Accelerates Its Energy Technology Capabilities With Acquisition of Enbala Power Networks
October 5, 2020 https://finance.yahoo.com/news/generac-accelerates-energy-technology-capabilities-200500558.html
Acquisition advances Generac into the rapidly growing virtual power plant and smart grid services
WAUKESHA, Wis., Oct. 05, 2020 (GLOBE NEWSWIRE) -- Generac Holdings Inc. (“Generac” or the “Company”) (NYSE: GNRC) today announced the signing of an agreement to acquire Enbala Power Networks
Inc. (“Enbala”), a leading distributed energy resources technology
company. The deal solidifies Generac’s position as a market leader in Smart Grid 2.0
technologies and opens opportunities for the Company as a grid services provider
Denver-based Enbala is one of the leading providers of distributed energy optimization and control software
needed to ensure the operational stability of the world’s power grids. Its Enbala Concerto™ platform
is being used by utilities and energy retailers around the world to leverage the power of distributed energy resources (DERs) to respond to the real-time energy balancing needs of power systems and energy markets.
“We’re on the leading edge of a remarkable transformation of the electrical grid, moving from a dated and centralized power distribution model to one that will be digitized
and more resilient,” said Aaron Jagdfeld, Chief Executive Officer of Generac. “Enbala is a proven virtual power plant and distributed energy resource management platform, and we believe their business model can be incredibly synergistic with our business. We’re proud to be at the forefront of the Smart Grid 2.0 with these new capabilities.”
With thousands of megawatts of residential and industrial standby power generation installed in the United States, Generac’s products can be leveraged in virtual power plant (VPP) and distributed energy resource management system
(DERMS) markets. The Enbala Concerto™ software platform enables the connection of DERs to register and participate in distributed energy aggregation and control programs. This means otherwise dormant back up power generation assets can come online as part of a distributed energy solution and generate revenue for the asset owner.
As utility companies adopt cleaner forms of energy while simultaneously dealing with power disruptions, the opportunities to optimize the grid with DERs are becoming more creative. Residential and C&I rooftop solar, behind-the-meter battery storage systems, electric vehicles and flexible electricity load management are key asset components of a healthy future for Generac and distributed energy resources management.
“Distributed generation is a critical next step for utility companies faced with meeting peak demand while also dealing with capacity constraints and regulatory restrictions,” said Jagdfeld. “Enbala and Generac will be able to harness the power of everything from solar-plus-storage systems to our own generators to help limit the need for new power plants and maintain the convenience and flexibility of diversified power production.”
“Together with Generac, we have an unprecedented opportunity to make our energy grids more efficient, resilient and economical,” said Bud Vos, President and CEO of Enbala. “As part of the Generac team, we can now accelerate our vision for a cleaner grid, leveraging our technology and capabilities that help continuously balance supply and demand while enabling rapid and profoundly beneficial changes in our energy markets.”
The transaction is expected to close within thirty days. Terms of the deal were not disclosed.
INVESTOR RELATIONS CONTACT: Michael Harris Investor.Relations@generac.com | 262-506-6064
MEDIA CONTACT: David Racine firstname.lastname@example.org | 414-534-6948
Founded in 1959, Generac is a leading global designer and manufacturer of a wide range of energy technology solutions and other power products. As an industry leader serving residential, light commercial, and industrial markets, Generac's products and solutions are available globally through a broad network of independent dealers, distributors, retailers, e-commerce partners, wholesalers and equipment rental companies, as well as sold direct to certain end user customers.
Enbala provides the advanced technology needed to ensure the operational stability of the world’s power grids by harnessing the power of distributed energy. Concerto, Enbala’s real-time energy-balancing platform, provides a highly flexible approach for creating controllable and dispatchable energy resources from flexible loads, energy storage and renewable energy sources. The platform underpins Enbala’s award-winning and industry-leading DERMS and VPP technology and dynamically optimizes and dispatches distributed energy resources to respond to the real-time needs of the power system. The platform gives energy retailers and utilities the flexibility to operate in real-time and to better manage the escalating complexities of increasingly variable energy assets and evolving market opportunities.