Turntide Technologies Completes $225 Million Financing
Funding accelerates expansion into the electric vehicle industry and furthers development of advanced automation software
SUNNYVALE, Calif., June 30, 2021 /PRNewswire/ -- Turntide Technologies, ("Turntide") the company responsible for the Smart Motor SystemTM, today announced the completion of $225 million in convertible note financing, with investments from Canada Pension Plan Investment Board (CPP Investments), Monashee Investment Management LLC, and JLL Spark, the strategic investment arm of commercial real estate services firm JLL. Additional investors include Breakthrough Energy Ventures, Captain Planet LP, and Suvretta Capital Management LLC. This investment brings Turntide's total funding to $400 million.
"As with our prior financings, this raise was majority filled by strategic sources of capital that are investing in both our business and our multi-decade sustainability mission," said Ryan Morris, Turntide's Chairman and CEO. "The addition of several investors fortifies Turntide with the additional capital we need to expand into new markets like electrified transport."
The new financing accelerates Turntide's efforts to attack climate change by reducing carbon emissions in some of the most challenging and critical industries including commercial buildings, agriculture, and transportation. Turntide's patented Smart Motor System™ may reduce energy consumption by nearly 64% and is free of the environmentally damaging rare earth minerals that most higher-efficiency permanent magnet motors require.
"As tenants and landlords look to increase building efficiencies, Turntide's differentiated products are an attractive option to reduce HVAC energy consumption while also reducing building emissions. This fits squarely in our Climate Change Opportunities portfolio as we seek to invest in innovative companies that will respond to challenges posed by climate change," said Leon Pedersen, Managing Director, Head of Thematic Investing, CPP Investments.
Turntide will use the financing to support the development of a new cloud-based technology due to be released this year for implementation throughout built environments and electric vehicles. The technology will integrate the Smart Motor System with intelligent automation and insights to dramatically improve customer experience, employee satisfaction and reduce maintenance costs across commercial and industrial markets.
"JLL believes that the future of sustainability requires a holistic view of a company's operations, from smart equipment to intelligent, automated building environments," said Yishai Lerner, co-CEO of JLL. "Our deepening collaboration with Turntide will drive a more sustainable future for our clients and the commercial real estate industry, reducing energy needs and carbon impact, and achieving greater operational efficiency."
The financing also furthers the growth and development of its transport line of business for commercial and industrial electric vehicles, launched earlier this month. Turntide is taking on modernizing legacy motor systems throughout the transportation industry by creating a one-stop powertrain offering that includes battery pack, power electronics, motor, and connected intelligence. This full stack solution provides for the electrification of a greater variety of vehicles in construction, aviation, marine, rail, robotics and other commercial transport applications.
"For decades, the industry considered switched reluctance motors to eliminate the need for rare earth magnets, and this capital enables Turntide to innovate and finally make this a reality," said Matt Boyle, managing director of Turntide's transport division. "It requires a solid, long-term commitment to work with leading brands such as JCB, Hitachi Rail and Volkswagen's MAN division to make lasting change and assist in achieving global net zero goals."
Turntide's mission is to make every watt of energy worthwhile for humanity. The company is backed by a global coalition of investors who share the desire to turn the tide on climate change including the Amazon's Climate Pledge Fund, Fifth Wall Ventures, BMW i Ventures, and Robert Downey Jr.'s Footprint Coalition. Current customers include Amazon, JLL, Sprouts, and Five Guys, among others.
About Turntide
Turntide Technologies develops breakthrough sustainability technologies that drive down energy consumption and operating costs in buildings, agriculture, and electric transport, creating a path to 100% renewable energy and business sustainability. The Turntide Smart Motor System is driven by a patented Turntide Optimal Efficiency Motor™ with intelligent automation and cloud connectivity. The Turntide technology advances sustainability goals, saves money, and improves sustainability throughout the enterprise. For more information, visit https://turntide.com/ or follow the company on YouTube, Twitter, and LinkedIn.
MEDIA CONTACT
Jocelyn Johnson, Turntide, [email protected], 917-406-5886
Caroline Beckmann, Trident DMG, [email protected], 202-440-1783
SOURCE Turntide Technologies
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article