Generac Holdings recently agreed to acquire the shares of Tank Utility, a provider of IoT propane tank monitoring that enables the optimization of propane fuel logistics.
The deal further expands Generac’s connectivity functionality and services with sophisticated remote monitoring capabilities for propane, according to the company.
The acquisition is expected to close in October.
“As an early minority investor in the company for the last five years, Generac has been impressed by the growth of the Tank Utility business,” said Kyle Raabe, executive vice president and president of Generac’s Consumer Power products.
Both generator and fuel dealers are seeing increased demand for various power products to support consumers’ off-grid power needs and to protect from grid instability. Generac’s propane-powered backup generators, battery storage, and home energy management offerings paired with Tank Utility’s monitoring and analytics help dealers expand their expertise as total home energy advisors for homeowners and adapt to changing consumer demands for off-grid and backup capabilities.
“We are thrilled to be joining the Generac team and to have this opportunity to leverage Generac’s extensive footprint to broaden Tank Utility’s presence in the global marketplace,” said Amos Epstein, chief executive officer and co-founder of Tank Utility. “With our deep experience in designing, building and delivering data-driven IoT products across energy markets, we look forward to driving growth and building upon Generac’s existing connectivity strategies.”