World News

Industry news and insights from Europe and around the World

UK News

Latest news and developments in the United Kingdom

Products

Keep up-to-date with the latest new products and technology

Features

General articles, applications and industry analysis

Daikin takes stake in web technology firm

Daikin RiptideUSA: Daikin Applied Americas has acquired a minority stake in Riptide IO, a California-based software company dealing in smart buildings.

Terms of the deal have not been disclosed, but Riptide IO has been a strategic partner to Daikin Applied in the development of Daikin Intelligent Equipment, which it claims is the industry’s first, true cloud-based technology platform for HVAC equipment that harnesses the IoT.

According to a press statement, the current Riptide IO management will continue to drive the company’s strategy and day-to-day operations with Daikin Applied president and CEO, Michael Schwartz joining the board of directors.

“We are forging the path to transform the HVAC industry, driving beyond next level efficiency and innovating for total building solutions,” said Schwartz. “This move is a terrific pivot point for us and for the industry as we continue to explore how to help building owners get to new levels of efficiency when they unlock the power of IoT.”

Riptide IO works with a number of marketing-leading organisations, including several Fortune 100 companies. The Riptide IO team has a track record of bringing cloud-based automation to small buildings that translates to lower complexity and focuses on making it easy for customers to create smarter buildings and a better run business.

“We’re thrilled to deepen our relationship with Daikin Applied because we’ve seen a clear commitment on their part to look at the market differently than other HVAC companies,” said Mike Franco, Riptide’s CEO and co-founder. “As we’ve partnered over the last two years, we believe, as does Daikin Applied, that there is significant potential in moving beyond the HVAC arena to the total building offering. We’re excited to be aligned as we see them as an important, long-term partner in accelerating how IoT will transform the commercial building experience.”

Latest News

29th February 2024

BESA backing for WorldSkills UK

UK:The Building Engineering Services Association (BESA) is organising the refrigeration and air conditioning (RAC) category of the WorldSkills UK competition.
29th February 2024

Beijer Ref to acquire Australian firm QAE

SWEDEN/AUSTRALIA: Beijer Ref will expand its position in the Australian market with the agreement to acquire 60% of the shares in Sydney-based Quality Air Equipment (QAE).
29th February 2024

Chemours places CEO on administrative leave

USA: Chemours has placed its president and CEO Mark Newman, CFO Jonathan Lock and principal accounting officer Camela Wisel on administrative leave pending the completion of an internal review.
28th February 2024

Seeley to boost production in US export push

AUSTRALIA: Evaporative cooling equipment manufacturer Seeley International is to upgrade and expand its manufacturing plant in Lonsdale, South Australia, to boost exports to the USA.
28th February 2024

EPEE calls for RACHP recognition

BELGIUM: The European Partnership for Energy and the Environment (EPEE) has called for recognition of the critical role of RACHP technologies in energy efficiency and climate mitigation. 
28th February 2024

PSH compressor a “game-changer” for heat pumps

USA: The new Danfoss PSH scroll compressor with vapour injection allows for a wider range of operating temperatures and could be a potential “game-changer” for heat pump adoption.