Electrifying growth of global boom firm with NE bases sees it hit $1bn ‘unicorn company’ status
A FAST-GROWING global technology company that snapped up three leading North East firms in the electric vehicle (EV) sector has secured $80m in investment to grow its businesses on Tyneside and Wearside.
Turntide Technologies (TT) – whose investors include Amazon, Bill Gates and ‘Ironman’ actor Robert Downey Jr – last year launched a transport division with a $100m investment which saw it buy BorgWarner Gateshead, Sunderland’s Hyperdrive Innovation and Northumberland company Avid Technology.
The business employs about 270 staff across the region.
TT specialises in developing powertrains that aim to support electrification by transport companies and after securing this fresh cash injection is planning to grow its operations in Sunderland and Gateshead, developing new products for EVs.
Turntide’s solution to the EV challenge is its patented, magnet-free and environmentally-friendly ‘smart motor’, which requires no ‘rare earth’ minerals to make the permanent motor magnets needed by conventional electric motors.
This makes the so-called ‘smart motor’ cheaper and cleaner to produce.
“Electric motors consume half the electricity in the entire world,” said Ryan Morris, chairman and chief executive of Turntide. “The world needs more efficient motors.”
The company is targeting customers in the built environment, agriculture and transport sectors, and said it would use the money to expand its U.S. manufacturing and help develop its technologies.
While dwarfed by industry heavyweights such as Siemens (SIEGn.DE) , Turntide already owns more than 150 patents for its technology and sought partnerships with strategic investors who can help the company gain scale more quickly.
The market for electric motors and their controllers is now worth around $200 billion a year, Morris said, and will keep growing as companies across many sectors aim to reach net-zero emissions.
The latest finance package includes new investments from various companies and brings the total amount of capital raised by Turntide to $485m.
TT is also backed by a global coalition of climate-focused investors, including Amazon Climate Pledge Fund, JLL, BMW i Ventures, Breakthrough Energy Ventures, Canada Pension Plan Investment Board, Robert Downey Jr.’s FootPrint Coalition and Keyframe Capital.
The company says the new investment meant it is now valued at more than $1bn (termed ‘unicorn’ status).
Mr Morris said: “Addressing climate change is more urgent than ever, and we are grateful to work with an investor base that is committed to achieving meaningful, near-term emissions impact.”
