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Generac enters energy storage market with latest acquisition

Generac enters energy storage market with latest acquisition

WAUKESHA, Wis., April 29, 2019 (GLOBE NEWSWIRE) — Generac Holdings Inc. (NYSE: GNRC) (“Generac” or the “Company”), a global leader in the design and manufacture of a wide range of residential, commercial and industrial power products, announced today the Company has acquired Pika Energy, Inc., a manufacturer of innovative battery storage technologies that capture and store solar or grid power for homeowners and businesses.

“Pika’s integrated battery storage solutions are a crucial component in developing a comprehensive system to store and consume clean energy,” said Aaron Jagdfeld, Generac president and CEO. “The visionary ideas and technology that Pika has developed give us a considerable edge as we expand into the rapidly developing market for energy storage.”

Pika is an expert in developing advanced power electronics, software and controls for smart energy storage and management, and their integrated energy storage systems allow users to easily capture, store and use solar energy to reduce energy costs and minimize grid disruptions. The company is located in Westbrook, Maine and was founded in 2010.

“Generac is dedicated to providing people with innovative and forward-thinking solutions to power their homes and businesses,” said Ben Polito, Pika Energy CEO and co-founder. “Pika energy storage technology, combined with Generac’s distribution strength and demand creation capabilities, will make this solution immediately available to more users. We are thrilled to be a part of the Generac team.”

“Pika, now together with Generac and Neurio, a leading energy management technology company recently acquired by Generac, share a vision to develop groundbreaking technologies that modernize the way electricity is generated, stored, and used in homes,” said Jagdfeld. “By combining Generac’s expertise in power products; Neurio’s unprecedented insight into home energy use; and Pika’s expertise in battery storage, we can bring to market the first truly intelligent home energy management system.”

The acquisition closed on April 26. Terms of the deal were not disclosed.

About Generac (NYSE: GNRC)

Founded in 1959, Generac is a leading designer and manufacturer of a wide range of power generation equipment and other power products.  As a leader in power equipment serving residential, light commercial and industrial markets, Generac’s power products are available globally through a broad network of independent dealers, distributors, retailers, wholesalers and equipment rental companies, as well as sold direct to certain end user customers.

About Pika Energy

Pika Energy is a manufacturer of clean energy products including solar inverters, DC converters, and smart batteries. Their products enable homeowners and businesses to collect, store and self-consume energy from clean sources in a cost-effective, efficient and user-friendly way. Pika’s distribution partners share their mission in providing a clean, smart, renewable energy management system and can be found across North America and Puerto Rico.

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 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;
  • 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 or information technology systems; and
  • changes in environmental, health and safety, or product compliance laws and regulations affecting our products or operations.

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. 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 2018 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.

CONTACT:
York A. Ragen
Chief Financial Officer
(262) 506-6064
InvestorRelations@generac.com

GENERAC logo color low res.jpg

Generac Holdings Inc

Source: Generac

LINK: read:http://investors.generac.com/phoenix.zhtml?c=232690&p=irol-newsArticle_print&ID=239601

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CFACT

Batteries can’t make
wind and solar viable

Ken,

Wind and solar are expensive, inefficient and intermittent.Batteries won’t solve the problem.

Brilliant mathematician David Wojick explains the unforgiving numbers in an important article at CFACT.org:

First comes the cost of utility scale battery facilities. This is much more than just the cost of the batteries. At utility scale these are large, complex facilities. Connecting all of the batteries involved and getting them to work properly together is a big challenge in itself. AC-DC-AC conversions are also a big deal, plus there are buildings, transmission stuff, etc…

Suppose we want to store enough juice to back up the wind farm for just one day, when the wind speed is too low to generate any power. Let’s say we simply need 100 MW for 24 hours, or 2,400 MWh.At $1.5 million per MWh that is a whopping $3,600 million or $3.6 billion. In short, the batteries cost 24 times more than the “backed up” wind farm costs. In fact in this case the battery cost will be the number of hours times the wind farm cost.

This huge cost certainly makes the wind farm unaffordable, but it gets much worse. Under standard conditions a wind farm produces no power around 25% of the time, due to low wind conditions. Low wind periods of up to a week are fairly common, created by stagnant huge high pressure systems. The power battery system has to be big enough to accommodate these long periods of no wind power.

A week has 168 hours so we need 16,800 MWh of battery storage capacity, at the enormous cost of $25.2 billion, just to make a $150 million wind farm reliable. This would obviously be absurd, which makes the whole idea of battery backup absurd. Even if the cost of batteries were to come way down, say by 90%, the cost would still be wildly prohibitive.

Climate campaigners, and the corporations cashing in on wind and solar subsidies, like to say that the wind and the sun are “free.”  The reality cannot be further from the truth.

Unfortunately, batteries do not present a viable means to get wind and solar to make sense.

For nature and people too,

Craig Rucker
President

Batteries cannot make
renewables reliable

By David Wojick, Ph.D.

Read the facts at CFACT.org

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