Generac Acquires Pika Energy, Enters Energy Storage Market
April 29 2019 - 6:00AM
Generac Holdings Inc. (NYSE: GNRC) (“Generac” or the “Company”), a
global leader in the design and manufacture of a wide range of
residential, commercial and industrial power products, announced
today the Company has acquired Pika Energy, Inc., a manufacturer of
innovative battery storage technologies that capture and store
solar or grid power for homeowners and businesses.
“Pika’s integrated battery storage solutions are a crucial
component in developing a comprehensive system to store and consume
clean energy,” said Aaron Jagdfeld, Generac president and CEO. “The
visionary ideas and technology that Pika has developed give us a
considerable edge as we expand into the rapidly developing market
for energy storage.”
Pika is an expert in developing advanced power electronics,
software and controls for smart energy storage and management, and
their integrated energy storage systems allow users to easily
capture, store and use solar energy to reduce energy costs and
minimize grid disruptions. The company is located in Westbrook,
Maine and was founded in 2010.
“Generac is dedicated to providing people with innovative and
forward-thinking solutions to power their homes and businesses,”
said Ben Polito, Pika Energy CEO and co-founder. “Pika energy
storage technology, combined with Generac’s distribution strength
and demand creation capabilities, will make this solution
immediately available to more users. We are thrilled to be a part
of the Generac team.”
“Pika, now together with Generac and Neurio, a leading energy
management technology company recently acquired by Generac, share a
vision to develop groundbreaking technologies that modernize the
way electricity is generated, stored, and used in homes,” said
Jagdfeld. “By combining Generac’s expertise in power products;
Neurio’s unprecedented insight into home energy use; and Pika’s
expertise in battery storage, we can bring to market the first
truly intelligent home energy management system.”
The acquisition closed on April 26. Terms of the deal were not
disclosed.
About Generac (NYSE: GNRC)
Founded in 1959, Generac is a leading designer and manufacturer
of a wide range of power generation equipment and other power
products. As a leader in power equipment serving residential,
light commercial and industrial markets, Generac's power products
are available globally through a broad network of independent
dealers, distributors, retailers, wholesalers and equipment rental
companies, as well as sold direct to certain end user
customers.
About Pika Energy
Pika Energy is a manufacturer of clean energy products including
solar inverters, DC converters, and smart batteries. Their products
enable homeowners and businesses to collect, store and self-consume
energy from clean sources in a cost-effective, efficient and
user-friendly way. Pika’s distribution partners share their mission
in providing a clean, smart, renewable energy management system and
can be found across North America and Puerto Rico.
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 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;
- 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 or information
technology systems; and
- changes in environmental, health and safety, or product
compliance laws and regulations affecting our products or
operations.
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. 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 2018 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: York A. RagenChief
Financial Officer (262) 506-6064 InvestorRelations@generac.com
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