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Generac Holdings Inc. (NYSE: GNRC) is a leading energy technology company that has been designing and manufacturing power generation equipment since its founding in 1959. Headquartered in Waukesha, Wisconsin, Generac is recognized globally for providing reliable and affordable power solutions to both the residential and commercial sectors.
Generac's product offerings are extensive and tailored to meet diverse power needs. The company is renowned for its home standby generators, which have become a household staple. Generac was the pioneer in creating the first affordable home standby generators and the first engine developed specifically for generator use. This innovation has positioned Generac as a dominant player in the market, selling more home standby generators than all its competitors combined.
Beyond residential solutions, Generac has also made significant strides in the commercial sector. The company introduced a cost-effective product line that caters to small and mid-sized businesses, revolutionizing the market with versatile and dependable power solutions.
Generac’s product portfolio includes:
- Standby Generators: Reliable power solutions for home and business continuity during outages.
- Portable Generators: Versatile and mobile power sources for various applications.
- Clean Energy Products: Innovative solutions that include energy storage systems and smart energy management devices.
- RV Generators: Specialized power solutions for recreational vehicles.
- Commercial and Industrial Generators: Heavy-duty power systems for industrial applications.
Generac's core philosophy is to ensure customer peace of mind by delivering superior products and a top-notch ownership experience. The company is dedicated to maintaining its market leadership through continuous growth and innovation in power generation technology.
Recent news highlights the company's ongoing achievements and initiatives:
- January 31, 2024: Generac announced its fourth quarter and full-year 2023 financial results, showcasing record free cash flow generation and strong margin expansion.
- April 17, 2024: Plans to release first quarter 2024 financial results, with a focus on strong operational execution and margin expansion.
- May 13, 2024: Leadership changes with Shree Dandekar becoming the head of Corporate Engineering and Product Management.
- May 20, 2024: Introduction of the EVO 96, the world's largest electric zero-turn mower, by Mean Green, a Generac company.
Generac's commitment to innovation and sustainable energy solutions positions it at the forefront of the energy technology industry.
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.
Generac Holdings Inc. (NYSE: GNRC) announced on July 6, 2021, its acquisition of Chilicon Power, LLC, a firm specializing in microinverter technology for the solar market. This strategic move enhances Generac's position in the residential energy sector and broadens its addressable market. The acquisition closed on July 2, 2021, although financial terms weren't disclosed. The integration of Chilicon's technology aims to offer better power production and lower installation costs, thereby providing greater flexibility for installers and users. This partnership is expected to significantly expand Generac's product offerings in the clean energy market.
On June 1, 2021, Generac Holdings Inc. (NYSE: GNRC) announced the acquisition of Deep Sea Electronics, a specialized controls designer and manufacturer. This strategic move aims to enhance Generac's engineering capabilities and accelerate innovation in energy technology solutions. Deep Sea Electronics, based in the UK, offers a robust suite of products for power generation, which will aid Generac’s expansion into microgrid applications. The acquisition is expected to bolster Generac's position in the evolving electrical grid, potentially driving revenue growth and operational efficiency.
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