Tandem Expansion announced that it has made the first investment from its $300 million Tandem Expansion Fund I, L.P in Delta-Q Technologies Corp. Delta-Q is a 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 neighbourhood electric vehicles, recreation, power sports, industrial work vehicles and plug-in hybrid/pure battery electric vehicles.
Delta-Q states 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 British Columbia 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.
"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."
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."
