Generator-maker Generac expands into residential EV charging stations
Generac Power Systems (NYSE: GNRC) makes a variety of power products, but is probably best-known as a manufacturer of backup generators. As bidirectional EV charging, which allows an EV battery to be used as a source of backup power, moves into the mainstream, demand for generators seems likely to dwindle, and some stock analysts have been making pessimistic predictions about Generac’s future.
You might not want to short GNRC just yet however, because the company just announced the introduction of its first EV charging system.
The Generac EV charger is a Level 2 residential charger that’s designed to offer EV owners “a reliable and easy-to-install home charger from one of the most respected names in residential power.”
The new charger packs 11.5 kW of power at 48 A, and features a NEMA-4 enclosure, making it suitable for both indoor and outdoor installations.
“We’ve seen an unprecedented rise in demand for electric vehicles in the United States,” said Director of Product Management Joshua Brister. “We’re excited to help satisfy this high demand by adding the Generac EV charger to our network of energy technology products.”
The Generac EV charger will be available through Generac’s existing sales outlets, including home improvement retailers, hardware stores and wholesalers. Customers can also have an in-home consultation for a turnkey installation through Generac’s dealers. It will go on sale in the second half of 2023.
“As a leader in home energy technology, we’re introducing a product that homeowners can rely on, with a name brand they have come to trust for nearly 65 years,” said Senior Product Manager Nick Schmidling.
Source: Generac
