Generac Holdings ( GNRC Quick Quote GNRC - Free Report) announced the launch of an advanced engineering center in Reno, NV. This new facility is focused on developing and testing various clean energy solutions, including batteries, switches, and power electronics.
The company further added that the new facility is expected to create 100 engineering job opportunities in Reno within the next year. Generac aims to innovate and assess new product lines at this location, particularly emphasizing clean energy and residential energy storage solutions.
The facility will be operational by May 2024 and incorporate a comprehensive simulation to replicate power outage scenarios, further aligning with the company's commitment to carbon neutrality objectives.
In September, the company
unveiled plans to set up a new manufacturing facility in Beaver Dam, WI, in association with the City of Beaver Dam. The construction of this new facility is aimed at fulfilling the increasing demand for GNRC's industrial generators.
The facility will include a manufacturing unit and an office and is likely to provide employment to about 350-400 people. Generac will begin construction of its new facility later this year, subject to city approval of the project. The construction is expected to be concluded by early 2025.
GNRC is a leading manufacturer of power generation equipment, energy storage systems, and other power products, including portable, residential, commercial and industrial generators. The establishment of this engineering center in Reno signifies Generac's ongoing efforts to meet the rising demand for clean energy, following similar expansions in Denver and Boston in 2021.
Significant changes in the energy landscape, drastic climate change, aging power infrastructure and the deployment of superfast 5G technology are likely to spur secular growth opportunities for Generac. Frequent product launches and synergies from acquisitions also bode well.
Generac currently carries a Zacks Rank #3 (Hold). Shares of the company have lost 41.2% of their value compared with
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