Turntide has picked some of the more challenging areas to make an impact, as far as mitigating climate change goes- including commercial buildings, agriculture, and transportation.
US sustainable technology company Turntide Technologies has 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.”
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.
“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.
The company believes that the new financing will accelerate its 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.
“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, said the company.
“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.”