Generac Accelerates Clean Energy Developments with Acquisition of Apricity Code Corporation
September 01 2021 - 8:00AM
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 HarrisVice PresidentCorporate Development & Investor
Relations(262) 506-6064InvestorRelations@Generac.com
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