Generac to invest in, partner with Tank Utility

Written on: August 31, 2016 by ICM

Generac Holdings Inc. said Tuesday that it is investing in Tank Utility Inc.

Generac (NYSE: GNRC), a Waukesha, WI-based manufacturer of generators and small engines, made an equity investment to become a minority shareholder in Boston-based Tank Utility Inc., a provider of propane level monitoring services.

Financial terms of the investment were not disclosed.

Generac and Tank Utility plan to partner on the development of an app to monitor propane fuel tank levels. The companies expect to unveil the new monitoring system in 2017.

“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 CEO.

“Home standby generators are a perfect fit for remote fuel level monitoring,” said Amos Epstein, CEO and co-founder of Tank Utility. “Our platform will also allow Generac customers to notify propane suppliers when their generator runs low on fuel.”

Article courtesy of Milwaukee Business Journal