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Turntide Technologies acquires AVID Technology, raises $225 million in financing

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Turntide Technologies has acquired UK-based AVID Technology, a cleantech engineering firm that manufactures electrified powertrain components for EVs and hybrids.

Turntide’s Smart Motor System may reduce energy consumption by nearly 64%, and is free of the rare earth minerals that most higher-efficiency permanent magnet motors require.

The company has been on an expansion spree lately, launching a new transport division with the acquisitions of Hyperdrive Innovation and the engineering technical center of BorgWarner Gateshead, both based in the Northeast of England.

AVID designs power electronics and motors used in electric and hybrid powertrain systems, including pumps, fans, and propulsion, for vehicles such as construction machinery, buses, trucks, off-highway machinery, and propulsion robotics. By combining its Smart Motor System with the newly acquired EV technology, Turntide has deepened its technology stack around the motor, which includes the inverter, electronics, vehicle control unit and battery management system.

“While automakers are making strides to reduce carbon with electric passenger cars, the most difficult sectors to decarbonize, such as commercial and industrial vehicles in rail, marine and aerospace, are far behind,” said Ryan Morris, Turntide’s Chairman and CEO. “The AVID acquisition completes our end-to-end offering for the electrification of commercial and industrial vehicles. This puts us on a path to eliminate the need for rare earth magnets in EVs as we further develop our motor technology for the transport market.”

Meanwhile, Turntide has completed $225 million in convertible note financing, bringing the company’s total funding to over $400 million. The company will use the new funds to develop a new cloud-based technology that will integrate the Smart Motor System with intelligent automation.

“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,” said Matt Boyle, Managing Director of Turntide’s transport division.

Source: Turntide Technologies

This article was originally published by Chargedevs.com. Read the original article here.
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