The company plans to invest the proceeds from the latest funding round in new manufacturing operations in the US and in developing next-gen technologies
Turntide Technologies has become a unicorn following a $80m funding round. (Credit: mohamed Hassan from Pixabay)
Turntide Technologies, a California-based climate technology company, has raised $80m in an equity funding round at a valuation of over $1bn.
The company is engaged in developing electrification and sustainable operations technologies.
Its funding round saw the participation of new investors OGCI Climate Investments (OGCI CI) and SDCL Energy Efficiency Income Trust (SEEIT). Existing investors Fifth Wall and Meson Capital’s Captain Planet LP fund also took part in the round.
SEEIT investment manager and Sustainable Development Capital CEO Jonathan Maxwell said: “SEEIT enables large-scale deployments of environmental infrastructure, so we are excited to invest in Turntide Technologies, a company with 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.”
Turntide Technologies has so far raised a total of $485m. The company is also backed by Amazon Climate Pledge Fund, Breakthrough Energy Ventures, JLL, BMW i Ventures, Robert Downey Jr.’s FootPrint Coalition, Canada Pension Plan Investment Board, and Keyframe Capital.
The climate technology firm has built technology for sustainable operations and electrification, which is claimed to cut down carbon emissions dramatically. Its technology is also said to increase energy savings for building operations, equipment, agriculture, and industrial and commercial vehicles.
The company’s Smart Motor System integrates its Optimal Efficiency Motor with cloud insights, edge automation, and controls for improving energy savings and indoor air quality of buildings.
Turntide Technologies has also developed a solution for heating, ventilation, and air conditioning (HVAC) manufacturers called Turntide for Strategic Machines for transforming their equipment into intelligent, efficient systems.
Its Turntide Electrification solution is said to bring together powertrain components that de-risk the electrification efforts of vehicle manufacturers.
Turntide Technologies plans to invest the proceeds from the latest funding round in new manufacturing operations in the US and in building next-generation technologies.
Turntide Technologies chairman and CEO Ryan Morris 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 decarbonise the world’s most energy-intensive industries.”