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Why Generac Shares Are Surging Today

Published 02/06/2022, 20:10
Updated 02/06/2022, 21:10
© Reuters. Why Generac Shares Are Surging Today
GNRC
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  • Generac Holdings Inc. (NYSE: GNRC) subsidiary Generac Grid Services and German utility RWE AG (ETR:RWEG) (OTC: RWEOY) reveal the expansion of their collaboration.
  • The companies plan to jointly launch additional market products following the delivery of uninterrupted automatic Frequency Restoration Reserve (aFRR) capacity for the last six months.
  • "Generac Grid Services is proud to support RWE in providing grid-balancing solutions that support a reliable grid as more intermittent renewables connect to the system," said Michael Ruth, VP of Product at Generac Grid Services.
  • The solution enabled by Generac Grid Services' Concerto distributed energy resource control platform increased efficiency and performance by removing manual operations from the real-time market service.
  • The success sets the stage for the two companies to expand market operations, with a plan to launch two more market products this year.
  • According to UBS, Generac is a "top pick." The brokerage firm observed significant growth potential owing to the company's clean energy business.
  • Price Action: GNRC shares are trading higher by 9.01% at $265.83 on the last check Thursday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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