Generac Invests in Tank Utility
August 30 2016 - 8:30AM
Generac Holdings Inc. (NYSE:GNRC) (“Generac”), a leading global
designer and manufacturer of power generation equipment and other
engine powered products, is pleased to announce that it has made an
equity investment to become a minority shareholder in Tank Utility,
Inc., a provider of propane level monitoring services. The
companies further plan to enter a separate commercial relationship
to collaborate on the development of an elegant app-based solution
to monitor propane fuel tank levels. The solution will
interface directly with Generac’s existing MobileLink™ monitoring
platform to enable Generac customers utilizing liquid propane
powered home standby generators to better manage fuel levels.
“Working with Tank Utility allows Generac to provide our
customers who use propane to power their home standby generators
clear visibility to real-time fuel level data and generator run
time before the tank needs to be refilled,” said Aaron Jagdfeld,
Generac’s President and Chief Executive Officer.
Jagdfeld continued, “We’ve been very impressed with the Tank
Utility team and are excited to both invest in their future
potential growth and bring a product to our customers that
satisfies a need in our monitoring solutions platform.”
“We’re looking forward to working with Generac,” said Amos
Epstein, CEO and Co-Founder of Tank Utility. “Home standby
generators are a perfect fit for remote fuel level monitoring. Our
platform will also allow Generac customers to notify propane
suppliers when their generator runs low on fuel.”
The companies expect to unveil the new propane level monitoring
system beginning in 2017.
About Generac
Since 1959, Generac has been a leading designer and manufacturer
of a wide range of power generation equipment and other engine
powered products. As a leader in power equipment serving
residential, light commercial, industrial, oil & gas, and
construction 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 Tank Utility
Tank Utility is a leading provider of remote monitoring services
for truck-delivered energy. The company’s offerings include
internet-connected tank level monitors, cloud-based software, and
mobile apps that streamline delivery logistics and improve customer
service. Tank Utility is a venture-backed company founded in 2014
by several former employees from a leading energy intelligence
software company. For more information, visit www.tankutility.com,
or follow them on Twitter @tankutility.
CONTACT:
Michael W. Harris
Vice President – Finance
(262) 544-4811 x2675
Michael.Harris@Generac.com
Generac (NYSE:GNRC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Generac (NYSE:GNRC)
Historical Stock Chart
From Apr 2023 to Apr 2024