Generac Holdings (NYSE: GNRC) has entered into a long-term supply agreement with Amazon.com, Inc. to provide backup power generators for Amazon data centers, according to a press release statement dated September 16, 2026.

Under the terms of the agreement, Generac will supply generators with payments totaling up to $8 billion. Initial deliveries are expected to total $2.4 billion across 2027 and 2028.

As part of the transaction, Generac issued a warrant to Amazon.com NV Investment Holdings LLC, a wholly-owned subsidiary of Amazon, allowing it to acquire up to 1,693,745 shares of Generac common stock at an exercise price of $200.9266 per share. Of those shares, 307,954 vested immediately, with the remainder vesting in tranches tied to aggregate gross payments received by Generac and its affiliates from Amazon for backup power generators.

The warrant may be exercised, in whole or in part, through either a cash or cashless transaction at Amazon's election on or before September 16, 2033. The exercise price and number of warrant shares are subject to anti-dilution adjustments, and Generac has granted registration rights with respect to the warrant shares.

The warrant was issued under the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.