Press Release |
Turntide Technologies Acquires Electric Vehicle Component Developer Avid Technology
TURNTIDE TECHNOLOGIES ACQUIRES ELECTRIC VEHICLE COMPONENT DEVELOPER AVID TECHNOLOGY
Acquisition helps Turntide decarbonize the transportation sector and offers a high-performance alternative to the use of rare earth magnets in electric vehicles
SUNNYVALE, Calif., and GATESHEAD, England, JUNE 30, 2021 – Turntide Technologies (“Turntide”), the company responsible for the Smart Motor System™, today announced the acquisition of UK-based AVID Technology Limited (“AVID”), 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).
The addition of AVID comes only one month after the company launched its transport division with the acquisitions of Hyperdrive Innovation Ltd. and the engineering technical center of BorgWarner Gateshead Limited – all based in the North East of England. Turntide now offers full electrification capabilities that deliver one-stop powertrain, intelligence, efficiency, and control to the most critical industrial and commercial vehicles to help meet global net-zero goals.
“While automakers are making strides to reduce carbon with electric passenger cars, the most difficult sectors to decarbonize, such as commercial and industrial vehicles in rail, marine and aerospace, are far behind,” said Ryan Morris, Turntide’s Chairman and CEO. “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.”
Turntide’s patented Smart Motor System runs efficiently at all speeds. It is free of the environmentally damaging rare earth minerals that most higher-efficiency permanent magnet motors require. Demand for these materials, which are common in EV motors, has been increasing the environmental impact of EVs and driving potential shortages.
AVID designs power electronics and motors used in electric and hybrid vehicle powertrain systems – such as pumps, fans, and propulsion – for vehicles such as construction machinery, heavy-duty buses, trucks, off-highway machinery, and propulsion robotics. By combining the Smart Motor System with acquired electric vehicle technology, Turntide has deepened its technology stack around the motor that includes the inverter, electronics, vehicle control unit, and battery management system.
“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,” said 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.”
Turntide announced today the completion of $225 million in convertible note financing from investors including the Canadian Pension Plan Investment Board (CPP), Monashee Capital Inc., JLL Spark Breakthrough Energy Ventures, Captain Planet LP, and Suvretta Capital Management LLC. This investment brings Turntide’s total funding to over $400 million.
To learn more about Turntide and the Smart Motor System, please visit turntide.com.
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.