WAUKESHA, Wis., Dec. 07, 2022 (GLOBE NEWSWIRE) -- Generac Power Systems, Inc. (NYSE: GNRC) (“Generac”), a leading global designer and manufacturer of energy technology solutions and other power products, today announced a minority equity investment in WATT Fuel Cell Corp (“WATT”), a leading developer and manufacturer of low emissions Solid Oxide Fuel Cell ("SOFC") stacks and systems. WATT’s Imperium™ fuel cell makes power with no combustion and low emissions, using an electrochemical process that generates electricity from hydrogen molecules derived from one of several readily available fuel options such as propane, natural gas, or hydrogen.
Generac and WATT plan to collaborate on the design and development of low-emission solutions supporting the resiliency needs of Generac’s customers. The companies will combine WATT’s highly reliable, low-emission technology with Generac’s clean energy portfolio of products, which includes microinverters and battery storage system solutions.
“We are excited about this investment in WATT Fuel Cell and look forward to collaborating towards the integration of this advanced technology into the Generac Home Energy Ecosystem,” said Patrick Forsythe, chief technical officer at Generac. “The combination of highly efficient fuel cells with solar and energy storage, provides a low-carbon solution for homeowners seeking resilience and energy independence.”
“Generac is the perfect partner to assist us in accelerating the development and commercialization of our fuel cell power generation technology,” said Caine Finnerty, president and co-founder of WATT. “Generac’s strong expertise in residential home resiliency and clean energy products will provide access to a national base of installation partners, thereby accelerating the path to a low carbon future. We look forward to all the incredible opportunities this partnership will provide.”
As a part of the investment, a member of the Generac executive team will join the WATT board of directors. The investment closed on November 23, 2022.
About Generac
Generac is a leading energy technology company that provides backup and prime power systems for home and industrial applications, solar + battery storage solutions, smart home energy management devices and energy services, advanced power grid software platforms and engine- and battery-powered tools and equipment. Founded in 1959, Generac introduced the first affordable backup generator and later created the category of automatic home standby generator. The company is committed to sustainable, cleaner energy products poised to revolutionize the 21st century electrical grid.
About WATT Fuel Cell
WATT Fuel Cell Corp (www.wattfuelcell.com) is a manufacturer and developer of Solid Oxide Fuel Cell ("SOFC") stacks and systems that operate on common, readily available fuels such as propane and natural gas. WATT's proprietary, patented additive manufacturing process (AMP) has allowed them to produce commercially viable SOFC products for small scale and remote power applications. WATT's Hybrid Power Management system works in tandem with renewable power sources (Solar & Wind) and energy storage to provide quiet, efficient, affordable, and environmentally responsible energy solutions prioritizing a return on investment for customers across the globe.
Forward-Looking Statements
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;
- fluctuations in cost and quality of raw materials required to manufacture our products;
- availability of both labor and key components from our global supply chain, including single-sourced components, needed in producing our products;
- 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;
- the impact on our results of possible fluctuations in interest rates, foreign currency exchange rates, commodities, product mix, logistics costs and regulatory tariffs;
- the duration and impact of the COVID-19 pandemic;
- 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, information technology systems, or connected products;
- changes in environmental, health and safety, or product compliance laws and regulations affecting our products, operations, or customer demand;
- significant legal proceedings, claims, lawsuits or government investigations.
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. In the current environment, some of the above factors have materialized and may or will continue to be impacted by the COVID-19 pandemic, which may cause actual results to vary from these 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 2021 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.
