WAUKESHA, Wis. (Sept. 20, 2021) — Generac Holdings Inc., a global designer and manufacturer of energy technology solutions and other power products, announced 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, CEO 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.
