Waukesha-based Generac Power Systems is combining several of its recently acquired companies along with its existing connectivity business in a new organization called Energy Technology.
The new business consists of all Generac businesses whose primary focus is on storage and energy management product and services, including recently acquired Pika Energy, Neurio Technologies and Enbala Power Networks.
Energy Technology amplifies Generac’s recent debut in the clean energy space – kicked off by a series of acquisitions – that enabled Generac to develop battery storage systems to help homeowners manage energy generated from solar power.
Enbala Power Networks, an energy software developer and Generac’s latest acquisition, also solidified the company’s push into the internet of things space, which began with Generac integrating IoT technology in its products.
Now Energy Technology will serve as the operating platform for future potential acquisitions in the energy technology space – a measure Generac leaders say will better align the manufacturer’s objectives and business priorities while accelerating the company’s go-to-market efforts.
Generac experienced sustained growth in 2020 and it announced plans to hire 400 employees and build a new facility in the wake of increased demand for its products.
During the third quarter of 2020, Generac’s sales increased 17% to $701 million as a number of high-profile power outage events and more people working from home drove interest in the company’s home standby generators.
In tandem with the new business launch, Generac will promote multiple existing executives to lead and manage the new business, including Generac chief marketing officer Russ Minick, who will double as Energy Technology’s president.
Patrick Forsythe, Generac’s global engineering team lead, will be appointed to the newly created position of chief technical officer. Forsythe will be responsible for the integration of new and transformative technologies into Generac’s products and for building a technical team to further support future technical product development.
Generac also created the new position of chief strategy officer, which will be held by Steven Goran, who has held several positions over his 30-year career with Generac. As CSO, Goran will be tasked with assessing new business opportunities, formulating long-term strategy and managing the year-round strategic planning development efforts at the company.
"Creation of the Energy Technology organization and these three new roles signals our commitment to leading the energy management industry of the future," Generac chairman and chief executive officer Aaron Jagdfeld said in a statement. "Along with the board of directors, I congratulate Steve, Patrick, and Russ on their new leadership roles and look forward to the continued growth I know they will help us achieve."