Strategic move strengthens Generac's position
in commercial and industrial battery energy storage systems
market
WAUKESHA, Wis., June 27,
2024 /PRNewswire/ -- Generac Power Systems (NYSE:
GNRC), a leading global designer, manufacturer and provider of
energy technology solutions and other power products, today
announced the acquisition of PowerPlay Battery Energy Storage
Systems, a division of SunGrid Solutions Inc., a leading
engineering, procurement and construction (EPC) company for energy
storage. PowerPlay specializes in providing turnkey Battery Energy
Storage Systems (BESS) solutions tailored for commercial and
industrial (C&I) projects up to 7 MWh.
"This acquisition supports our commitment to offer a more
complete ecosystem of products and solutions to domestic commercial
& industrial customers, empowering them to achieve their energy
objectives with a strong emphasis on resilience, efficiency and
sustainability," said Aaron
Jagdfeld, president and CEO of Generac.
"We are incredibly proud of PowerPlay and the talented team
behind its success. This acquisition by Generac is a testament to
the innovative spirit and dedication at SunGrid," says SunGrid CEO
Jody Snodgrass. "Our commitment to
advancing the industry of battery energy storage has been
instrumental in developing the PowerPlay product portfolio, and we
are thrilled that Generac recognizes its value and future success.
This strategic move allows SunGrid to increase focus on our
utility-scale EPC business, driving growth and innovation."
Battery energy storage systems enable energy storage in multiple
ways for later use. Various factors contribute to the need for
energy storage, including the uptake of distributed solar,
increased electrification of C&I facilities, rising utility
rates, and possibility that the central grid can experience
fluctuations due to weather, blackouts, or lack of infrastructure.
Battery systems are vital for C&I businesses to build a
resilient, efficient and sustainable on-site distributed energy
system. BESS systems up to 7 MWh are commonly deployed in C&I
enterprises, including retail stores, restaurants, office
buildings, manufacturing facilities, and healthcare facilities.
The PowerPlay business will continue its operations in
Cambridge, Canada, and serve as a dedicated research and
development facility for Generac's C&I BESS solutions. SunGrid
Solutions will continue its energy storage EPC operations across
the United States and Canada, specializing in solutions ranging from
10 MWh to 1 GWh.
The transaction closed on June 26,
2024. Terms of the deal were not disclosed.
About Generac
Generac Power Systems (NYSE: GNRC) is a leading energy
technology company that provides backup and prime power products
and energy storage systems for home and business applications, as
well as energy monitoring and management devices and services,
along with other power products. Founded in 1959, Generac
introduced the first affordable backup generator and later created
the automatic home standby generator category. The Company has
continued to expand its energy technology offerings in its mission
to lead the evolution to more resilient, efficient, and sustainable
energy solutions.
About SunGrid Solutions
SunGrid is a leading provider
of engineering, procurement and construction (EPC) solutions,
specializing in comprehensive battery energy storage systems (BESS)
for projects of any scale. The company's expert team delivers
complete energy storage engineering and project management services
across all phases of development, from initial feasibility studies
to detailed design and construction management. SunGrid prioritizes
integration to ensure its lithium-ion solutions operate efficiently
and deliver long-lasting results. The company has extensive
operations and maintenance solutions for solar and energy storage
which further exemplifies its commitment to excellence in the
energy transition.
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. 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, which are set forth in Generac's most recent annual
report on Form 10-K and interim report on Form 10-Q, including but
not limited to: our ability to develop and enhance products and
gain customer acceptance for our products; frequency and duration
of power outages impacting demand for our products; changes in
durable goods spending by consumers and businesses or other
macroeconomic conditions, impacting demand for our products; the
possibility that the expected synergies, efficiencies and cost
savings of our acquisitions, will not be realized.
Media Contacts:
Stephanie
Rodgers | stephanie.rodgers@Generac.com | (262)
968-8252
Amy Norstedt |
amy.norstedt@Sungridsolutions.com | (218) 988-2690
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SOURCE Generac Power Systems, Inc.