Addition of microinverter technology expands Generac’s suite of clean energy products
WAUKESHA, Wis., July 06, 2021 (GLOBE NEWSWIRE) -- 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 Power
Founded 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.
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.
Corporate Development & Investor Relations
Source: Generac Holdings Inc