Generac Announces Acquisition of Industrial IoT Platform Blue Pillar
October 04 2022 - 8:00AM
Generac Power Systems (NYSE: GNRC), a leading global designer
and manufacturer of energy technology solutions and other power
products, today announced the acquisition of Blue Pillar, an
industrial internet of things (IoT) platform developer that
designs, deploys and manages Industrial IoT network software
solutions to enable distributed energy generation monitoring and
control in a more seamless and easy-to-use format. Generac and Blue
Pillar share a mutual customer base, with highly compatible product
offerings that work together to provide a total connectivity
solution to commercial and industrial customers. By acquiring Blue
Pillar, Generac aims to further integrate the Blue Pillar platform
into its power generation products and, in connection with Generac
Grid Services’ projects, provide valuable monitoring and control as
a built-in feature.
“The Blue Pillar platform is a powerful value-add to Generac’s
energy ecosystem, providing a comprehensive solution that can be
tailored to meet each project’s unique specifications,” said Erik
Wilde, executive vice president of Industrial – Americas at
Generac. “As a result of the acquisition, we will be able to
provide customers and utility partners with an even broader suite
of services, including holistic site monitoring. Monitoring and
control capabilities are integral to reducing reliance on the power
grid, managing energy consumption and associated costs, as well as
improving the overall performance of equipment. Blue Pillar
simplifies the IoT process, making it easier to meet customers’
connectivity needs.”
“For years, Blue Pillar has had the opportunity to work
alongside Generac to provide customers with sophisticated connected
technology,” said Brad Witter, founder of Blue Pillar. “Now, as
part of the Generac team, we will be able to best use our skillsets
and leverage the capabilities of our platform to redefine and shape
the future of connectivity solutions. We couldn’t be more excited
to be joining the Generac team.”
The acquisition closed on October 3, 2022.
About Generac Generac Power Systems, Inc.
(NYSE: GNRC) is a leading energy technology company that provides
backup and prime power systems for home and industrial
applications, solar + battery storage solutions, virtual power
plant platforms, and engine- and battery-powered tools and
equipment. Founded in 1959, Generac introduced the first affordable
backup generator and later created the category of automatic home
standby generator - a market in which nearly eight of ten
generators sold is a Generac. The company is committed to
sustainable, cleaner energy products poised to revolutionize the
21st century electrical grid.
About Blue Pillar Founded in 2006 in
Indianapolis, IN, Blue Pillar believes that digital transformation
is core to the shift towards environmentally sustainable energy and
grid resiliency. As utilities and energy service providers push
into C&I customers, Blue Pillar offers a unique opportunity to
leverage its 16 years of experience connecting industrial equipment
to the internet and serving up the data to manage, monitor, and
control equipment and devices. Learn more at
www.bluepillar.com.
Forward-Looking Statements 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 2021 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.
Media
Contact: |
Tami Kou |
|
Tami.Kou@Generac.com |
|
Phone: 262.544.4811 Ext. 3950 |
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