Generac Acquires Tank Monitoring Service Provider
WAUKESHA, WI – Generac Holdings Inc., a global designer and manufacturer of energy technology solutions and other energy products, announced on September 20 the signing of a purchase agreement to acquire the shares of Tank Utility, Inc. , an IoT monitoring propane tank supplier that helps optimize propane fuel logistics. The agreement further expands Generac’s functionality and connectivity services with sophisticated remote monitoring capabilities for propane.
“As the largest minority investor in the company over the past five years, Generac has been impressed with the growth of the Tank Utility business,” said Kyle Raabe, Executive Vice President and President of Consumer Power Products, Generac . “Their solution could help propane suppliers increase efficiency and reduce emissions, and we believe the Tank Utility monitoring platform can provide even more value to our dealers and peace of mind to our owners. home backup generators. “
Generator and fuel distributors are seeing increased demand for various electrical products to meet consumers’ off-grid energy needs and to protect against grid instability. Generac’s propane-powered back-up generators, storage batteries and home energy management offerings, combined with Tank Utility monitoring and analysis, help dealers extend their expertise as advisors in total household energy for homeowners and to adapt to changing consumer demands for off-grid and back-up capabilities.
“We are thrilled to join the Generac team and to have this opportunity to leverage Generac’s vast footprint to expand Tank Utility’s presence in the global market,” said Amos Epstein, CEO and co-founder of Tank Utility. “With our extensive experience designing, building and delivering data-driven IoT products to energy markets, we look forward to driving growth and building on Generac’s existing connectivity strategies. “
The acquisition is expected to be finalized in October 2021.
Union Square Advisors LLC acted as Tank Utility’s exclusive financial advisor in connection with the transaction.
Generac Power Systems is an energy technology company that provides advanced software solutions for power grids, back-up and main power systems for home and industrial applications, solar + battery storage solutions, power grids forms of virtual power plants and tools and equipment powered by motor and battery. Founded in 1959, Generac introduced the first affordable standby generator set and went on to create the category of automatic home standby generator sets – a market in which nearly eight of the ten generator sets sold are Generacs.
Tank Utility helps fuel suppliers digitize their businesses to deliver a better customer experience and increase their profit margins. With easy-to-use 4G LTE tank monitors, connected to industry-leading software and analytics, Tank Utility maximizes day-to-day operational efficiency by providing real-time, actionable information on customer propane tank levels. The additional visibility provided by Tank Utility eliminates wasted deliveries and increases the size of fuel drops for greater efficiency per delivery. Additionally, Tank Utility uniquely partners with fuel suppliers to improve customer engagement with value-added services they can use to gain and retain more owners and business customers.