Vancouver cleantech company dPoint Technologies Inc. has been acquired by a Swiss radiator and ventilation system manufacturer.

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.

Green Angel started out as a cleantech angel investment firm, but recently changed its name to Timia, which is now focused on growth-stage investments.

Timia is taking a new approach to investing, however, similar to the streaming model in the precious metals mining sector. Rather than take equity positions in companies, Timia invests in future royalties.

“Our revenue finance model is specifically designed to align with entrepreneurs by allowing them to retain more of their company and earn more of the long term gains,” said Timia CEO Mike Walkinshaw.

As for dPoint, the Vancouver company will continue to operate as a wholly owned subsidiary of the Zehnder Group, and dPoint founder James Dean will continue to manage the company.