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Generac (GNRC) Adds Level 2 EV Charger to Energy Portfolio
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Generac Holdings Inc. (GNRC - Free Report) is strengthening its energy management solutions portfolio by launching its first electric vehicle (EV) charger, a level 2 charger designed for homes and businesses, demonstrating its commitment to innovation and sustainable energy solutions.
Citing the Global EV Outlook 2024 report by the International Energy Agency, Generac highlighted that the U.S. EV market is projected to reach an 11% market share in 2024. The new product is likely to help the company gain a higher share in this market.
The charger (available in two formats, the 40A Plus and 48A Plus models) offers charging speeds eight times faster than an L1 charger. Additionally, it is equipped with Wi-Fi and Bluetooth connectivity for an enhanced user experience and comes with a three-year warranty.
Generac's L2 EV charger includes five distinct charging modes to cater to various charging needs and preferences. Furthermore, with Power Boost Technology, the charger can efficiently redirect maximum power to the vehicle without causing any disruptions to other household devices.
The Generac EV charging app empowers users to conveniently schedule their charger to activate overnight, making the most of cost-effective grid electricity. Users can confidently connect multiple chargers to the same circuit and monitor usage from anywhere. These chargers are suitable for both indoor and outdoor use and are universally compatible.
Moreover, Generac L2 chargers can be used with Tesla vehicles when combined with an SAE to NACS adapter, normally provided with the vehicle.
Generac's EV charger leverages its expertise in energy resilience devices to offer enhanced power, efficiency, reliability and user convenience. This state-of-the-art level 2 charger represents a significant addition to Generac's portfolio. Supported by a network of nearly 9,000 certified North American dealers, GNRC is well-prepared to provide an EV charging solution that prioritizes superior performance, reliability and user satisfaction.
The introduction of an EV charger is a direct outcome of the company's strategic investment in Wallbox in December 2023. Wallbox, a leading Spain-based provider of smart EV charging and energy management solutions, was selected to accelerate Generac's entry into the EV charging market with cutting-edge technology.
Generac is a leading energy technology company that provides backup and prime power products, energy storage systems and energy monitoring and management devices for home and business applications. Founded in 1959, it was one of the first companies to design an affordable backup generator and is now focused on leading the evolution to more resilient, efficient and sustainable energy solutions.
GNRC currently sports a Zacks Rank #1 (Strong Buy). Shares of the company have gained 8.3% in the past year compared with the sub-industry’s growth of 3.6%.
Image Source: Zacks Investment Research
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NVIDIA Corporation (NVDA - Free Report) , sporting a Zacks Rank #1 at present, delivered a trailing four-quarter earnings surprise of 18.43%, on average. In the last reported quarter, it delivered an earnings surprise of 11.48%. It has a long-term earnings growth expectation of 37.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit. Over the years, the company’s focus evolved from PC graphics to AI-based solutions that support high-performance computing, gaming and virtual reality platforms.
Arista Networks, Inc. (ANET - Free Report) , sporting a Zacks Rank #1 at present, has a long-term earnings growth expectation of 16.1% and delivered an earnings surprise of 15.39%, on average, in the trailing four quarters. Arista is likely to benefit from strong momentum and diversification across its top verticals and product lines. The company has a software-driven, data-centric approach to help customers build their cloud architecture and enhance their cloud experience.
Arista holds a leadership position in 100-gigabit Ethernet switching share in port for the high-speed data centre segment. It is increasingly gaining market traction in 200 and 400-gig high-performance switching products and remains well-positioned for healthy growth in data-driven cloud networking business with proactive platforms and predictive operations.
Silicon Motion Technology Corporation (SIMO - Free Report) , carrying a Zacks Rank #2 (Buy) at present, delivered a trailing four-quarter average earnings surprise of 4.72%. It has a long-term earnings growth expectation of 38.2%.
Silicon Motion is a leading developer of microcontroller ICs for NAND flash storage devices. The semiconductor company also designs, develops and markets high-performance, low-power semiconductor solutions for original equipment manufacturers and other customers.
