Climate tech firm Turntide hits ‘unicorn’ status after $80 mln funding


By Simon Jessop

LONDON, June 15 (Reuters)U.S.-based mostly Turntide Technologies, which aims to assist vitality-intense industries minimize carbon emissions, has hit “unicorn” position just after its latest $80 million funding spherical, its chief government informed Reuters.

New investors in the business, now valued at additional than $1 billion, which is how “unicorns” are defined, contain OGCI Weather Investments and British investor SDCL Energy Effectiveness Earnings Have confidence in. Present buyers Fifth Wall and Meson Capital’s Captain Earth LP fund also took section, using Turntide’s total equity funding to $485 million.

As the globe appears to be to abandon fossil fuels to struggle weather transform, a shift to electrical energy raises demand for the environmentally detrimental scarce earth metals used in motors relying on magnets.

Turntide’s option is a magnet-absolutely free motor that requires no scarce earths, earning it less costly and cleaner to generate.

“Electric motors eat half the energy in the whole entire world,” Ryan Morris, Chairman and CEO of Turntide, said. “The earth wants additional successful motors.”

The business is targeting revenue to individuals functioning in the built natural environment, agriculture and transport sectors and said it would use the income to grow its U.S. producing and support establish its technologies.

Even though dwarfed by market heavyweights this kind of as Siemens SIEGn.DE , Turntide presently owns far more than 150 patents for its know-how and sought partnerships with strategic buyers who can support the firm achieve scale a lot more swiftly.

Other existing buyers involve the Amazon Local weather Pledge Fund, JLL and BMW i Ventures. Shoppers contain Hitachi Rail and JCB.

The industry for electrical motors and their controllers is now really worth all over $200 billion a 12 months, Morris reported, and will preserve developing as companies throughout a lot of sectors intention to achieve net-zero emissions.

“Turntide’s methods are driving down electricity use and prices for hundreds of businesses around the globe, and we’re energized to husband or wife with them to speed up their growth,” Marc Van Den Berg, Handling Director, Ventures at OGCI CI, mentioned in a statement.

(Reporting by Simon Jessop Editing by Tomasz Janowski)

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