Generac Announces Strategic Minority Investment in Rolling Energy Resources, EV Telematics Software Company
March 07 2023 - 8:00AM
Generac Power Systems, Inc. (NYSE: GNRC) (“Generac”), a leading
global designer and manufacturer of energy technology solutions and
other power products, today announced a strategic minority
investment in Rolling Energy Resources (“RER”), a provider of
electric vehicle load management software used by utilities and
electric vehicle owners to monitor, control and optimize charging.
RER and Generac Grid Services are currently working together to
provide utilities and consumers with EV load management solutions
for charge monitoring, behavioral demand response, and automated
smart charging through direct-to-vehicle communications. These
capabilities, in conjunction with Generac Grid Services’
industry-leading Virtual Power Plant (VPP) and
Distributed Energy Resource Management System (DERMS)
platform, Concerto, provide a comprehensive solution for utilities
to address the growing challenge to the electrical grid resulting
from the rapid growth in EVs.
“We have worked closely with the RER team commercially over the
past 12 months on several projects that support local grid
reliability and are excited to deepen our relationship,” said James
Carr, president of Generac Grid Services. “Monitoring and
controlling EVs with RER’s leading telematics platform, alongside
our existing integrations with smart EV chargers and Geotab, truly
distinguishes Generac’s offerings by supporting the broadest range
of vehicle and program types.”
“As customers adopt EVs at unprecedented rates, utilities need
innovative and secure ways to manage EV charging’s demand on the
distribution grid,” said Scott Dimetrosky, co-founder and CEO of
RER. “We’re excited to deepen our relationship with Generac to
deliver secure, reliable, data and control solutions that enable
grid operators to effectively monitor and control EV load, all
while rewarding customers for charging responsibly.”
As a part of the investment, a member of the Generac executive
team will join the RER board of directors. The investment closed on
March 3rd, 2023.
About Generac
Generac is a leading energy technology company that provides
backup and prime power systems for home and industrial
applications, solar + battery storage solutions, smart home energy
management devices and energy services, advanced power grid
software 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. The company is committed to sustainable, cleaner
energy products poised to revolutionize the 21st century electrical
grid.
About Rolling Energy Resources
Rolling Energy Resources (RER) was founded in 2020, is located
in Boulder, CO, and currently has 17 employees. The Company’s
platform provides utilities with smart charging, demand response,
and electric vehicle research solutions for all automotive brands,
without new hardware. RER’s offering connects directly to the cars
through their native APIs, utilizing systems that are already in
place. The Company’s solutions can control charging and monitor
battery state-of-charge, regardless of where the customer plugs in.
To learn more, visit www.rollingenergyresources.com or
LinkedIn.
Forward-looking Information
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factors could affect Generac's actual financial results
and cause them to differ materially from those anticipated in any
forward-looking statements, including:
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frequency and duration of power outages impacting demand for our
products;
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fluctuations in cost and quality of raw materials required to
manufacture our products;
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availability of both labor and key components from our global
supply chain, including single-sourced components, needed in
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savings of our acquisitions will not be realized, or will not be
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the risk that our acquisitions will not be integrated
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the impact on our results of possible fluctuations in interest
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the duration and impact of the COVID-19 pandemic;
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our dependence on our distribution network;
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our ability to invest in, develop or adapt to changing technologies
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loss of our key management and employees;
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Should one or more of these risks or uncertainties
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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
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Media Contact: Mike
HarrisInvestorRelations@generac.com(262) 506-6064
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