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Generac (GNRC) Adds Level 2 EV Charger to Energy Portfolio
Generac Holdings Inc. (GNRC - Free Report) is strengthening its energy management solutions portfolio by launching its first electric vehicle (EV) charger, a level 2 charger designed for homes and businesses, demonstrating its commitment to innovation and sustainable energy solutions.
Citing the Global EV Outlook 2024 report by the International Energy Agency, Generac highlighted that the U.S. EV market is projected to reach an 11% market share in 2024. The new product is likely to help the company gain a higher share in this market.
The charger (available in two formats, the 40A Plus and 48A Plus models) offers charging speeds eight times faster than an L1 charger. Additionally, it is equipped with Wi-Fi and Bluetooth connectivity for an enhanced user experience and comes with a three-year warranty.
Generac's L2 EV charger includes five distinct charging modes to cater to various charging needs and preferences. Furthermore, with Power Boost Technology, the charger can efficiently redirect maximum power to the vehicle without causing any disruptions to other household devices.
The Generac EV charging app empowers users to conveniently schedule their charger to activate overnight, making the most of cost-effective grid electricity. Users can confidently connect multiple chargers to the same circuit and monitor usage from anywhere. These chargers are suitable for both indoor and outdoor use and are universally compatible.
Moreover, Generac L2 chargers can be used with Tesla vehicles when combined with an SAE to NACS adapter, normally provided with the vehicle.
Generac's EV charger leverages its expertise in energy resilience devices to offer enhanced power, efficiency, reliability and user convenience. This state-of-the-art level 2 charger represents a significant addition to Generac's portfolio. Supported by a network of nearly 9,000 certified North American dealers, GNRC is well-prepared to provide an EV charging solution that prioritizes superior performance, reliability and user satisfaction.
The introduction of an EV charger is a direct outcome of the company's strategic investment in Wallbox in December 2023. Wallbox, a leading Spain-based provider of smart EV charging and energy management solutions, was selected to accelerate Generac's entry into the EV charging market with cutting-edge technology.
Generac is a leading energy technology company that provides backup and prime power products, energy storage systems and energy monitoring and management devices for home and business applications. Founded in 1959, it was one of the first companies to design an affordable backup generator and is now focused on leading the evolution to more resilient, efficient and sustainable energy solutions.
GNRC currently sports a Zacks Rank #1 (Strong Buy). Shares of the company have gained 8.3% in the past year compared with the sub-industry’s growth of 3.6%.
Image Source: Zacks Investment Research
Other Stocks to Consider
NVIDIA Corporation (NVDA - Free Report) , sporting a Zacks Rank #1 at present, delivered a trailing four-quarter earnings surprise of 18.43%, on average. In the last reported quarter, it delivered an earnings surprise of 11.48%. It has a long-term earnings growth expectation of 37.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit. Over the years, the company’s focus evolved from PC graphics to AI-based solutions that support high-performance computing, gaming and virtual reality platforms.
Arista Networks, Inc. (ANET - Free Report) , sporting a Zacks Rank #1 at present, has a long-term earnings growth expectation of 16.1% and delivered an earnings surprise of 15.39%, on average, in the trailing four quarters. Arista is likely to benefit from strong momentum and diversification across its top verticals and product lines. The company has a software-driven, data-centric approach to help customers build their cloud architecture and enhance their cloud experience.
Arista holds a leadership position in 100-gigabit Ethernet switching share in port for the high-speed data centre segment. It is increasingly gaining market traction in 200 and 400-gig high-performance switching products and remains well-positioned for healthy growth in data-driven cloud networking business with proactive platforms and predictive operations.
Silicon Motion Technology Corporation (SIMO - Free Report) , carrying a Zacks Rank #2 (Buy) at present, delivered a trailing four-quarter average earnings surprise of 4.72%. It has a long-term earnings growth expectation of 38.2%.
Silicon Motion is a leading developer of microcontroller ICs for NAND flash storage devices. The semiconductor company also designs, develops and markets high-performance, low-power semiconductor solutions for original equipment manufacturers and other customers.