkosh, Wisconsin facility, ensuring high-quality and efficient power solutions.
Generac Power Systems (NYSE: GNRC) announced the creation of Generac Grid Services, focusing on providing energy solutions to utilities and energy markets. Bud Vos, former president of Enbala Power Networks, will lead this new group. This initiative aims to deliver economic and environmental value by utilizing Generac's diverse energy products, including home standby generators and storage systems. The formation builds on the October 2020 acquisition of Enbala Power Networks, enhancing Generac's capabilities in distributed energy solutions.
Generac Holdings Inc. (NYSE: GNRC) announced the acquisition of Apricity Code Corporation, an engineering firm from Bend, Oregon, specializing in energy-related product design. This strategic acquisition aims to enhance Generac's energy technology portfolio and expedite market entry for its Clean Energy and Grid Services solutions. Apricity's expertise includes developing a smart water heater disconnect switch utilized in demand response programs. Financial terms of the deal were not disclosed.
Generac Holdings (NYSE: GNRC) announced its acquisition of Off Grid Energy Ltd, a UK-based designer and manufacturer of industrial-grade mobile energy storage systems. This strategic purchase aims to enhance Generac's portfolio in energy storage solutions, catering to various sectors, including construction and EV charging. CEO Aaron Jagdfeld emphasized the synergy between Off Grid Energy's offerings and Generac's advanced generator technology, positioning the company for accelerated growth in the distributed energy market. Financial terms of the deal were not disclosed.
Generac Power Systems (NYSE: GNRC) announced its home standby and commercial generators, along with PWRcell solar + battery storage systems, are now Smart Grid Ready. This upgrade allows customers to sell power back to the grid, enhancing energy cost savings. Through the Enbala Concerto platform, these systems become distributed energy resources (DERs) that can help stabilize the grid and create virtual power plants. Existing customers will receive a firmware update to access these new capabilities, ensuring a seamless integration of energy assets.
Generac Power Systems has expanded its operations by purchasing a new 75,000 square-foot Customer Contact Center in Pewaukee, Wisconsin, to accommodate its growing workforce of approximately 300 employees. The investment exceeds $8 million for the purchase and renovation, officially closing on July 29, 2021. This expansion comes as Generac experiences heightened demand for backup power solutions due to an aging grid and extreme weather conditions. The company's global headquarters in Waukesha remains its primary site for corporate and R&D activities.
Generac Holdings (NYSE: GNRC) reported record financial results for Q2 2021, with net sales reaching $920 million, a 68% increase compared to Q2 2020. Residential product sales grew by 76% to $600 million, while Commercial & Industrial sales rose 64% to $254 million. Net income was $127 million ($2.01 per share), up from $66 million ($1.02 per share) in the prior year. Adjusted EBITDA hit $218 million, or 23.7% of net sales. The company also made strategic acquisitions, including Deep Sea Electronics and Chilicon Power, and forecasts a net sales growth of 47-50% for 2021.
Generac Holdings Inc. (NYSE: GNRC) announced it will release its second quarter 2021 financial results on July 28, 2021. A conference call scheduled for 10:00 a.m. EDT will discuss the earnings highlights. Investors can access the call via phone or through a live webcast on the Generac website. A replay of the call will be available shortly after its conclusion. Established in 1959, Generac is a leading manufacturer of energy technology solutions and power products for residential, commercial, and industrial markets.