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WAUKESHA, Wis., Aug. 30, 2016 -- Generac Holdings Inc. (NYSE:GNRC) (“Generac”), a leading global designer and manufacturer of power generation equipment and other engine powered products, is pleased to announce that it has made an equity investment to become a minority shareholder in Tank Utility, Inc., a provider of propane level monitoring services. The companies further plan to enter a separate commercial relationship to collaborate on the development of an elegant app-based solution to monitor propane fuel tank levels. The solution will interface directly with Generac’s existing MobileLink™ monitoring platform to enable Generac customers utilizing liquid propane powered home standby generators to better manage fuel levels.
“Working with Tank Utility allows Generac to provide our customers who use propane to power their home standby generators clear visibility to real-time fuel level data and generator run time before the tank needs to be refilled,” said Aaron Jagdfeld, Generac’s President and Chief Executive Officer.
Jagdfeld continued, “We’ve been very impressed with the Tank Utility team and are excited to both invest in their future potential growth and bring a product to our customers that satisfies a need in our monitoring solutions platform.”
“We’re looking forward to working with Generac,” said Amos Epstein, CEO and Co-Founder of Tank Utility. “Home standby generators are a perfect fit for remote fuel level monitoring. Our platform will also allow Generac customers to notify propane suppliers when their generator runs low on fuel.”
The companies expect to unveil the new propane level monitoring system beginning in 2017.
About Generac
Since 1959, Generac has been a leading designer and manufacturer of a wide range of power generation equipment and other engine powered products. As a leader in power equipment serving residential, light commercial, industrial, oil & gas, and construction markets, Generac's power products are available globally through a broad network of independent dealers, distributors, retailers, wholesalers and equipment rental companies, as well as sold direct to certain end user customers.
About Tank Utility
Tank Utility is a leading provider of remote monitoring services for truck-delivered energy. The company’s offerings include internet-connected tank level monitors, cloud-based software, and mobile apps that streamline delivery logistics and improve customer service. Tank Utility is a venture-backed company founded in 2014 by several former employees from a leading energy intelligence software company. For more information, visit www.tankutility.com, or follow them on Twitter @tankutility.
CONTACT: Michael W. Harris Vice President – Finance (262) 544-4811 x2675 [email protected]
