Delta-Q Raises $17M from Tandem Expansion to Push Electric Vehicle Technologies
Burnaby, BC-based Delta-Q Technologies has raised $17 million in growth capital from Canadian firm Tandem Expansion, the company said yesterday. Delta-Q makes power conversion and power management systems for electric vehicles.
Delta-Q was founded in 1999 to develop battery charging technologies for electric-drive vehicles. The company has since expanded its products to include power electronics technologies for golf cars, aerial work platforms, industrial floor-cleaning machines, and low-speed neighborhood vehicles. The company says the new money will be used “to fund Delta-Q’s aggressive product development and overall corporate growth plans.”
Chief executive and co-founder Ken Fielding elaborated a bit in a company statement. “This capital will help fuel our growth plans in our existing electric vehicle markets, targeted industrial markets and automotive industries,” he said. “We chose Tandem because we share the goal of building a great Canadian company with durable competitive advantage.”
Tandem Expansion, which has offices in Vancouver, Toronto, and Montreal, is a growth capital firm that is looking to invest in Canadian companies in information technology (software and hardware), cleantech, energy, materials, and tech innovations in traditional industries and life sciences. The firm announced a first close of a $300 million fund in December.