The sustainable technology company Turntide Technologies has just brought in $225 million in convertible note financing.
The round was led by Canada Pension Plan Investment Board, with investments coming from Monashee Investment Management LLC, JLL Spark, Breakthrough Energy Ventures, Captain Planet LP, and Suvretta Capital Management LLC. This new investment brings the total funding raised by Turntide to date up to $400 million.
Ryan Morris, Turntide’s Chairman and CEO, said in a statement: “As with our prior financings, this raise was majority filled by strategic sources of capital that are investing in both our business and our multi-decade sustainability mission. The addition of several investors fortifies Turntide with the additional capital we need to expand into new markets like electrified transport.”
Turntide already made a significant step into the transport market last month when it launched Turntide Transport, a division of the company that is focused on producing modernized intelligent motor systems for the transport industry.
Turntide wants to use the assets from these companies and its existing tech to create a one-stop powertrain offering that includes battery pack, motor, power electronics, and connected intelligence.
Matt Boyle, managing director of Turntide’s transport division, commented on the role of these materials in a statement.
“For decades, the industry considered switched reluctance motors to eliminate the need for rare earth magnets, and this capital enables Turntide to innovate and finally make this a reality.” He went on to also reveal the company’s plans to collaborate to achieve its goals.