One of the hardest-hit stocks in 2022 that is a member of the S&P 500 was Generac Holdings Inc. GNRC. The stock was the subject of several short reports in 2022 and saw shares fall more than 50% during the calendar year.
As one of the largest gas-powered generator companies in the world, Generac was also expanding its clean energy offerings, which could be an item for investors to watch in 2023.
What Happened: Known as a leader in the generator market and a stock often associated with storms and power outages, Generac could soon be among the stocks that make up the electric vehicle sector.
Generac announced it was launching its first electric vehicle charging system, which would be offered to residential customers.
The Level 2 home charger is said to charge an electric vehicle in between four to six hours, depending on the capacity and charge needed. The charger is compatible with nearly all electric vehicles, according to the company.
“We’ve seen an unprecedented rise in demand for electric vehicles in the United States,” Generac Director of Product Management Joshua Brister said. “We’re excited to help satisfy this high demand by adding the Generac EV charger to our network of energy technology products.”
The charger would be sold at leading home improvement and hardware stores and by Generac dealers. The charger should be available for purchase in the second half of 2023.
Related Link: Bomb Cyclone, 200 Million People Experience Artic Chill Halting Holiday Travel
Why It’s Important: After decades of experience in the home energy market, Generac could have found a new source of revenue and market expansion with electric vehicle chargers.
As the world shifts to a higher market share for electric vehicles, chargers are needed at an increasing rate for public areas, businesses and residential homes.
“Electric vehicle owners need confidence that they can quickly charge to get where they need to go,” Generac Senior Product Manager Nick Schmidling said. “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.”
The introduction of EV chargers could help Generac diversify its revenue both by product type and by season. The company expanded its offering in the battery storage and solar energy sectors with several acquisitions.
GNRC Price Action: Generac shares were up 4.93% to $126.54 at market close on Wednesday. Shares of the company have rebounded in 2023 but remain down 56% over the last year.
Read Next: What 16 Analyst Ratings Have To Say About Generac Holdings
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.