Generac (GNRC) & Wallbox Partner to Improve Distribution Network
Generac Holdings GNRC has made a minority investment in a leading smart electric vehicle charging and energy management company — Wallbox. This investment involves a Generac representative joining Wallbox's board of directors and a global deal to offer Generac's customers advanced energy management systems.
The partnership will improve Generac’s distribution capacity in the United States by providing its customers with Wallbox's range of EV charging solutions, which includes L2 AC chargers and its bidirectional charger, Quasar 2.
The collaboration aims to boost the development of energy ecosystems for businesses by offering reliable fast chargers and supporting the growing demand for EVs and renewable energy. The collaboration aligns with Generac’s strategy to expand energy solutions for homes, businesses, and industries.
Generac Holdings Inc. Price and Consensus
Generac Holdings Inc. price-consensus-chart | Generac Holdings Inc. Quote
Per a report from MarketsandMarkets, the global EV charging station market is expected to reach $76.9 billion by 2027, witnessing a CAGR of 45% from 2022 to 2027. The industry is expected to benefit from the rise in the adoption of electric vehicles owing to government initiatives.
GNRC is a leading manufacturer of power generation equipment, energy storage systems, and other power products, including portable, residential, commercial and industrial generators. Significant changes in the energy landscape, drastic climate change, aging power infrastructure and the deployment of superfast 5G technology are likely to spur secular growth opportunities for Generac.
In September, the company announced the launch of an advanced engineering center in Reno, NV. This new facility is focused on developing and testing various clean energy solutions, including batteries, switches, and power electronics. The facility will be operational by May 2024 and incorporate a comprehensive simulation to replicate power outage scenarios, further aligning with the company's commitment to carbon neutrality objectives.
Prior to that, the company unveiled plans to set up a new manufacturing facility in Beaver Dam, WI, in association with the City of Beaver Dam. The construction of this new facility is aimed at fulfilling the increasing demand for GNRC's industrial generators.
Generac currently carries a Zacks Rank #3 (Hold). Shares of the company have gained 30.3% against the sub-industry’s decline of 31.5%.
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