Turntide Technologies raises $ 225 million in funding
Rotation technologies, a sustainability technology provider based in Sunnyvale, Calif., has raised $ 225 million in convertible note financing.
The round, which brought total funding to $ 400 million, was led by the Canada Pension Plan Investment Board with participation from Monashee Investment Management LLC, JLL Spark Breakthrough Energy Ventures, Captain Planet LP and Suvretta Capital Management LLC.
The company intends to use the funds to accelerate its expansion in the electric vehicle industry and further develop its automation software.
Led by Ryan Morris, President and CEO, Turntide Technologies provides sustainability technologies that reduce energy consumption and operating costs in buildings, agriculture and electric transportation, paving the way for 100% energy. renewable and business sustainability.
The company will use the funding to support the development of a new cloud-based technology to be launched this year for implementation in built environments and electric vehicles. The technology will integrate its intelligent engine system with intelligent automation and information to improve customer experience, employee satisfaction and reduce maintenance costs in commercial and industrial markets. The product also contributes to the growth and development of its commercial and industrial electric vehicle transportation business line, which launched earlier this month.
Turntide is tackling the modernization of existing engine systems across the transportation industry by creating a one-stop powertrain offering that includes battery pack, power electronics, motor and connected intelligence. This complete battery solution enables the electrification of a variety of vehicles in construction, aviation, marine, rail, robotics and other commercial transportation applications.
Current customers include Amazon, JLL, Sprouts, and Five Guys, among others.