Town of Genesee-based Generac Power Systems’ parent company Generac Holdings Inc. plans to acquire Tank Utility, Inc., a Boston-based developer and provider of cloud-based and desktop metering software for fuel delivery companies.
Tank Utility’s platform leverages Internet of Things technology to help both fuel marketers and homeowners optimize propane fuel logistics. The company’s 4G LTE tank monitoring devices, paired with a mobile app, allow customers to view propane tank levels real-time and estimate fill dates.
Tank Utility’s software and analytics provide customers with insights to eliminate wasted deliveries and increase fuel drop sizes for greater efficiency per delivery, according to the company.
Generac, an early minority investor in Tank Utility, chose to purchase the business after seeing the company’s growth over the last five years, Generac Consumer Power products president Kyle Raabe said in a statement.
Generac’s propane-powered backup generators, battery storage and home energy management offerings paired with Tank Utility’s monitoring and analytics will help dealers expand their expertise as total home energy advisors for homeowners, according to the company.
“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,” Raabe said in a statement.
The terms of the deal were not disclosed. The acquisition is expected to close in October.