Turntide Technologies, an Amazon and BMW-backed U.S company responsible for the Smart Motor System that is free of rare earth minerals, has announced the completion of $225 million in financing. This investment brings Turntide’s total funding to $400 million.
The company is backed by a global coalition of investors including the Amazon’s Climate Pledge Fund, BMW i Ventures, and Robert Downey Jr.’s Footprint Coalition. Current customers include Amazon, JLL, and Five Guys, among others.
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 is free of the environmentally damaging rare earth minerals that most higher-efficiency permanent magnet motors require.
The company has also announced the acquisition of UK-based AVID Technology Limited, a cleantech engineering firm that designs and manufactures electrified powertrain components and systems for heavy-duty and high-performance electric (EV) and hybrid vehicles (HEV).
Ryan Morris, Turntide’s Chairman and CEO, says: “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. The addition of several investors fortifies Turntide with the additional capital we need to expand into new markets like electrified transport.”
He adds “The AVID acquisition completes our end-to-end offering for the electrification of commercial and industrial vehicles. This puts us on a path to eliminate the need for rare earth magnets in EVs as we further develop our motor technology for the transport market.”
“This deal is part of Turntide’s multi-year investment in the North East of England known for its decades of innovation in the electrification industry,” adds Matt Boyle, OBE, Managing Director of Turntide Transport. “Combining AVID’s technology with the Smart Motor System will allow Turntide to simplify and smooth a path to sustainable transport.”
The company recently announced the acquisitions of Hyperdrive Innovation Ltd. and the engineering technical centre of BorgWarner Gateshead Limited – all based in the North East of England.
To read our interview with Matt Boyle, OBE, Managing Director of Turntide Transport, click here.