Tank Utility has taken an exciting next step in our mission to push the delivered fuels industry forward: we are excited to announce that we are being acquired by Generac, Inc – a leading designer and manufacturer of back-up power generation products.
Generac has been a supportive partner of Tank Utility since 2016. With their support and the support of our partners and customers across the country, our company has achieved incredible growth. We have eliminated over 1 million delivery miles and 2 million kg in CO2 emissions for our delivered fuel customers, been named one of the best places to work in Boston, and were recently recognized as one of Inc. Magazine’s 5000 fastest-growing private companies in America.
Furthering this partnership will not only continue this growth trend, but will enable us to offer our customers a broader product line, access to a global supply chain and R&D facilities, as well as provide new business opportunities and increased focus on quality and innovation in delivered fuels.
“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, 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.”
“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. “Their solution has been able to help propane suppliers increase efficiency and reduce their emissions, and we believe that the Tank Utility monitoring platform can provide even further value to our dealers and peace of mind to our home standby generator owners.”
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.
The acquisition is expected to close in October 2021. For more information please see the press release from Generac.