Turntide Exceeds $1 Billion Valuation to Accelerate Decarbonisation

Turntide Exceeds $1 Billion Valuation to Accelerate Decarbonisation

Energy-efficient motors and electrification solutions accelerate progress toward net zero goals and fill critical gap in global sustainability equipment availability

Turntide Technologies today announced it secured US$80 million in equity funding, valuing the company over US$1 billion, making it one of a handful of climate tech companies to achieve unicorn status in the first half of 2022. 

Participation in the round includes new investments from OGCI Climate Investments (OGCI CI) and SDCL Energy Efficiency Income Trust (SEEIT), with follow-on investments from Fifth Wall and Meson Capital's Captain Planet LP fund.

This funding brings the total amount of capital raised to US$485 million.

Turntide 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.

Ryan Morris, Chairman and CEO of Turntide 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.

“Even in the face of global economic uncertainty and supply chain upheaval, the market demand for Turntide’s sustainability solutions has enabled us to secure new investments.

"This capital will accelerate and further scale our efforts to decarbonize the world’s most energy-intensive industries.” 

Turntide holds more than 150 patents for these technologies, and customers include JLL, XNRGY, Hitachi Rail, and JCB.

Jonathan Maxwell, CEO of Sustainable Development Capital LLP, Investment Manager of SEEIT said: "SEEIT enables large-scale deployments of environmental infrastructure, so we are excited to invest in Turntide Technologies.

"The company has a range of market-tested products and top-tier customers from across the built environment, agriculture, and electric vehicles and equipment.

"Turntide has already begun scaling their solutions to larger deployments, and they are poised to support aggressive energy savings and the drive to net zero emissions for economies around the world.”

In the built environment, Turntide’s Smart Motor System integrates its Optimal Efficiency Motor with edge automation, controls, and cloud insights to improve energy savings and indoor air quality of buildings ranging from retail shops and industrial buildings to data centers.

“Turntide is tackling challenges that are seemingly insurmountable,” said Greg Smithies, Partner and Co-Lead of the Climate Investment team at Fifth Wall.

“Decarbonizing the world’s economies requires a transformation of industrial and commercial systems, and Turntide delivers solutions that optimize energy use within these systems.”

Turntide's patented switched reluctance motors (SRMs) are manufactured entirely with common materials, avoiding the rare earth metals that power permanent magnet motors and are environmentally destructive to mine.

This shrinks the environmental footprints of the motors and reduces supply chain disruptions to their production.

“Turntide’s mission to optimize energy use in the world’s most carbon-intensive sectors aligns with OGCI Climate Investments’ mission,” said Marc Van Den Berg, Managing Director, Ventures at OGCI CI.

"We invest in technologies in carbon-intensive sectors to deliver near-term greenhouse gas emissions reduction."

"Turntide’s solutions are driving down energy consumption and costs for hundreds of businesses around the world, and we’re excited to partner with them to accelerate their expansion into new solutions and applications.”

“Meson Capital invests in a future where hard-working people and the best technology win,” said Sergey Polikarpov, Managing Partner at Meson.

“We’re confident that Turntide has both. We also believe our planet needs help, and we know that Turntide’s success will make our world a better place.”

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