ImpactAlpha, July 1 – Turntide Technologies makes energy-efficient “smart” motors for transportation, agriculture, commercial buildings and shipping. The goal: accelerating the low-carbon transition by eliminating the “25% of electricity consumption that is wasted by legacy electric motors.”
Backers of Turntide’s $225 million convertible note include the Canada Pension Plan Investment Board, Monashee Investment Management, and the venture fund of commercial real estate services firm JLL.
Turntide will use the fresh capital to build out its electric vehicle transport business. The company has acquired U.K.-based AVID Technology, which designs and manufactures electrified powertrain components for heavy duty electric and hybrid vehicles. Last month, it acquired Hyperdrive, also in the U.K., which makes lithium-ion battery systems.
To date, the Sunnyvale, Calif.-based has raised more than $400 million in total from investors including Breakthrough Energy Ventures, Amazon’s Climate Pledge Fund, Robert Downey Jr.’s Footprint Coalition and BMW’s venture fund.
Separately, Boston-based Electra Vehicles raised $3.6 million for its software system that aims to improve battery performance in electric vehicles.
The investment is the first from the IVY Innovation Fund of BlackBerry, the legacy phone maker. BlackBerry’s edge computing software helps Electra provide “responsive battery management,” the company said.