The industry leaders will bring energy
solutions to the global market, including a bidirectional DC
EV charger for the home
WAUKESHA, Wis. and BARCELONA, Spain, Dec. 4, 2023
/PRNewswire/ -- Generac Power Systems, Inc. (NYSE: GNRC), a
leading global designer and manufacturer of energy technology
solutions and other power products, today announced it has made a
minority investment in Wallbox (NYSE: WBX), a global
leader in smart electric vehicle (EV) charging and energy
management solutions. The minority investment includes adding a
Generac seat on Wallbox's board of directors and a global
commercial agreement to provide Generac's residential and
commercial customers with the next generation of energy management
systems.
Through the execution of the commercial relationship, Generac
will offer its customers Wallbox's full suite of EV charging
solutions, including L2 AC chargers and its bidirectional charger,
Quasar 2. Generac's 60+ years of experience distributing energy
resilience devices and its extensive network of approximately 8,700
dealers will be a strategic addition to Wallbox's distribution
network in the U.S. Generac's distribution of Wallbox's technology,
including its DC fast charger, Supernova, and installation services
through COIL, will accelerate the development of energy ecosystems
for businesses with public access such as supermarkets, shopping
centers, and restaurants by providing access to reliable DC fast
chargers that can add up to 100 miles to an EV in ten minutes.*
As consumers and businesses continue to electrify legacy systems
and EV adoption accelerates, power consumption is projected to more
than double by 2050.** Additionally, the share of renewables in the
power mix is projected to more than double in the next 20 years.
With that, the need for sophisticated technology that can manage
energy generation, storage, and distribution between the current
grid and next generation EVs is critical in order to accelerate the
adoption of renewable energy.
"This commercial relationship supports our Powering A Smarter
World enterprise strategy and the continued build out of our
residential, commercial and industrial energy ecosystems," said
Aaron Jagdfeld, president and CEO of
Generac. "Our first joint effort will accelerate Generac's entrance
into EV charging with leading technology including a dual branded
home bidirectional EV charger. We plan to continue to integrate
across Wallbox and Generac technologies and leverage our collective
brand strength to extend a broader line of residential and business
solutions."
"We believe the commercial relationship between Wallbox and
Generac supports our joint vision of accelerating the energy
transition through innovative and accessible energy
solutions," said Enric Asunción, co-founder and CEO of
Wallbox. "Adding Generac, the market leader in U.S. residential
standby power, to our growing distribution network will
provide a level of accessibility that does not exist in the
marketplace today. We're excited to welcome them as a collaborator
and investor, and look forward to delivering increased value to
customers and shareholders."
About Generac
Generac Power Systems, Inc. (NYSE: GNRC)
is a leading energy technology company that provides advanced power
grid software solutions, backup and prime power systems for home
and industrial applications, solar + battery storage solutions,
virtual power plant 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 Wallbox Chargers
Wallbox is a global technology
company, dedicated to changing the way the world uses energy.
Wallbox creates advanced electric vehicle charging and energy
management systems that redefine the relationship between users and
the network. Wallbox goes beyond charging electric vehicles to give
users the power to control their consumption, save money, and live
more sustainably. Wallbox offers a complete portfolio of charging
and energy management solutions for residential, semi-public, and
public use in more than 100 countries around the world. Founded in
2015 in Barcelona where the
company's headquarters are located, Wallbox currently has offices
across Europe, Asia, and the Americas.
For more information visit www.wallbox.com.
*Calculations are approximations based on the average
consumption of 29 kWh per 100 miles. Actual consumption depends on
the vehicle, battery size and driving conditions.
**Source: McKinsey & Company - Global Energy Perspective
2023.
Generac Media Contact:
Stephanie Rodgers
Stephanie.Rodgers@Generac.com
Phone: +1 262-544-4811 Ext. 4456
Wallbox Media Contact:
Elyce
Behrsin
Global Head of PR
press@wallbox.com
Generac Investor Contact:
Mike
Harris
InvestorRelations@generac.com
+1 262-506-6064
Wallbox Investor Contact:
Matt
Tractenberg
VP, Investor Relations
Matt.Tractenberg@wallbox.com
+1 404-574-1504
Forward-looking Information
Certain statements contained in this news release, as well as
other information provided from time to time by Generac Holdings
Inc. or its employees, and Wallbox N.V., 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 and Wallbox's current expectations and
projections relating to the Companies financial conditions, 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 Companies control) and assumptions. Although
Generac and Wallbox believes any forward-looking statements are
based on reasonable assumptions, you should be aware that many
factors could affect Generac's and Wallbox'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
manufacturing operations and global supply chain, including
single-sourced components and contract manufacturers, 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;
- difficulties we may encounter as our business expands globally
or into new markets;
- our dependence on our distribution network;
- our ability to remain competitive by investing in, developing
or adapting to changing technologies and manufacturing techniques,
as well as protecting our intellectual property rights;
- 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 laws and regulations regarding environmental, health
and safety, product compliance, or international trade that affect
our products, operations, or customer demand;
- significant legal proceedings, claims, lawsuits or government
investigations; and
- changes in durable goods spending by consumers and businesses
or other macroeconomic conditions, impacting demand for our
products.
Should one or more of these risks or uncertainties materialize,
Generac's and Wallbox'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 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 and Wallbox's filings with the U.S. Securities and
Exchange Commission ("SEC"), particularly in the Risk Factors
section of the 2022 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 and Wallbox in
this press release speaks only as of the date on which it is made.
Generac and Wallbox 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.
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SOURCE Generac Power Systems, Inc.