Tandem Expansion has made the first investment from its CAD300m Tandem Expansion Fund I in Delta-Q Technologies.
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 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 CAD1bn 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.
“We are pleased to be making the first of several significant investments in Canadian home grown technology,” says Charles Sirois (pictured), founding partner 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, chief executive of Delta-Q, says: “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.”
