Generac Accelerates Clean Energy Developments with Acquisition of Apricity Code Corporation
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.
- Acquisition of Apricity accelerates Generac's Clean Energy vision.
- Expands Generac's energy technology portfolio and product offerings.
- Apricity's expertise in energy product design is expected to enhance performance and reliability.
- Terms of the acquisition were not disclosed, which may raise investor concerns.
WAUKESHA, Wis., Sept. 01, 2021 (GLOBE NEWSWIRE) -- Generac Holdings Inc. (NYSE: GNRC) (“Generac”), a leading global designer and manufacturer of energy technology solutions and other power products, today announced the acquisition of Apricity Code Corporation, an advanced engineering and product design company located in Bend, Oregon.
Apricity’s advanced team of engineers is experienced in designing and prototyping energy-related products to increase reliability, add functionality, and improve performance. The company has also developed a smart water heater disconnect switch that is used as a grid edge device by utilities in demand response and other energy conservation programs.
“Adding Apricity to the Generac team will accelerate our efforts to provide a broader energy technology portfolio and increase our speed to market for both our Clean Energy and Grid Services products and solutions,” commented Aaron Jagdfeld, President and Chief Executive Officer of Generac. “We are very pleased to have this talented group of engineers join our team.”
“We are excited for the opportunity to join Generac on its Clean Energy vision,” commented Gabe Ayers, founder of Apricity. “With our passion for the energy industry, we look forward to helping Generac bring products to market that create a positive impact on consumers and society as a whole.”
Terms of the deal were not disclosed.
About Generac (NYSE: GNRC)
Founded in 1959, Generac is a leading global designer and manufacturer of a wide range of energy technology solutions and other power products. As an industry leader serving residential, commercial, and industrial markets, Generac's products and solutions are available globally through a broad network of independent dealers, distributors, retailers, e-commerce partners, wholesalers and equipment rental companies, as well as sold direct to certain end user customers. For more information about Generac and its products and services, visit Generac.com.
About Apricity
Founded in 2015, Apricity Code is an engineering and product design company skilled in designing and prototyping energy-related and consumer products for customers in order to increase reliability, add functionality, and improve performance. The team is experienced working with startups, small businesses and mass market customer bases and helps clients with their product entry and market expansion needs. Information on Apricity’s solutions and products can be found at www.apricitycode.com and www.apricityenergy.com.
Forward-looking Information
Certain statements contained in this news release, as well as other information provided from time to time by Generac Holdings Inc. or its employees, may contain forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Forward-looking statements give Generac's current expectations and projections relating to the Company's financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "forecast," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future," “optimistic” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.
Any such forward looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although Generac believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Generac's actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including:
- frequency and duration of power outages impacting demand for our products;
- availability, cost and quality of raw materials and key components from our global supply chain and labor needed in producing our products;
- the impact on our results of possible fluctuations in interest rates, foreign currency exchange rates, commodities, product mix and regulatory tariffs;
- the possibility that the expected synergies, efficiencies and cost savings of our acquisitions will not be realized, or will not be realized within the expected time period;
- the risk that our acquisitions will not be integrated successfully;
- the duration and scope of the impacts of the COVID-19 pandemic are uncertain and may or will continue to adversely affect our operations, supply chain, and distribution for certain of our products and services;
- difficulties we may encounter as our business expands globally or into new markets;
- our dependence on our distribution network;
- our ability to invest in, develop or adapt to changing technologies and manufacturing techniques;
- loss of our key management and employees;
- increase in product and other liability claims or recalls;
- failures or security breaches of our networks, information technology systems, or connected products; and
- changes in environmental, health and safety, or product compliance laws and regulations affecting our products, operations, or customer demand.
Should one or more of these risks or uncertainties materialize, Generac's actual results may vary in material respects from those projected in any forward-looking statements. In the current environment, some of the above factors have materialized and may or will continue to be impacted by the COVID-19 pandemic, which may cause actual results to vary from these forward-looking statements. A detailed discussion of these and other factors that may affect future results is contained in Generac's filings with the U.S. Securities and Exchange Commission (“SEC”), particularly in the Risk Factors section of the 2020 Annual Report on Form 10-K and in its periodic reports on Form 10-Q. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements.
Any forward-looking statement made by Generac in this press release speaks only as of the date on which it is made. Generac undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE: Generac Holdings Inc.
CONTACT:
Mike Harris
Vice President
Corporate Development & Investor Relations
(262) 506-6064
InvestorRelations@Generac.com
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