Waukesha-based Generac Holdings Inc. announced Tuesday it has made an equity investment to become a minority shareholder in Boston-based Tank Utility, Inc.
Tank Utility is a provider of propane level monitoring services. The two companies plan to enter a separate commercial relationship to develop an app-based solution for monitoring propane tank levels. The product would interact with Generac’s MobileLink monitoring platform and allow customers using propane powered generators to better monitor fuel levels.
Aaron Jagdfeld, Generac president and chief executive officer, said the partnership would give customers real-time data on fuel levels and remaining run time.
“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,” Jagdeld said.
Amos Epstein, Tank Utility co-founder and CEO, said home standby generators are a perfect fit for remote monitoring and the company is looking forward to working with Generac.
The two companies plan to unveil their propane level monitoring system in 2017.
Additional terms of the investment were not disclosed.
