An important announcement from Chairman & CEO Ryan Morris
Over the past several weeks, Turntide has experienced both highs and lows. While we recently announced that we’d raised additional capital, the market environment has changed rapidly. We needed to take a hard look at our operations and create a long-term path to deliver on our mission to invent and scale technologies that optimize how humanity uses energy.
This path led us to make the very difficult decision to reduce operational headcount by approximately 20% across all levels of the company. We have taken steps to reorganize Turntide to streamline our focus on customer needs, become more agile and responsive, and ensure our solutions are scalable.
As the CEO, I take full responsibility for the decisions that led us to this moment. Over the past 24 months, Turntide grew from a team of 100 to more than 600, trying to tackle many initiatives in parallel. We took some calculated risks with the wind at our back, and those winds have shifted.
Our mission is more relevant than ever. Energy prices are surging while the globe is facing record-breaking heat waves. The world needs what we can deliver, and to do so, we must grow responsibly. Ensuring we have the capital, the focus, and the resources to make a meaningful impact on climate change requires financial rigor along with the agility to adapt to changing market conditions.
As we operate in this highly uncertain economic environment, we want to ensure we can successfully navigate a downturn and deliver sustainable value to our customers and partners. These actions allow us to confidently manage through this period, so we can decarbonize critical industries such as commercial transport, buildings, and agriculture.
The world needs what we can build. That’s why this step, while difficult, is necessary to ensure we have the resources to deliver on our mission in the long term.
Turntide couldn’t have gotten to where it is today without the contributions of hundreds of talented, mission-driven people. I am deeply grateful for everyone who has supported Turntide’s mission to optimize how humanity uses energy, and I’m confident that the impacted people will continue to help create a sustainable future for our planet.
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