Generac Holdings Inc. (NYSE: GNRC) (“Generac” or the “Company”), a
leading global designer and manufacturer of energy technology
solutions and other power products, today announced the acquisition
of Chilicon Power, LLC (“Chilicon”), a designer and provider of
grid-interactive microinverter and monitoring solutions for the
solar market. The deal further positions Generac as a leader in the
residential energy technology market and dramatically increases the
Company’s total addressable market opportunity.
California-based Chilicon’s unique approach to power inversion
and monitoring technology maximizes PV production, lowers
installation costs, and allows for easy integration of a battery or
a generator, providing tremendous flexibility for installers and
end-users.
“The extensive experience and technological expertise of the
Chilicon team will further fuel the continued growth and
development of Generac’s expanding Energy Technology solutions,”
said Aaron Jagdfeld, President and Chief Executive Officer of
Generac. “Generac has a proven track record of developing leading
energy solutions, and together with Chilicon, we believe we can
replicate this success within the microinverter market.”
“Adding Chilicon’s robust microinverter solutions alongside
Generac’s current PWRcell® solar and storage product offerings will
create one of the broadest product offerings in the residential
clean energy market,” said Russ Minick, President of Energy
Technology and Chief Marketing Officer at Generac. “Putting
Chilicon’s microinverters in the hands of our global network of
Generac dealers and distributors will strengthen our competitive
position in this rapidly expanding market.”
“We are thrilled to be joining Generac, which has a like-minded
strategy in developing innovative and technologically advanced
products for the solar plus storage market,” said Alex Kral,
Co-Founder of Chilicon Power.
“As part of the Generac team, we are able to accelerate our
vision for a greener, energy-independent future and provide our
microinverter solutions to a significantly larger customer base
using Generac’s global distribution network and proven go-to-market
strategies,” said Christopher Jones, Co-Founder of Chilicon
Power.
The acquisition closed on July 2, 2021. 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, light 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 Chilicon PowerFounded in 2010, Chilicon
Power focuses on advanced technology microinverter systems. The
Chilicon system includes an assortment of microinverter models as
well as their Cortex Gateway module and installation materials.
Chilicon’s power inversion and monitoring system technologies
maximize PV system production, lower installer operational cost,
and promote end-user satisfaction. Information on Chilicon Power's
products can be found at Chiliconpower.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 President Corporate Development & Investor
Relations(262) 506-6064InvestorRelations@Generac.com
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