By Greentech Lead America: Modine Manufacturing Company,
a thermal management technology and solutions provider, has signed a definitive
asset purchase agreement to acquire privately-held Geofinity Manufacturing of
Surrey, British Columbia. The terms of the deal were not disclosed.
Geofinity is an emerging technology provider of
residential and commercial geothermal heat pump systems. This acquisition will
provide Modine with a full line of innovative geothermal heat pumps in both
water-to-water and water-to-air models. Geofinity extends Modine’s current
geothermal heat pump product range to a wider market.
“Acquiring Geofinity helps us expand our offerings to the
growing commercial HVAC business while extending our focus on the
residential market. We have seen and expect more growth from our Commercial
Products Group and this acquisition will help us build further on this
success,” Tom Marry, executive vice president and chief operating officer,
Modine.
Geofinity products are used in a variety of residential,
commercial and industrial applications, including single-family homes,
condominiums, and schools.
Geofinity offers geothermal applications that harness the
Earth’s renewable thermal energy, stored just below the surface, for the
purpose of providing forced air heating and cooling, hot and chilled water, and
dehumidification. The system exchanges the natural heating and cooling
properties of the Earth between a building and the ground. Only a small amount
of electricity is required to capture this energy, move it and concentrate it
into a large amount of “free energy.”
Geofinity offers Modine an excellent opportunity to
expand their distributed-product offerings to an established customer base. The
Geofinity addition enables Modine to offer home owners the opportunity to
reduce their monthly heating and cooling costs by up to 70 percent.
“This acquisition presents the opportunity to
leverage Modine’s strength and breadth of products with Geofinity’s to offer
more to our established network of distributors and applied products experts,
and grow our business,” said Matt McBurney, vice president commercial products
group