Turntide Technologies

Not to be confused with defunct anti-spam company TurnTide.

Turntide Technologies (Turntide) is an UK start-up manufacturing electric motors, power electronics, battery systems, and thermal equipment.

Turntide Technologies
Turntide Inc
Company type
Private
IndustryElectrification
Founded2020
HeadquartersGateshead UK
WebsiteTurntide.com

History

Turntide was founded in 2013 as Software Motor Corporation (shortened to "SMC"), then changed its name to Software Motor Company in 2018. In July 2020, SMC rebranded to Turntide Technologies.[1]

Turntide entered the agriculture space in 2018 by partnering with VES, a dairy technology supplier, to launch DairyBOS, the Dairy Barn Operating System. Turntide acquired VES fully in October 2020.[2] The company acquired and merged VES with Canadian agricultural tech company Artex Barn Solutions to expand its offering into intelligent barn systems.[3]

Turntide won a 2020 Gold Edison Award and 2020 Product of the Year from Environmental and Energy Leader.[4][5] In 2021, Fast Company named Turntide one the World's Most Innovative Companies in the Energy category.[6]

CEO Ryan Morris told CNN in April 2021 that the company would "soon announce a push into electric vehicles (EVs)."[7] In June 2021, Turntide announced that it had entered the EV space, with the acquisition of the Gateshead drivetrain division of BorgWarner and the battery company Hyperdrive,[8] as well as the EV controls company AVID Technology.[9]

Southern California Edison utility certified in 2018 that the V01 Smart Motor System reduced energy consumption by 23%-57% compared with a standard AC induction motor, and 11% compared with an induction motor controlled by a variable frequency drive.[10] In 2019, National Renewable Energy Laboratory certified that Turntide's motor reduced energy consumption in refrigerator condenser fans by 29%-71%.[11]

Fundraising

In 2016, SMC received a seed investment from National Science Foundation Small Business Innovation Research program,[12] and a second investment in 2017. Also in 2017, Turntide received investment from Wells Fargo's Innovation Incubator.[13]

In September 2020, Amazon awarded Turntide an investment as part of its first round of five Climate Pledge Fund investments.[14] At that time, Turntide also announced investment from Future Shape, the fund led by Nest founder Tony Fadell.[15][16] Then in March 2021, Turntide announced it had raised funds from Bill Gates' Breakthrough Energy Ventures, Robert Downey Jr.'s climate fund FootPrint Coalition, Fifth Wall Capital, and Keyframe Capital.[17] It also announced that it had acquired building automation company Riptide.[18]

In June 2021, Turntide announced it had raised another $225 million, including from Canada Pension Plan Investment Board.[19]

References

  1. ^ "Software Motor Company Changes Name to Turntide Technologies". Pumps and Systems Magazine. July 21, 2020.
  2. ^ Herald, For the Chippewa (5 October 2020). "Turntide Technologies Takes Ownership Stake in VES". Chippewa Herald.
  3. ^ Torres, Chris (21 January 2021). "VES-Artex could broaden scope of 'smart' dairies". FarmProgress.
  4. ^ "Environment + Energy Leader Awards 2020" (PDF). Business Sector Media. Retrieved 2021-08-09.
  5. ^ "Edison Awards™ - Honoring the Best in Innovation and Innovators". edisonawards.com.
  6. ^ Staff, Fast Company (2021-03-09). "The 10 most innovative energy companies of 2021". Fast Company. Retrieved 2021-03-13.
  7. ^ Egan, Matt (5 April 2021). "This Amazon-backed startup is trying to save the planet, one motor at a time". CNN.
  8. ^ Parker, Charlie (8 June 2021). "Iron Man sees starring role for electric car companies". The Times.
  9. ^ Rathi, Ashkat (30 June 2021). "Gates-Led Fund Helps Electric-Motor Startup Launch Rapid Expansion". Bloomberg.
  10. ^ "Software-Controlled Switch Reluctance Motors". ETCC. January 28, 2019.
  11. ^ Wheeler, Grant; Deru, Michael (2019). "Evaluation of High Rotor Pole Switched Reluctance Motors to Control Condenser Fans in a Commercial Refrigeration System" (PDF). National Renewable Energy Laboratory. Retrieved 2021-08-11.
  12. ^ "SOFTWARE MOTOR COMPANY | SBIR.gov". www.sbir.gov.
  13. ^ "Wells Fargo Adds 10 Clean-Tech Startups to Innovation Incubator". newsroom.wf.com.
  14. ^ Palmer, Annie (September 17, 2020). "Amazon names first recipients of its $2 billion Climate Pledge Fund". CNBC.
  15. ^ Schubarth, Cromwell (2020-09-24). "Sunnyvale startup, with help of Amazon and Nest founder, aims to replace the world's electric motors". Silicon Valley Business Journal. Retrieved 2021-08-09.
  16. ^ "Robert Downey Jr. and Bill Gates Bet On Electric Motor Startup". Bloomberg.com. 2021-03-03. Retrieved 2021-03-13.
  17. ^ "Firms backed by Robert Downey Jr. and Bill Gates have funded an electric motor company that slashes energy consumption". TechCrunch. 3 March 2021. Retrieved 2021-03-13.
  18. ^ Bellini, Martina (10 March 2021). "Turntide Technologies' Acquisition of Riptide". Retrieved 2021-03-13.
  19. ^ Jin, Hyunjoo (30 June 2021). "US maker of electric motors free from rare earths raises $225 mln". Reuters. Reuters. Retrieved 30 June 2021.

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