Waukesha-based Generac Power Systems is consolidating several of its recently acquired companies with its existing connectivity businesses into a new organization called Energy Technology. The new activity includes all of Generac’s activities, the main one being…
Based in Waukesha Generac Power Systems consolidates several of its recently acquired companies with its existing connectivity businesses into a new organization called Energy Technology. The new venture includes all of Generac’s businesses whose primary focus is energy storage and management products and services, including the recently acquired Pika Energy, Neurio Technologies and Enbala Power Networks. Energy Technology amplifies Generac’s recent clean energy debut – launched by a series of acquisitions – which has enabled Generac to develop battery storage systems to help homeowners manage energy produced from solar energy. Enbala Power Networks, an energy software developer and Generac’s latest acquisitionalso solidified the company’s push into the Internet of Things space, which started with Generac integrating IoT technology into its products. Going forward, Energy Technology will serve as an operating platform for potential future energy technology acquisitions – a move that Generac executives believe will better align the manufacturer’s business goals and priorities while accelerating company’s marketing efforts. Generac experienced steady growth in 2020 and announced plans to hire 400 employees and build a new plant following increased demand for its products.
During the third quarter of 2020, sales of Generac increased by 17% to $701 million as a number of high-profile power outages and an increase in the number of people working from home sparked interest in the company’s home standby generators. Along with the launch of the new business, Generac will promote several existing executives to lead and manage the new business, including Generac’s chief marketing officer, Russ Minick, who will also serve as president of Energy Technology.
Patrick Forsythe, head of Generac’s global engineering team, will be appointed to the newly created position of chief technical officer. Forsythe will be responsible for integrating new and transformative technologies into Generac’s products and building a technical team to further support future technical product development.
Generac also created the new position of Chief Strategy Officer, which will be filled by Steven Goran, who has held several positions during his 30-year career at Generac. As CSO, Goran will be responsible for evaluating new business opportunities, formulating long-term strategy and managing year-round strategic planning development efforts within the company. “The creation of the Energy Technology organization and these three new roles demonstrate our commitment to leading the energy management industry of the future,” Generac President and CEO Aaron Jagdfeld said in a statement. . “Along with the Board, I congratulate Steve, Patrick and Russ on their new leadership roles and look forward to the continued growth they will help us achieve.”