TurnTide Technologies Raises $225M for Sustainable Tech

Turntide Technologies Secures $225 Million in Funding

Turntide Technologies, a developer of sustainable technologies, has announced a $225 million convertible note financing round. This investment is intended to support initiatives aimed at lowering carbon emissions across the commercial building, agricultural, and transportation sectors.

Investment Details

The financing round was spearheaded by the Canadian Pension Plan Investment Board, with participation from Monashee Capital Inc. and existing investor JLL Spark. Additional investors included Breakthrough Energy Ventures and Suvretta Capital Management. This brings the total funding raised by Turntide to $400 million.

Convertible note financing represents a short-term debt instrument that will ultimately be converted into equity. Specifically, it will transform into shares of preferred stock at a future valuation determined by the company.

Expansion into New Markets

“This infusion of capital, particularly from a significant national pension fund, provides Turntide with stable, long-term funding as we broaden our reach into emerging markets like electrified transportation,” stated Ryan Morris, Chairman and CEO of Turntide.

Turntide Transport Launch

Earlier this month, Turntide completed the acquisitions of Hyperdrive Innovation and BorgWarner Gateshead. Following these acquisitions, the company launched Turntide Transport.

This new division leverages drivetrain technology from the two U.K.-based companies to modernize conventional motor systems within the commercial transportation industry. Applications include construction machinery, high-speed rail systems, autonomous robots, freight trucking, shipping, and air cargo.

The newly acquired funds will also contribute to Turntide Transport’s objective of establishing a comprehensive powertrain platform. This platform will encompass battery packs, power electronics, motors, and integrated intelligent systems.

Smart Motor System and Sustainability

Turntide’s “Smart Motor System” is designed to significantly reduce energy consumption, achieving a reduction of almost 64%. The system addresses the growing need for sustainable electrification in sectors beyond passenger vehicles, where substantial progress has already been made.

The company is collaborating with leading brands like JCB, Hitachi Rail, and Volkswagen’s MAN division. The goal is to refine a motor that eliminates the use of environmentally harmful rare earth materials, while simultaneously achieving net-zero climate objectives and reducing production costs.

Software Platform Development

A portion of the $225 million will be allocated to the development of a cloud-based software platform. This platform, anticipated for release later this year, will seamlessly integrate the Smart Motor System into diverse built environments and electric vehicles, offering a user-friendly experience.

Addressing Energy Inefficiency

“Turntide’s technology merges a redesigned electric motor with intelligent automation and cloud connectivity to substantially enhance the efficiency of building controls, electric vehicles, and agricultural processes,” Morris explained to TechCrunch.

“Currently, electric motors account for half of global energy usage, and nearly half of that energy is lost due to inefficiency and a lack of intelligent control systems.”