Generac (GNRC) Acquires Apricity Code & Off Grid Energy
Generac Holdings Inc. GNRC has acquired Apricity Code Corp. for an undisclosed amount.
Founded in 2015 and located in Bend, OR, Apricity is an advanced engineering and product design company. Its team of engineers is experienced in designing and prototyping energy-related products to add functionality and improve performance.
Apricity has developed a smart water heater disconnect switch that is used as a grid edge device by utilities in demand response and other energy conservation programs.
The acquisition will boost Generac’s efforts to provide a broader energy technology portfolio. Also, it will increase the company’s speed to market for both its Clean Energy and Grid Services products and solutions.
Generac shareholders’ money has more than doubled over the past year. The stock has risen 146.4% in this time frame compared with the industry’s growth of 83.7%.
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In another development, Generac has acquired Off Grid Energy Ltd for an undisclosed sum.
Located in Rugby, the U.K., Off Grid Energy is a leading designer and manufacturer of energy storage products and solutions. It offers a diverse range of energy storage solutions that provide cleaner and more flexible energy for industrial and mobile applications.
Off Grid Energy is focused on developing solutions that improve efficiency and minimize environmental impacts by reducing fuel consumption. Its product offerings are a superb fit for Generac as the latter continues to play an important role in bringing more sustainable power solutions to the market.
The integration of energy storage systems with Generac’s advanced generators, offered through its global distribution network, will stoke its growth in the rapidly developing distributed energy and microgrid markets.
The energy storage solutions manufactured by Off Grid Energy will help to expand Generac’s offerings and allow it to meet the needs of its customers. The technical expertise of the Off Grid Energy team will aid Generac in accelerating its product roadmap.
Generac currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader industry are Clearfield, Inc. CLFD, Juniper Networks, Inc. JNPR and Qualcomm, Inc. QCOM. While Clearfield and Juniper sport a Zacks Rank #1 (Strong Buy), Qualcomm carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Clearfield delivered a trailing four-quarter earnings surprise of 49%, on average.
Juniper pulled off a trailing four-quarter earnings surprise of 7.5%, on average.
Qualcomm delivered a trailing four-quarter earnings surprise of 13.5%, on average.
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