A History in Leadership
1983 - Jim Shields, form WaterFurnace International, Inc. to establish North American distribution of WaterFurnace products in a total system package for residential geothermal closed loops. The first warehouse is located on Speedway Drive in Fort Wayne. Jim Shields becomes Chairman of WaterFurnace International.
1985 - WaterFurnace International, Inc. moves to a 10,000 square foot factory at 4307 Arden Dr. in Fort Wayne and purchases a water-source heat pump product line from McQuay, a Snyder-General Corporation, and establishes manufacturing. The assembly line is moved from Staunton, VA to Fort Wayne. The first WaterFurnace manufactured product, the WS Series product (1/2 - 5 ton), is introduced 5 months after the deal is signed. New 'LPK' loop pump kit is introduced using brass 3-way gate valves and eliminates the pressure tanks, flow meters etc.
1986 - WaterFurnace introduces the extended range WX Series (1/2 - 10 ton) in packaged, split and water-to-water configurations. Later the WX Series becomes known as the most reliable unit in the industry. A 4,000 square foot warehouse addition is added at the back of the Arden Drive location. Vertical earth loops drilled under the slab are used to heat and cool the new addition.
1987 - WaterFurnace introduces the Triple Function (TF) Series that operates in 4 modes; heating, cooling, water heating and cooling with water heating using R-500 refrigerant. WaterFurnace leases an additional 15,000 square foot facility around the corner from the Arden Dr. plant for sub-assembly space and a new training center.
1990 - WaterFurnace introduces the revolutionary Premier AT Series product line. AT Series is the first water source product to include ECM fan motors, scroll compressors, non-bleed balanced port TXV, custom residential microprocessor control board, internal electric heat, internal condensate trap, plastic drain pans, impedance condensate sensing, thermistor-based freeze protection and the white powder coated cabinet. The WaterFurnace AT series sets the industry efficiencies standards by beating the nearest competition by 2-3 EER points. Efficiencies are so high that some competitors don't believe them. WaterFurnace introduces a new flow center featuring a new custom designed brass 3-way valve with a foam insulated powder coated metal jacket. WaterFurnace Industries Ltd. purchases controlling interest in WaterFurnace, Inc.
1991 - WaterFurnace completes construction of 120,000 square foot manufacturing and headquarters facility in Fort Wayne, IN. The new facility is completely heated and cooled by WaterFurnace geothermal technology.
1992 - WFI Industries Ltd. completes the acquisition of WaterFurnace International, Inc. Expands the Premier AT line by introducing the first 2-speed geothermal unit in the industry and further increases the efficiency gap with the competition. WaterFurnace of Australia commences distribution.
1993 - WaterFurnace introduces the Premier2 Series product line with a major revision of the Premier control board incorporating even more diagnostic and control features. WFI Industries Ltd. stock is placed on the Toronto Stock Exchange, Canada's stock exchange.
1994 - WaterFurnace introduces the Spectra Series units, a spin-off of the Premier AT but intended for commercial and 'builder' residential applications.
1996 - WaterFurnace introduces several new products, including Intellizone, the first zone control designed for use with ECM fan motors, Premier Plus water heating heat pump, Spectra Splits, Spectra 7-10 ton units and Spectra water-to-water units.
1997 - WaterFurnace introduces a line of console products and Versatec series units designed for commercial/institutional applications.
1998 - Bruce Ritchey named new President of WaterFurnace International, Inc. The Company continues to expand Versatec line.
1999 - WaterFurnace launches the Synergy3 product-- the first geothermal unit designed for forced air heating and cooling with hot water for radiant floors.
2000 - WaterFurnace continues to expand Versatec line, adding new sizes, configurations and options. Premier line of products receives additional upgrades.
2001 - Premier E-series products are introducedâ€”the industry's first geothermal unit featuring dual-capacity compressors and R-410A refrigerant. WaterFurnace International, Inc. begins plans to convert all products to R-410A.
2002 - WaterFurnace expands lines of Premier E R-410A units. Launches the Premier ES-the industry's first dual capacity, R-410A split unit suitable for either indoor or outdoor installations.
2003 - WaterFurnace continues E Series expansion into Commercial product line. WFI Global becomes a newly formed division of WFI Industries Ltd.
2004 - WaterFurnace introduces two new products, the EW Hydronic Heat Pump with custom microprocessor control and Pool Heaters for an OEM customer. First dividends are given out from WaterFurnace stock. Jim Shields retires as Chairman of the Board. His son, Tim Shields, becomes Chairman of the Board.
2005 - WaterFurnace International, Inc. introduces the EW Reversible Chiller and the EZ Series Indoor Split Product Line
2006 - WaterFurnace, introduces Envision Series. The first ever 30 EER 5 COP unit on the market.
2007 - WaterFurnace Breaks the $100 million sales mark for the first time.
2008 - WaterFurnace Industries, Inc. changes name to WaterFurnace Renewable Energy Inc. WaterFurnace Renewable Energy Inc. Amid record sales Bruce Ritchey announces retirement as president and CEO of WaterFurnace Renewable Energy Inc.
2009 - Tom Huntington becomes Chief Executive Officer of WaterFurnace International, Inc. The transition from R-22 refrigerant-based products to environmentally friendly R-410A is completed.
2014 - WaterFurnace acquired by NIBE, a leading heat pump manufacturer for the European market. The marriage provides a number of benefits to both companies through product and operational synergies. Although WaterFurnace continues to operate as an independent company, it now serves as the headquarters for NIBE's Energy business in North America.
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