dPoint Technologies Inc. has been acquired by a Swiss radiator and ventilation system manufacturer Zehnder Group AG (SWX:ZEHN).
According to an article on Business in Vancouver:
The acquisition by Zehnder Group AG has led to a $1 million exit by cleantech investment firm Timia Capital Corp (C:TCA) – formerly Green Angel Energy – that triples the original investment.
Formed in 2004, dPoint originally was in the hydrogen fuel cell space, making polymer heat and water transfer membranes that are used to heat and humidify hydrogen fuel cells.
As detailed in Business in Vancouver in 2013, the company decided to diversify when it became apparent the hydrogen fuel cell industry would take many years to develop – a pivot that resulted in 1,500% revenue growth over five years.
The company switched its focus to the HVAC space (heating ventilation air conditioning). Its membranes are now used in heat recovery and ventilation systems that meet new air quality control standards in buildings.
As a result of the acquisition, Timia has sold its equity position in dPoint for $1 million. Green Angel’s original investment in dPoint was $350,000, which translates into a $681,561 profit for Timia.