US power product supplier Generac is to unite a number of recently-acquired companies to establish a new energy storage business arm.
The new organisation will combine three companies Generac acquired last year, Pika Energy, Enbala Power Technologies, and Neurio Technology, with Generac’s existing connectivity business to create a combined Energy Technology (ET) division. Generac’s chief marketing officer, Russ Minick, has been named the new entity’s president, vice president of global engineering Patrick Forsythe will become ET’s chief technological officer, and Steve Goran, Generac’s vice president of global corporate development, will serve as chief strategy officer, tasked with exploring future business opportunities and ventures.
Wisconsin-headquartered Generac completed the acquisition of Pika Energy, a manufacturer of behind-the meter battery storage technologies based in Maine, last April. Aaron Jagdfeld, chairman and chief executive of Generac, said at the time Pika's integrated battery storage solutions would give the power equipment manufacturer “a considerable edge” as it expands its presence in the fast-growing energy storage sector in the US. Generac had previously announced its purchase of home intelligence technology firm Neurio in February 2020.
Following the acquisitions, Generac formed a strategic partnership with residential solar panel installer Momentum Solar to provide energy storage systems as part of Momentum’s product offering. Generac released a new EX lithium-ion battery module in October, and in the same month, announced it would also acquire Enabla Power, which specialises in distributed energy resources.
The new organisation and appointments, Jagdfeld said, signal the company’s “commitment to leading the energy management industry of the future.”
“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.”