Delta-Q Technologies Corp. today announced that it has secured $17 million in funding from Tandem Expansion. Delta-Q is a leading technology company that supplies power conversion and power management products for electric drive vehicles with over 500,000 units in use on vehicles such as golf cars, aerial work platforms, industrial floor cleaning machines, and Neighbourhood Electric Vehicles.
The investment will be used to fund Delta-Q’s aggressive product development and overall corporate growth plans. Delta-Q’s management estimates that the market for its power conversion and power management products will grow to approximately $1 billion by 2015 due to continuing market adoption and new application growth in areas such as neighborhood electric vehicles, recreation, power sports, industrial work vehicles and plug-in hybrid/pure battery electric vehicles.
With a strong and growing base business, Delta-Q believes that its proprietary technology, customer-focused product development strategy, established partnerships and proven execution will fuel dynamic expansion and growth into its targeted market segments. The company is already actively recruiting globally to fill new high calibre, high talent positions in B.C. in engineering, product and program management, operations, sales and marketing. With the new investment, Delta-Q expects to accelerate its recruiting efforts and scale significantly, creating a substantial number of new jobs in BC over the next two years.
Ken Fielding, CEO of Delta-Q said, “This is an important milestone for Delta-Q. This capital will help fuel our growth plans in our existing electric vehicle markets, targeted industrial markets and automotive industries. We chose Tandem because we share the goal of building a great Canadian company with durable competitive advantage. We look forward to working with the Tandem team to build our business during a time of significant opportunity.”
“We are pleased to be making the first of several significant investments in Canadian home grown technology,” said Charles Sirois on behalf of Tandem Expansion. “Delta-Q is an ideal investment for our Fund. The company is a market leader with a proven track record, proprietary technology and a significant opportunity for international growth.”
About Delta-Q Technologies Corp.
Founded in 1999, Delta-Q Technologies supplies electric drive and hybrid vehicle manufacturers with power conversion and power management products. The Company uses innovative power electronics design and digital control to deliver highly efficient, integrated solutions. Products include battery chargers and DC-DC converters. Delta-Q currently supplies the electric drive vehicle industry and has high volume contracts with some of the largest manufacturers of recreational, industrial, hybrid and specialty electric drive vehicles. Delta-Q is a rapidly growing, privately held company headquartered in Burnaby, BC. For more information, visit www.delta-q.com.
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