WAUKESHA, WI — Generac Holdings Inc., a global designer and manufacturer of energy technology solutions and other power products, announced Sept. 20 the signing of a purchase agreement to acquire the shares of Tank Utility, Inc., a provider of IoT propane tank monitoring that enables the optimization of propane fuel logistics. The deal further expands Generac’s connectivity functionality and services with sophisticated remote monitoring capabilities for propane.
“As an early minority investor in the company for the last five years, Generac has been impressed by the growth of the Tank Utility business,” said Kyle Raabe, executive vice president and president of Generac’s Consumer Power products. “Their solution has been able to help propane suppliers increase efficiency and reduce their emissions, and we believe that the Tank Utility monitoring platform can provide even further value to our dealers and peace of mind to our home standby generator owners.”
Both generator and fuel dealers are seeing increased demand for various power products to support consumers’ off-grid power needs and to protect from grid instability. Generac’s propane-powered backup generators, battery storage, and home energy management offerings paired with Tank Utility’s monitoring and analytics help dealers expand their expertise as total home energy advisors for homeowners and adapt to changing consumer demands for off-grid and backup capabilities.
“We are thrilled to be joining the Generac team and to have this opportunity to leverage Generac’s extensive footprint to broaden Tank Utility’s presence in the global marketplace,” said Amos Epstein, chief executive officer and co-founder, Tank Utility. “With our deep experience in designing, building and delivering data-driven IoT products across energy markets, we look forward to driving growth and building upon Generac’s existing connectivity strategies.”
The acquisition is expected to close in October 2021.
Union Square Advisors LLC served as exclusive financial advisor to Tank Utility in connection with the transaction.
Generac Power Systems is an energy technology company that provides advanced power grid software solutions, 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.
Tank Utility helps fuel suppliers digitize their businesses to deliver a better customer experience and earn higher profit margins. With easy-to-use 4G LTE tank monitoring devices connected with industry-leading software and analytics, Tank Utility optimizes everyday operational efficiency by offering real-time and actionable insight into customer propane tank levels. The added visibility provided by Tank Utility eliminates wasted deliveries and increases fuel drop sizes for greater efficiency per delivery. In addition, Tank Utility uniquely partners with fuel suppliers to improve customer engagement with value-added services that they can use to win and retain more homeowner and commercial customers.
