Generac Holdings (GNRC) Takes Minority Stake in Tank Utility
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Generac Holdings Inc. (NYSE: GNRC) announced that it has made an equity investment to become a minority shareholder in Tank Utility, Inc., a provider of propane level monitoring services. The companies further plan to enter a separate commercial relationship to collaborate on the development of an elegant app-based solution to monitor propane fuel tank levels. The solution will interface directly with Generac’s existing MobileLink™ monitoring platform to enable Generac customers utilizing liquid propane powered home standby generators to better manage fuel levels.
“Working with Tank Utility allows Generac to provide our customers who use propane to power their home standby generators clear visibility to real-time fuel level data and generator run time before the tank needs to be refilled,” said Aaron Jagdfeld, Generac’s President and Chief Executive Officer.
Jagdfeld continued, “We’ve been very impressed with the Tank Utility team and are excited to both invest in their future potential growth and bring a product to our customers that satisfies a need in our monitoring solutions platform.”
“We’re looking forward to working with Generac,” said Amos Epstein, CEO and Co-Founder of Tank Utility. “Home standby generators are a perfect fit for remote fuel level monitoring. Our platform will also allow Generac customers to notify propane suppliers when their generator runs low on fuel.”
The companies expect to unveil the new propane level monitoring system beginning in 2017.
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